Diary of an agent: Francesca Dodson and Sam Daniels

Francesca Dodson (FD) handles both lettings and sales for the Royal Arsenal Riverside development, while Sam Daniels (SD) specialises in sales in Bath’s city market.

With the number of prospective buyers registering with Knight Frank up 58% last week in the UK versus the five-year average, our agents discuss how long the current run will continue and what comes next.

What have the last few weeks been like since the market reopened?

FD - We have been manic. I agreed six deals off the back of virtual tours in lockdown, and lettings demand has accelerated since we reopened. Sales has been a little quieter as people want a physical viewing and that takes longer to organise with the safety measures in place.

SD – The family market has bounced back. There’s a lot of London buyers that are interested as they will get more for their money, the schools here are attractive and the train journey to the capital is an hour and 15 minutes. The investor market has slowed, although this had occurred before lockdown and has been a consequence of the 3% stamp duty surcharge that was introduced in April 2016 for second homes.

How has people’s behaviour changed?

FD – I’ve seen more prospective buyers registering with us. Before lockdown they’d simply contact you in regards a specific property that they’d seen on Rightmove, and not take the time to register. I think it’s a consequence of the extra thinking-time people have had during lockdown. This has had the benefit of filtering out less motivated buyers and tenants.

SD – A lot of buyers, especially from London, had five-year plans to move from the city, which they’ve now brought forward. They want to act now and make a lifestyle change.

What’s been the main driver?

FD - The development is based around the forthcoming Elizabeth Line (Crossrail), which will mean a 15-minute commute into Liverpool Street once open. It’s already on the DLR and connected to National Rail, so people are moving from areas such as Canary Wharf as its more affordable. Following lockdown, I’m now seeing couples that plan to work from home more often and want Woolwich as it is not as busy as central London.

SD – People realise now ‘I don’t have to spend all my time in London’. Rather than relocate the family and keep somewhere in the capital, they are looking to move outright. There’s also the appreciation that Bath, Cambridge and Oxford are hotspot areas that hold their value in difficult situations.

What has happened to prices since the market re-opened?

FD - Prices have held up, although some people are trying their luck. I’ve sold three properties since we came back at Royal Arsenal. One was shared ownership and the other two achieved guide prices. The same is true in lettings, where achieved rents are ahead of last year. Prices will hold up as there remains unlocked potential in the development.

SD –Property on the market at the right price will genuinely sell. However, where something may have been listed at £1.1m in the past to achieve £1m, I’m advising clients against that tactic now. Instead, you need to price to get people through the door, which is the best way to achieve your genuine price in the current market.

How do you see the remainder of the year playing out?

FD - We’re somewhat of a self-contained market where we are. Our own little bubble, with the office ideally placed right by the development. I’ve been busier in the past two weeks than I was in the three weeks before lockdown and expect that to continue.

SD – Now is a good window of opportunity for vendors outside of London, where they can maximise prices without overpricing, because buyers are asking themselves ‘where would I want to be if this happens again?’ There will be a lot of activity in the coming months before the unwinding of the furlough scheme potentially has an impact. There might be a lull before we see a pick-up again next year.