Prime buyers do their homework during lockdown
Web hits for high-value properties increased by a larger amount than the rest of the market at the end March
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Web views for high-value properties have increased over the last week as buyers in UK prime markets prepare for life after the lockdown.
The number of web views for UK properties priced at £10 million and above increased by 22% in the week ending 28 March compared to the same period last year, Knight Frank data shows.
This was the biggest increase of any price bracket. Between £2 million and £5 million the increase was 7%, while the equivalent rise was 15% between £5 million and £10 million, as the chart below shows.
“Prime buyers tend to really do their homework,” says Peter Edwards, from Knight Frank’s Country Department. “They’re spending millions and often fitting a property move in around a busy work schedule while not all of them will be native to the region.”
The average length of time between listing and going under offer for a property valued between £5 million and £10 million was more than four times that of a property worth between £1 million and £2 million in 2019, Knight Frank data shows.
Despite physical viewings being paused, Knight Frank is fielding enquiries from potential buyers across all price bands who are making use of their time to conduct research in preparation for when restrictions are eased.
One international buyer contacted Knight Frank’s Ascot & Weybridge office to request videos of two properties, says office head Edward Shaw. “They asked the seller to take a video if there wasn’t already one,” says Edward.
He has also had conversations with sellers about listing their property in April or May to capitalise on the fact that supply may be tighter when restrictions are relaxed.
Buyers across all price brackets will still need to move for schooling reasons, says Tom Knowlden from Knight Frank’s Cobham office. “On the whole, sellers are keeping properties on the market, so I’m still receiving enquires as people do their homework,” he says.
All this research activity is leading to some deals being agreed says Ross Davies, head of Knight Frank’s Tunbridge Wells office.
He agreed a deal agreed last week after a virtual viewing and has conducted two virtual market appraisals for sale. “One family made a competition of it. They’ve all produced walkthroughs, stylised them and are going to select the best one to use,” he says.