Diary of an agent: Marc Collier and Matthew Hodder-Williams

Marc Collier (pictured left) handles prime sales in Queen’s Park, north-west London. Matthew Hodder-Williams (pictured right) became office head at Knight Frank’s Sevenoaks office in July, having settled in the area years previously as a London commuter.

The family-led market has been driven by the same desire for space and greenery that has been seen nationally since lockdown; the stamp duty holiday has helped generate the activity that property chains rely on; however, conveyancing delays due to the pandemic are placing chains under pressure.

As we head into autumn, what is the temperature in the housing market?

Marc Collier (MC) – We’re so busy at present. This is in part because Queen’s Park offers good value compared with neighbouring areas, while being on the Bakerloo line and London Overground. We always attract prospective buyers from Notting Hill and Maida Vale due to the area’s community feel and its green space, and this is heightened now.

Matthew Hodder-Williams (MH) – We’re seeing a lot of activity above £1m, with the £2m to £3m value bracket particularly busy. There are a lot of prospective buyers out there, and vendors are selling to make the most of the opportunity presented by the active market.

The narrative since lockdown has been about people moving for more space, but what has your experience been?

MC – Queen’s Park attracts Londoners from other parts of the capital, but it’s also an area that people move into and don’t leave. So, we’ve seen plenty of upsizing since lockdown. Typically, people buy a three-bed terrace with a garden here and then they move to a four-bed house. Demand has outstripped supply, so we’ve seen around a dozen examples of competitive bidding in recent weeks.

MH – Traditionally Sevenoaks is all things to all people. A well-known commuter hub for those working in the City, as the train into London Bridge takes 28 minutes. However, there are really good schools, both state and fee paying in the area, such as Tonbridge and Sevenoaks, and the area is now more than a commuter town. People move here for the lifestyle, and that will serve it well if the importance of commuting diminishes after Covid.

How has the stamp duty holiday affected things?

MC –I’ve just agreed two one-bedroom apartment sales at just under the £500,000 stamp duty holiday threshold. Those buyers were only present in the market as a direct result of the holiday. Anything that feeds the flat market, aids the chains we deal with every day, so without doubt the holiday has kick-started the lower end of the market and ensured that the government is still receiving fees from further up the chain.

What challenges are you facing?

MC - Mortgages are taking a lot longer to arrange, and solicitors and banks are still overrun. Delays always cause agitation but with the general uncertainty, and many buyers aiming to be in before Christmas, this is increasing amongst buyers and sellers.

MH – Surveys are taking three to four weeks at present, where they once took a single week. Not all solicitors are back in their offices and up to full speed, and in some parts of the country local area searches are taking up to ten weeks. The longer the conveyancing process takes, the more moving parts we must manage and the more challenges we face keeping chains together. Everyone was very keen in July and August, but tempers are growing shorter, as buyers want to be in. 

What’s the story around pricing?

MC - We just exchanged on a property that was on the market for £2m. It was a couple with a new-born moving from a Notting Hill Mews house with no garden. They had offered 10% below the asking price, which the vendor wouldn’t accept. There was further negotiation and then it attracted another bid. The couple were ultimately successful but ended up paying over the guide price.

MH – We’ve just had the busiest eight-week period I can remember, so if your house hasn’t sold, I’d suggest there is either a major problem with it or the asking price is too high. We had a £1.6m property that was on before lockdown that didn’t sell but is now under offer. A combination of tweaking the price and an increase in prospective buyers in the market is what it took.

What are your thoughts on the coming months?

MC - Spring and autumn are typically the best times to sell family homes, but this has been the busiest summer I’ve experienced. I think we’ll run up until Christmas and then there will still be people looking to transact in January to ensure that they complete before the stamp duty holiday ends in March.

MH – There will always be people that want to live in London. But people are increasingly attracted to Sevenoaks for reasons other than its proximity to the capital: family life, education, green space and access to mainline rail services and the M20. The decision to move here isn’t a knee-jerk one, and that means longevity.

So, the recovery hasn’t run its course yet?

MC - We had uncertainty for the past three years that the general election result and subsequent Brexit decision seemed to end, before Covid happened. Families have had three years of excuses not to move but, having been locked up in their homes, realise they can’t delay any longer.

MH – The chances of another lockdown of some sort are close enough that people want to get a move on and get things done. January will likely be a bunfight too, as buyers look to complete ahead of the stamp duty holiday ending.