One thing very few people predicted when the pandemic struck, was the rapid increase in house prices. Indeed, most commentators predicted falling prices and expected a collapse in demand. The latest Halifax House Price Index shows that property prices rose 5.2% across the UK in the last 12 months and Trigg & Co estate agents see no sign yet of a slowdown here on the Isle of Wight.
The house price rises have undoubtedly been driven in part by the Chancellors' stamp duty holiday, but also by the reality of supply and demand - with people spending far more time at home and becoming dissatisfied with their current property. It truly has become 'a time to move'. The pandemic has changed the way we live our lives and space for home-working, home-schooling, a private garden and a quality environment for relaxing, exercise and recreation have taken centre stage.
Top of the list is a Coast and Country setting - and when it comes to a safe, beautiful and coastal landscape, the Isle of Wight ticks all the boxes.
More homebuyers are looking to escape to the country
In the second half of 2020, Rightmove research reveals a 69% rise in the number of home sales agreed in rural areas, compared to an increase of 49% in urban areas. London has suffered as the countryside market has boomed, but equally there has been a significant lift in second home buyers from London looking further afield for a combination of coast and country living, with fast and easy access back into town being a major plus.
The ‘stay at home’ effect has also made many of us reassess our living spaces – inside and out. The number of people looking for properties with a garden has hit a record as having access to our own outdoor space becomes more important than ever. Many buyers now want an extra room to turn into a dedicated home office, and homes with a garage have also been popular.
Rightmove has seen a jump of 38% in sales agreed on five-bedroom detached houses in a year, followed by four-bedroom properties, which are also up by 26%.
A year ago the most sought-after property type for tenants was a two-bedroom flat. Now, as renters search for more space and prioritise having a garden, two-bedroom semi-detached houses are now the most popular type of rental properties.
More than ever, it is fundamental to get the marketing campaign right - which means choosing the right agent. With buyers coming from further afield as well as moving locally, eye-catching professional photography, highlighting the essential features of the home that buyers are seeking out, is essential. Online coverage is also key - not just on the property portals but via social media, video 'slammers', the agents own comprehensive website and that all important email marketing. The property description and the marketing campaign led by the agent needs to highlight not only the current key features of the home but also it's potential for improvement, home working and family space. Buyer's need to be told what's possible - an attic conversion, a kitchen extension, a garage conversion to a home office, space for a garden room - even somewhere to build a kennel for the new dog.
The marketing campaign needs to be bespoke, comprehensive and timely. The property needs to reach all potential buyers in those all important first few weeks while it is fresh to the market.
Trigg & Co are the only Isle of Wight estate agent to be members of Lonres - a network of 800 leading prime London estate agents who act for London buyers and sellers and help them find property both in the capital and further afield. As a vendor, this is a huge marketing advantage when you instruct Trigg & Co as we reach buyers that other agents miss out on.
Trigg & Co are also the only Island estate agent who list on Rightmove, Zoopla and the new 'Boomin' property website - giving our vendors even more chance of finding a buyer and maximising their marketing coverage and their likely selling price.
Interest in moving to the Isle of Wight has never been stronger from mainland buyers, local buyers, retirees, investors and second home buyers alike. There is currently a shortage of property coming on to the market which makes this a great time to sell. Don't just take our word for it - the latest survey from the surveyors professional body, the Royal Institute of Chartered Surveyors (RICS), reports that new instructions coming onto the market were not enough to match the pick-up in demand reported. Indeed, a common theme running through the comments left by RICS contributors is that demand is running ahead of supply, and more new instructions will be needed to balance the market going forward.
So, if you are thinking about selling - give us a call for a confidential, market valuation without any obligation whatsoever. Indeed, we may well have a potential buyer for your property already on our books without needing to formally advertise it, if speed or confidentiality is important to you.