Estate Agents Who Know What They’re Talking About: Adam Offer, Besley Hill.
This is the first in a series of posts taken from interviews I have conducted with well known and reputable Estate Agents in Bristol and Gloucestershire.
Who do you believe and how do you know what is really going on in the Housing Market.?
The brief was simple: to ask Estate Agents who really know what is going on; and what is likely to happen to the Housing Market in the short and medium term.
This is the first half of an interview by Paul Hajek of Clutton Cox with Adam Offer, Managing Director of Besley Hill Estate Agents in Bristol and Gloucestershire.
1. How has the market performed since the depths of the recession in 2008
2009 saw a gradual improvement in transactions over 2008 – in all about 20% locally. 2010 by comparison has shown a further improvement – to the end of October we are showing just under 30% increase in transactions over 2009. I estimate this number will decrease slightly by the year end to about 25%. In all despite the unremitting misery spouted by the press the property market has improved and will continue as mortgage funding improves.
2. What has been the trend in the Housing Market in 2010
We had a very slow start to the year January never really warmed up as far as the market or the weather was concerned. The snow on the ground didn’t help – we had great expectations for January after a really pleasant upturn in the last 2 quarters of 2009. The spring was particularly good as was the summer. The early autumn has been a little slower – mainly down to the Halifax stating the prices had tumbled by nearly 4% nationally in one month (this was later rubbished by other industry stakeholders) and the governments spending cuts were announced. However in the last few weeks buyers are returning – October will show the highest visits and detail downloads in our history. Over 250,000 people have visited our website and downloaded over 60,000 sales details.
3. Has the abolition of HIPs had a positive or negative impact on the Housing Market
It’s had a positive impact as far as the numbers of available homes are concerned as we have seen the return of the speculative seller – now the cost of the HIP is not a barrier. It maybe a little early to say – but I feel that our aborted sale rate will increase as speculative sellers can withdraw at anytime incurring little or no cost. During the HIP regime we saw abort rates at about 18% – I feel this figure will now possibly climb back to nearer the old national average of 30%. Time will tell in this regard.
4. What are the prospects for the Housing Market for the remainder of 2010 and early 2011
I think the Market will improve during November – quietening as it always does in December. December is usually a busy month for completions – with many customers wanting to get into their new homes before Christmas. As far as early 2011 is concerned I think the market will show a further improvement on 2010 with a fairly busy spring.
In Part Two we will discover what Adam Offer believes the future holds for traditional Estate Agency and for the Housing Market
Adam Offer – Managing Director of Besley Hill Estate Agents. Adam has worked in the industry since leaving college starting work for Besley Hill in June 1980 at the Kingswood office. The business has grown to 16 branches 5 different business streams including Residential sales, Lettings & Management, Auction & Survey, Mortgage & Financial Services and Legal Services. Besley Hill are the largest independent agents in Bristol & Gloucester
