Residential Sales: 40% increase in sales despite national decline
The Residential Agency team in George F. White Alnwick, have experienced an increase of 40% in year-on-year agreed residential sales despite there being a decline on a national scale for a 10th successive month (May 2019: Residential Market Survey, RICS).
A regional breakdown shows that property transaction volumes have picked up in the North of England and Wales.
Why the increase in residential sales?
Discussing the increase in sales in Northern England, Gemma Miller, Residential Sales Manager at George F. White in Alnwick, said: “We have seen a dramatic increase in the number of residential sales year on year. Much of the buyer interest has been from people involved in North East business, investing within the region, which is encouraging.
There has been a huge influx of investment in the North East from major house builders such as Taylor Wimpey and Bellway and this has been recognised by national retailers looking to move into an area that is becoming more and more popular for young families. If we take Marks and Spencer as an example; despite looking to close 100 stores by 2022, they are going ahead with their move into the market town of Alnwick, perhaps partly due to the residential development and perhaps due to the plans to dual to A1. When a high profile retailer moves into an area, others tend to follow.”
In a competitive market, the team have focused on providing a tailored service to be centred around offering a quality service to the buyer and seller and introducing them in accordance to their demands, meaning they are often able to sell prior to marketing.
Gemma continued: “We have recently seen an influx of enquiries from people who have tried selling their properties online, only looking to return to the traditional high street estate agents. This is particularly true to those selling more expensive homes. We understand home owners have been persuaded over the last few years by the online estate agents with a promise to sell homes quickly, and at a fraction of the cost of their High Street rivals. But, as hundreds of people put their homes on the market this summer, some internet agents are struggling, and their share of the market has stalled. E-Moov went into administration in December 2019 followed by House Network in 2019.
Often online agents operate from nationwide call centres so in reality have limited local knowledge and often don’t know the specifics of the local market. Traditional Estate Agents, like George F. White, are dealing with more properties and more buyers and we have a firmer grip on the buyer demand levels and what buyers have very recently offered on (and paid) for similar property.”
With more buyers lined up, George F. White are always looking for more quality properties and have recently recruited to ensure they continue to meet client needs. If you would like to discuss the sale of your property or are looking to purchase in Northumberland, please contact our Alnwick agency team on 01665 603581 or visit their website www.georgefwhite.co.uk.