I really needed the Easter long weekend, as it’s been an exceptionally busy start to the year. And when I say exceptional, I really mean it.  As a buying agent based in the popular East of England (Norfolk, Suffolk and N. Essex), I have secured more deals in the last few months than I usually would across an entire year… 

The year of Covid-19, particularly combined with the Stamp Duty holiday, has had a profound effect, leading to a hugely active property market in the first quarter of 2021, and unheard-of numbers of people vying for limited housing stock at a time of year that is traditionally pretty quiet.  

Hence the Sunday Times article last week about buying agents and off-market sales – ie. properties that never actually get advertised on the portals.  I can testify to this, as a buying agent myself, with around 75% of my own property deals so far this year being off-market.  

“The property market has reached fever pitch, with tales of competitive bidding and gazumping rife. No wonder that an increasing number of sellers are seeking to avoid the fray by promoting their properties discreetly to VIP buyers only.

An estimated 84,630 homes were sold off market in Britain last year. Instead of being promoted via glossy brochures or online listings, these sales were sealed after being viewed by just a few carefully selected buyers plucked from the black books of estate agents and buying agents.”

The Sunday Times 28.3.21

Whilst everyone assumes everyone is fleeing the city and the floodgates from London are creating a drive in the market, the majority of my clients have actually been the second home market. The last year, with the change many of us have experienced working from home and being much more flexible and family centric, has given people a taste of what it could be like to spend more time in the country, and the change in the way we work has given them the opportunity to be where they want to be. 

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Now, with singles, couples and families able to spend more time in the country while working remotely, many have been swapping their investments from shares to property, realising they now have the time to realise their dreams and make a second home work for them – a tangible asset they now actually have time and the opportunity to enjoy. 

This doesn’t mean people are moving out of London entirely. Many are keeping their London bases, but at the same time creating a country lifestyle for themselves that is now entirely achievable.

It’s been an incredibly intense and busy time for all agents, solicitors and surveyors and while deals are being done very quickly, the process is protracted due to the volume of sales going through right now. 

It will be very interesting to see how the next quarter pans out, but I’m not anticipating any slowing of activity or time off for a while! 

Happy Easter.