Talk of the upturn in the housing market is all aroud us now, a far cry from the doldrums of as recently as just last summer.
Mortgage approvals are up 49% on this time last year, says the Council for Mortgage Lenders and estate agents are smiling again at the increase in sales volumes accordingly.
The large high street property firms are reporting increases of around 13% to 15%.
But if we analyse our own internal numbers we see an even greater hike in activity, even more significant given that we have a lower inventory of ‘for sale’ stock than we had at this time last year because, whilst we are listing around 40% more properties than previous comparable months, the sharp increase in sales that we are experiencing is reducing the number of available properties accordingly.
In January 2013 we registered 1169 new buyers. In January this year that number has risen to 3079, a 163% improvement year on year.
Viewings appointments are up from 898 to 2223. 147% more.
But the truly telling number is actual offers to purchase which have gone up from 98 in January last year to 305 this year! That’s a climb of 211%. Astonishing.
And our average sale price has shot up 11% in 12 months to £256,213.
The housing market is buoyant for sure yet eMoov are seeing a trend bucking even the best competitor performance, unmatched by local estate agency competitors. Rather than just seeing a steady increase in activity as they are we are in fact seeing a HUGE improvement that is far and above others.
Our approach to marketing is one of promoting value for money. Despite our low fees we advertise on all of the property portals that your local agents do, plus many more. Our marketing exposure is second to none. Our opening hours too.
Asking price is an important aspect of ensuring interest in a listing and whilst we are happy to provide evidence of comparable properties to your own nearby that indicate a likely sale price, we favour a policy that encourages the seller to try a price that they are comfortable with and that the market then tests. You can (and should) reduce your price if buyers do not respond thereafter, particularly if viewers are scarce and you know in your heart of hearts that other properties nearby are selling for a little less, relatively (Note selling, not being marketed at…).
The combination of mass exposure to prospective purchasers and a flexible pricing approach are two of the reasons why we are demonstrably more successful than others. The Royal Institution of Chartered Surveyors’ latest report states that a typical high street agent has 26% of his stock sold at any time. Our own stat is 37%.
eMoov.co.uk has now sold over 1500 properties since launch, saving some £7m in estate agency fees for its clients.
These days, all estate agents are the same. Certainly in terms of where their buyers come from. Your choice is whether you pay a justifiable selling fee or an unjustifiably excessive one for the same result.