Diary of an agent: Emma Fletcher-Brewer and Edward Douglas- Home

After two years working in Hong Kong for Knight Frank, Emma Fletcher-Brewer (EFB) returned to the UK and joined the New Homes team. Emma has been instrumental in bringing the Verdean in London’s Acton to the market - one of the first major residential developments to go live since lockdown.

Edward Douglas-Home (EDH) is head of Scotland Residential, were restrictions were only lifted on 29 June. The market is coming back, with Edinburgh leading and prospective buyers in the city up 130% in the week ending 11 July compared with the five-year average.

What is the current situation in the market?

EFB - We jointly launched the first phase of the Verdean at the end of last month. The scheme saw 90% of the 160 homes available reserved in three days. That’s off-plan and four years ahead of planned completion.

EDH – While it’s been just over two weeks since restrictions were lifted, we saw an uptick in interest as soon as the market reopened in England. We have been lining things up ready to go, initially with the expectation that restrictions would be lifted on 18 June.

What level of demand are you seeing and what’s the main driver?

EFB - There was a huge amount of pent-up demand and a spike in viewings once they were allowed again. We are also seeing deals happening more quickly than before lockdown, as the quality of prospective buyers is higher. Those viewing in the current situation are serious and want to transact.

EDH - We had 600 viewings to arrange as we came out of lockdown, in and around Edinburgh. It’s been quite the logistical challenge and it’s still underway.

How have sellers and buyers’ requirements changed since lockdown?

EFB - For Verdean, the development is located next to Acton Mainline station, which is a Crossrail Station. It’s attracted international buyers and domestic investors that are comfortable with the off-plan process. However, we also have first-time buyers attracted by the pricing.
EDH – A lot of people have reassessed their current living arrangements. I can think of a family in a vertical townhouse with three small children that now want lateral living with easy access to the garden. However, we continue to sell a lot of city centre flats that don’t have outdoor space, so it’s not the primary driver for everyone.

What is happening with prices?

EFB – I’ve not seen a change, we’re holding our own on discounts. It’s a myth that developers are offering big discounts due to Covid-19. Despite all that we have been through, demand for London hasn’t changed. People still want to come here for the education and everything else the city offers, and London remains stable compared with many parts of the world.

EDH – There’s been no evidence that there’s been any price falls in Edinburgh since we entered lockdown. If anything, certain properties are attracting price increases. The country house market in Scotland is holding up well as it’s not seen crazy price increases in the past few years.

What’s the biggest challenge you are facing?

EFB - Having enough capacity, as it’s been so busy since the market resumed and viewings now take longer due to the measures that we’ve adopted to keep everyone safe. Also, getting solicitors moving again and valuations completed, as there is a backlog.

EDH – The biggest challenge is securing enough stock to satisfy demand. I’d like to see more family homes coming through.

Has anything surprised you about the market post-lockdown?

EFB – Weirdly, the experience has brought everybody closer together. It’s built up more trust between buyers, agents and clients, as we have all been working much more closely together.

EDH – I’ve been surprised by the strength of demand since the restrictions were lifted. It could have gone either way, but I’ve been pleasantly surprised.

What will you personally take away from this period?

EFB – I returned to the office recently and it was nice to see colleagues and bounce ideas off them. However, working from home has given many of us more balance in our lives and proved we can be efficient, something I view as important.

EDH - Never become a teacher! I’ve learned that I’m not cut out for it. I also appreciate having a garden in a way I didn’t before.

What are your expectations for the remainder of the year?

EFB – A recession could unnerve domestic buyers but due to the wider geo-political environment we will still see people looking to the UK and property here as a safe haven. The recently announced stamp duty holiday will provide a boost too.

EDH - The country market will go on into the autumn this year as it hasn’t had its traditional spring. I think demand will remain in Edinburgh. Whether it will remain as intense will depend on sentiment and how the economy shapes up.