Property Natter - Marching bravely forward with eyes ...

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20 January 2024

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Property Natter - Marching bravely forward with eyes fixed firmly on the past

Everyone’s a pundit these days, aren’t they? And January is pundit season – when a New Year starts, out come the predictions.

And the property market is far from immune. Remember last year? Still reeling from the Truss/Kwarteng experience, 2023 got off to a rip-roaring start with inflation running riot and interest rates off the chart.

The pundits were in foul temper, predicting doom, death and destruction for the 12 months to come.

As things turned out, the year just gone was a challenge but signs of a property crash simply did not materialise.

So in the spirit of journalistic integrity and transparency, I thought I’d look back on some of the things I’ve predicted in Natters passim.

In 2022 I predicted (this is so funny) that Renters Reform would not be introduced that year.

See, I was right. And I was right again last year and right again this year – so far.

I also predicted that cyber attacks would continue to be a growing threat.

Right again – just ask IT provider CTS.

I then went on to confidently forecast that ‘ Home buying and selling reform won’t happen…yet’.

The words ‘You don’t say?’ spring to mind.

Digging a little further into the archive, I found myself in slightly better form as a property Nostradamus in 2018.

I predicted that Brexit would stall and ‘the process of withdrawing from the EU will continue to be long, complicated, arduous and frustrating.’ (You can say that again, Nat).

But I also stated that AI would be a major factor in technological development and that agents needed to embrace revolutionary technology or risk becoming obsolete. (Razor sharp!)

My two predictions for 2024?

The sun will rise in the morning and there’ll be a general election.

Right – I’m going to quit while I’m ahead. Perhaps I should put away the crystal ball and stick to the day job.

Off to a flyer

One thing we know for certain is that 2024 has got off to a much better start that ’23. I know there was a bit of a surprise blip in the inflation figures this week (despite the predictions) but, generally, the economic picture is brighter, the base rates look set to fall by May/June and wages are rising more than the cost of living.

So all looks set fair for the usual Spring bump in the housing market. But it may come slightly sooner – with all that pent up demand as both buyers and sellers sat on their hands a bit during the last 12 months.

Our friends at The ValPal Network (which, like Estate Agent Today is owned by Angels Media) reported record lead generation numbers for 2023 at 1.6m – so there’s a lot of interest out there and the market is showing signs of growing confidence.

I noticed that Paul Hilton, CEO of ESPC – the property portal in Scotland – is urging sellers not to wait but to get listed early this year.

He is reporting higher levels of activity on the portal and suggests that this may be because higher rents are influencing first-time buyers to look more seriously at becoming owner occupiers.

He says in his article today: “So, if you’re thinking about selling your home this year, you could get ahead of the competition by listing earlier in the season, and still enjoy the luxury of a broad array of properties to choose from for your next purchase.”

What’s it worth?

And I’m not going to argue with him – but if agents are going to take full advantage of any uptick in sales they need to be spot on with their marketing.

This got me thinking about lead magnets – some free content or special offer, given to potential customers in exchange for their contact details.

They’re everywhere, of course. But what makes a good one? A good one is a lead magnet that offers real value. Customers are savvy – they know what we’re up to. But even though they know, they won’t be able to resist something they really want – none of us can.

So think hard about that offer. Perhaps it’s something really helpful – like a checklist or a guide;

It might be a discount or a gift. It may cost you little – doesn’t matter – but it must be worth a lot to the customer if you’re going to get that lead.

Until next time…

If you’ve got a story you’d like me to Natter about, please get in touch at press@angelsmedia.co.uk

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- Andrew Stanton PROPTECH-PR A Consultancy for Proptech Founders
- 20 January 2024 09:25 AM
2023 was a property crash, completions were down 20% on the previous year, if that is not a crash I do not know what is. Most agents did 15% to 18% less revenue. Also a 1% add or drop to national house prices in 2023, when house price inflation had been 10% year on year for the two previous years seems like a crash in value too, with that drop continuining. Yes new listings are coming on with skyhigh expectations - but Jan 2024 sold prices are pouring the cold water of reality on those hopes.

- Arthur Robinson
- 20 January 2024 09:37 AM
Material Information Parts B and C and the need for a seller to instruct a conveyancer before marketing the property is the change to the property transaction process that everyone seems to desire.
Increased certainty and decreased transaction times from offer accepted to completion.
MI is a legal requirement.
Embrace it.

It doesn’t require AI or software.
Tell the seller to visit the conveyancer and get the relevant documents collated professionally.

- Arthur Robinson
- 24 January 2024 13:26 PM
Material Information Parts B and C and the need for a seller to instruct a conveyancer before marketing the property is the change to the property transaction process that everyone seems to desire.
Increased certainty and decreased transaction times from offer accepted to completion.
MI is a legal requirement.
Embrace it.

It doesn’t require AI or software.
Tell the seller to visit the conveyancer and get the relevant documents collated professionally.