Knight Frank Worcester
The spring and early summer of 2014 has been the busiest market we have ever experienced in almost 20 years of the profession.
There has been an increase in new properties coming to the market, new buyers from outside the area, more offers made and more sales completing. Success in the market has seen the need for shrewd and perceptive presentation of properties to buyers through traditional and electronic means. Social media and the strategies we have adopted have seen the exposure of wonderful homes passing to buyers very quickly.
Comparing June 2013 to June 2014, we have seen a rise of 30% in invitations to sell Worcestershire homes and saw an increase of 57% new instructions to the market this June. Fortunately 20% more new buyers saw an increase in the level of viewings by 34%; the level of offers accepted rose by 58%, seeing three times the number of properties going under offer compared with last June. The selling time has reduced, on average by 65% less days being on the market.
Our Summer Auction saw properties and land selling prior to auction. In a busy and highly competitive auction room, the sale of The Oaks saw the sale price exceed the guide price by almost double. Auction is often a good barometer on the state of the market in an area.
We are seeing more buyers coming from outside of the area. Worcestershire attracts people with its wonderful countryside, good schools, central position in the country and most importantly it offers good value compared to the counties to the east.
Some of these buyers are new to the county or some have been in London or abroad and choose to move back as family life or retirement takes over.
This year on average we have seen the Worcestershire buyer spend £700,000, the London buyer £800,000 and the international buyer £2,400,000. It is important that every market (local, regional, national and international) is fully covered.Knight Frank’s Worcester office is supported comprehensively by a national network of 29 regional offices, including 25 London offices, and a total of 335 offices globally. This network of Knight Frank professionals ensures we are a first port of call for buyers looking to move anywhere throughout the county, country and the world. The trust Knight Frank builds as a brand and in business certifies a universal professional standard to all buyers which assists us when we meet them for the first time in Worcestershire.
Our website proves to be the most effective shop window. 522,000 visitors per month and access to via the iPhone and iPad with it proves forever popular with 24,200 people downloading the App in the last 12 months. On average 62% of downloads are by international users. All this has facilitated bringing buyers to Worcestershire. Every day during the last 12 months Knight Frank’s Worcestershire properties have been viewed 761 times through the website.
We currently have five buyers for every property we have for sale and on average six offers are made on our properties every week. This warrants we sell Worcestershire homes and sell them well.
Looking ahead Worcestershire and its city continue to be an attractive destination for buyers. The market may indeed settle after a very busy start this year but Worcestershire still remains good value for all that it offers. As long as we promote this county and its wonderful homes to the best of our ability we will continue to see a positive reaction from the market.