Two thirds of sales valuations conducted virtually, says agency

An agency says two thirds of its sales valuations in London in the first quarter of the year have been conducted virtually. 

The precise figure - 64 per cent of all valuations - shows how the industry adapted to function so well during the pandemic, says the two-office Orlando Reid company.

Co-directors Baljit Arora and Jack Reid say that property viewings are up by 46 per cent compared with the same period in 2020 and the average time it is taking from offer to completion since January this year is one month and 26 days - that’s compared to a longer period in 2020, when the process took two months and 21 days.  

“The sales market has been greatly helped by the stamp duty holiday, creating a sense of urgency which has led to a high level of transactions. The lettings market has seen demand slowly creep back up, as people have started to adapt to a new way of living that requires dedicated work space in their homes. As offices start to reopen, we may well see a shift in this trend…time will tell” says Reid.

Orlando Reid - which has offices at Clapham and in the Battersea and Nine Elms area - says its lettings business has also seen significant growth. 

It agreed 36.7 per cent more tenancies during the first quarter of 2021 compared to the same period last year. Again virtual tours have dominated with 72 per cent of all tenants requesting a virtual tour prior to viewing a property.

Earlier this month, Orlando Reid opened a third office in Manchester, to build on the development, buy to let and land acquisition opportunities in and around that city.