Diary of an agent: Rob Wightman and Edward Adler

Rob Wightman (pictured left) is office head at Knight Frank’s Hungerford office, while Edward Adler (pictured right) is a senior negotiator in London’s Richmond.

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 has it been like since you’ve been back?

Rob Wightman (RB) - Very busy. Thanks to virtual tours, I was instructed on three or four houses during lockdown that I’d never set foot in. I went to meet my new clients as soon as I could once the market re-opened.

Edward Adler (EA) - Finding buyers is not a problem, they are about in the marketplace and want to get going. What I’ve been working hard to secure is stock. Areas such as Richmond Hill and St Margarets in Twickenham are sought after, and there’s always a shortage.

Who is looking to buy in the area now?

RB – It feels like business as usual in terms of where buyers are coming from – in any given year we sell a third of properties from people based in London. While downsizing plays a part, the main drivers for families to move to the area are the schools. I do feel lockdown has encouraged some families to fast-track their plans to relocate from London.

EA – At the moment it feels like everyone I’m speaking to has an EC1 postcode. Richmond and the surrounding area has the appeal of feeling that it’s half in the country and half in London. You have theatres, the restaurants and are only 30 minutes out of Waterloo Station, so we’re a popular choice for those that don’t want to take the leap into full country living.

How did vendors react to lockdown?

RB - One of my deals from before lockdown exchanged last Friday. It was caught up due to the inability to get a survey done. Another deal fell through, but I patched it up with another buyer within 24 Hours. Generally, vendors and prospective buyers realised they were all in the same boat and things held together.

EA – We didn’t lose much stock at all as a consequence of lockdown. However, we have had to manage it slightly differently, as we lost the spring market when we are typically flat-out getting everything prepared. Since the market reopened, we have secured a series of best in class houses for sale.

Have people’s mindsets changed following lockdown?

RB - Historically we get instructed and slowly bring a property to the market, maybe offering it privately initially. Now we are saying to vendors ‘if you are going to go, don’t hold back, make the most of it’. However, prospective buyers don’t want to overpay in the current climate, so we are advising a pragmatic approach to pricing to ensure footfall.

EA - Mindsets have changed: people are more product-led. An example is a property that had been on the market in Roehampton since last autumn. It received three bids as soon as we came out of lockdown. It’s a mile-plus away from Barnes station - but people now plan to work from home more - and the fact that it doesn’t have local shops or nearby restaurants isn’t as big a factor as it was before lockdown. For the buyer the reward is much more sq ft for their money.

What comes next?

RB – We traditionally see a slowdown from July into August when the schools break up for the summer holiday. I think we’ll plough on into the autumn this year. Demand is there and we are taking fresh instructions, as people want to act after so long in lockdown.

EA - We have seen the first wave of activity coming out of lockdown from the deals that were paused. We now have a new phase of demand driven by buyers that have decided ‘we need a bit more space’ during their time at home.