Diary of an agent: Leigh Glazebrook and Harry Bethell

Leigh Glazebrook (pictured left) became office head at Knight Frank’s Stow-on-the-Wold outpost in April during the first phase of the UK lockdown.

Harry Bethell (pictured right), previously based in Cheltenham, is a senior member of the team at Knight Frank’s Cirencester office, a move he made in April, too.

Offers accepted were up 89% in the week ending 1 August verses the five-year average in Knight Frank’s Central region, which Stow and Cirencester are part of, as market momentum continued unchecked.

What’s driving activity in the market?

Leigh Glazebrook (LG) – What we’ve seen since the lifting of restrictions in May is the release of pent-up demand. In some cases, people sold last year and decided to rent as they couldn’t find what they wanted before Christmas. Many were poised to secure something in the spring only to be thwarted by lockdown, and now can act.

Harry Bethell (HB) – “Things have changed at my company”, is something I’m hearing a lot. People don’t need to be in the office all the time and are interested in moving to the country. There’s a lot of second home activity and some families are flipping: buying a home in the country as their main residence and keeping something small in London.

And where are the buyers coming from?

LG – At the moment we have local buyers that are both up and downsizing. There’s also been a big influx from London. Although we are always popular with Londoners seeking a second home, since lockdown we’ve seen more families from the capital looking to make a permanent lifestyle change.

HB – I remember talking to several clients with children at the tail end of last year and asking what their plans were. Many said they’d be staying in London for at least 18 months but to stay in touch. Those same people have now returned to me and said “given the situation we want to move now”.

Has supply matched demand?

LG - There still a lack of supply and that’s partly because vendors are struggling to see things they would want to move into. This has caused some to hesitate as they aren’t as keen on renting as they were before lockdown. However, at the back of their minds is the fact that the market is booming, and they need to act now to capitalise.

HB – There is still a shortage of stock. We have a lot of more prospective buyers in the field, and although they are more flexible than before in where they will consider living, there remains lot of competition for the best properties.

In regards new instructions for sale, what approach are you taking around pricing?

LG - Anything fresh to the market and priced sensibly is doing well, and the last half a dozen we’ve handled have attracted competition. But vendors must be sensible about pricing, as buyers are switched on about what properties are achieving.

HB - There are some strong prices and competition but only on houses that are realistically priced. I have one property where the owners are moving out of the area and need to hit the current window of opportunity. We priced their home to catch the eye and get more people through the door to create a competitive situation. So far, we’ve had five offers with the highest at £50,000 above the guide price.

Is it buyers or sellers that are having to budge most on prices?

LG - Buyers are having to budge more, for sure. Because there is competition, buyers are having to come in and not mess around. They are mindful of the activity in the market and know if they try to be too hard when negotiating, they could lose out.

HB - I think buyers are budging a little bit more, especially when they are in competition. They have to decide quickly, and even then, may face a fight to secure the property.

What are your thoughts on the rest of the year?

LG - Typically in the North Cotswolds the market slows in August due to the holiday season. While the pace has tailed off in the last week, I suspect August won’t be typical. There are still properties preparing to launch, which doesn’t normally happen.

HB - I think we will be busy throughout the summer. September is traditionally quieter but there will still be activity this year. Anyone looking to sell has a good window of opportunity to do so over the next few months.