Diary of an agent: William Kirkland and Thom Atkins

William Kirkland (pictured left) runs Knight Frank’s Oxford office and has been an estate agent for more than three decades.

In Richmond, Thom Atkins (pictured right) is head of lettings and has worked in London since 2008.

New prospective buyers registering with Knight Frank’s Oxford office were up 133% versus the five-year average in the week ending 8 August, while prospective tenants across the lettings business increased 37% in the same period.

How busy is the property market at present?

William Kirkland (WK) – In the last six weeks we’ve been trying to cope, and I do mean cope. People have seen that there is a clear window of opportunity and are desperate to act now.

Thom Atkins (TA) – We lost a little business in April due to a mixture of trepidation and fear amongst the public. However, by the end of the month and into May people had taken the view that they wanted to get on with things and we had a storming May, June and July.

How has the release of pent-up demand built during lockdown manifested?

WK – I’m personally looking after 50 properties, and we have more stock on our books than I can remember as an office. It’s extraordinary, I’ve never seen anything like it in my 32 years in the business. 

TA - There were two or three weeks at the start of April where we saw some large rent reductions, even on a renewal basis. However, since early May the market hasn’t missed a beat and there have been no wild reductions. 

Where are your buyers coming from?

WK – There’s definitely more from London, even though Oxford is always a popular choice for those leaving the capital for more space and a bigger garden. I believe a lot of people have said to themselves that they were going to move out of London in the next few years and due to their lockdown experience have brought this forward.

TA – The schools in the area are a big draw for domestic families. We also attract a lot of corporate relocations, as there is an understanding that Richmond is an affluent and comfortable area. That part of the market has suffered but it is now starting to creep back.

Have you seen buyer requirements change?

WK - If we get a very nice property on in the country, particularly in the Cotswolds, it turns into a bun fight. A cottage or farmhouse in a village where supply is always restricted is attracting huge interest. Oxford’s town market has lagged behind the rural market in terms of activity to date but it is catching up. 

TA – The domestic market has been incredibly strong for us. Families in central London have looked at Richmond and decided it is leafy and well-priced, and offers more space for their money than Chelsea or Mayfair. It’s the gateway to Surrey but you are on the Tube and can get a train to Victoria in 25 minutes, as well. So, we have interest from people trying before they buy in the area.

Has the seasonality of your market been affected by events?

WK - Normally for us the market in Oxford is determined by the academic year. We’d normally be coming up to a time with the term starting in September where buyers that hadn’t found somewhere would get a rental property. This has been delayed this year due to uncertainty about when the colleges and universities are resuming physical teaching.

TA – Summer is traditionally very busy as it’s when people move for the schools in the area. Lockdown has made it more so for us, as 13 to 14 weeks of demand has been bottlenecked and we have had a phenomenal run

What’s your expectation for the remainder of 2020?

WK – This month and next will continue to be busy, but past September things will surely have to tail off. But serious buyers are looking at the next 15 years not about selling their homes again next year, so that will ensure that the market continues moving, albeit not at the pace it is now.

TA – I don’t think we have seen the true effects of Covid-19 manifest themselves yet. The market is humming as we are operating in ‘business as usual mode’ but we’ll know the real effect in the autumn and that could affect sentiment.