In our end of year report, we share data about the performance of Embleys and the property market from the previous twelve months. Keeping abreast of developments is crucial to successful sales and lettings so this update is designed to outline current market conditions and show how we’ve been operating since the start of 2019.
The best way to describe the year to date is steady as she goes. It’s fair to say that uncertainty over Brexit has caused buyers to be more cautious and the first quarter was slower than anticipated. However, the housing market has remained positive with low interest rates, housebuilders pressing on with new developments and the Help to Buy Scheme remaining popular.
The regeneration of Whitley Bay has reignited interest in the coast and we have seen an increase in instructions at the higher end of the market with the more prestige properties faring well.
In terms of Embley’s results for clients, the team has continued to do a brilliant job in delivering. In the first six months of 2019 our listed properties took an average of just ten viewings within a six week period to achieve an offer from going on the market. Of these 98.5% achieved their asking price and 38% of properties achieved 100% or more of the asking price.
Lettings also started more slowly than expected. The introduction of the Tenant Fees Ban meant that many tenants waited to commit until after this came into force on 1st June, but like with sales, the market has picked up consequently.
Our lettings division has continued to grow and we appointed a new lettings negotiator and property manager to oversee this part of the business.
We took the step of adding customer experience tool Feefo to our website in order to be completely transparent about our service and have been delighted with the extremely positive reviews received. If you’d like an independent opinion about our work, please do take a look.
Ultimately the climate of political uncertainty as the UK moves towards leaving the EU will continue to have an impact on the property market but as Autumn approaches we expect a further uplift in activity and are primed and ready to maximise this for all our clients.
Thanks for your ongoing support and business.