The housing market in the UK in 2022 was chaotic, frantic and dynamic, to say the least. In 2022, the average price of property in the UK saw a record high on eight different occasions. To top it off, property prices hit a record high once again in January 2022. From November 2020 to November 2021, the average price of property in the UK grew by a whopping 10 per cent, which is considered to be the highest growth pace since the financial crash of 2008.
As per estate agents in Sittingbourne, the UK housing market in 2021 was a seller’s market, from start to end, without an ounce of a doubt. While some sellers made a hefty profit on their sales, others felt that they could have made even more money had they waited for just a little bit longer. Well, every seller has his or her own story to tell when it comes to the dynamic housing market in 2021. Every estate agent has his or her story to tell, too. Here are 5 five lessons that sellers and estate agents learnt after selling property in the UK in 2021, all of which will be useful for potential sellers, investors, landlords and estate agents.
1. Branding is the best tool
When it comes to estate agents, branding is their best tool. Branding is one of the best ways to stand out from the crowd, and in such a competitive and dynamic housing market, estate agents who focused on branding stood out at the forefront. By branding their services the right way, estate agents were able to reach a large number of potential buyers, first-time buyers and property investors. Estate agents can use website branding, social media, offline branding and even lead generation services in order to promote their services. By creating a brand identity, estate agents will be able to gain the trust of their target audience, which in turn will help you become a successful estate agent. Lead generation and branding are actually two important tools that estate agents can use to reach their target audience, and those estate agents who used lead generation and branding in 2021 certainly saw positive results!
2. Choose the right time
When it comes to the estate market, timing is everything. Sellers who were uncertain about the housing market due to Covid-19 lost out during the growth pace frenzy. Others who were eager to make a quick profit sold their properties a little too quickly, and thus lost out on the extensive profit they could have made if they had waited just a little bit longer. On the other hand, some sellers who believed the market will continue to grow at such a steady pace decided to wait it out, in which case many lost out on profitable offers. Thus, when it comes to buying or selling a property, timing is everything. It is important to understand the market, research the market trends and time buying or selling decisions wisely.
3. Work as a team
When it comes to estate agents, they have to understand that they cannot be everywhere at all times. With the increase in buyer demand, and the increase in the number of first-time buyers who were looking to buy property, estate agents had at least 10 to 20 clients at any given time. Now, one estate agent can’t be with these 15 or 20 clients at all times – this is when delegation, communication and teamwork comes into play. Estate agents need to be able to delegate in order to provide their services to maximum clients all while ensuring that every client is happy and satisfied at the end of the day. Similarly, when it comes to sellers, they also need to be able to work with their estate agent to make a sale. Getting stuck on a certain figure, refusing to negotiate and being unable to make a quick decision can often result in a potential buyer making an offer someplace else. Thus, sellers and estate agents need to work hand in hand to close a good deal.
4. Make quick decisions
Research suggests that almost 30 per cent of the properties that were sold in the UK in 2021 were sold above their asking price. With a change in buyer preference followed by a spike in buyer demand, it is safe to say that the housing market in 2021 was pretty frantic. Due to the imbalance between the demand and supply in the housing market, potential buyers were rushing to get their hands on a property, often making offers after viewing a property just once or twice. One important lesson that estate agents, buyers and sellers can learn from that is to make quick and informed decisions. Any seller or buyer who dilly-dallied and was unable to make a decisive conclusion lost out in the end. When the property market is dynamic, it is important for buyers and sellers to know what they want.
5. Understand buyer demand
In 2021, there was a drastic change in buyer preference. Instead of looking for city centre properties, potential buyers, tenants and even homeowners were looking to move to the outskirts. Due to the concept of working from home, people no longer had to be close to their place of work. After spending so many months locked in their homes, people were looking to move into bigger and better properties. Spacious homes, properties with outdoor spaces and homes with garages and gardens were some of the biggest demands among buyers in 2021. As a seller, it is important to be able to alter your home as per the buyer’s preferences. For instance, if your home does not have a garden, how about creating a patio or a makeshift terrace garden? Consider adding another room to your home or installing a garage before putting your home on the market. For homeowners and sellers to stand out of the crowd, it is essential to market a property that is in sync with current buyer demands.