Page 6 - Redbrik: Property & Lifestyle Magazine SPRING 2018

6
CRACKING THE PROPERTY MARKET
WRITTEN BY
MARK ROSS
MARK.ROSS@REDBRIK.CO.UK
Is it time to crack some eggs?
For us here at Redbrik at least, the property market really is in full swing. There is so much going on across all areas of our business.
House prices are rising and, in some areas we cover, faster than anywhere else in the UK. There are exciting
new developments of all shapes and sizes across the region that are being conceived, built and marketed. New industry sectors, such as build-to-rent, are emerging and we are helping
to shape the future of She eld City Centre’s residential plans.
So why would we think it is time to crack some eggs? And no, it is not
just because it is Easter (though I will no doubt be indulging in a bit of that too, albeit the chocolate variety!).
Peter Knight, a brilliant and respected property industry analyst, recently highlighted that:
1. Almost half of all properties listed for sale are not sold, i.e. legally completed, within 12 months of rst coming to the market.
2. The average time from sale agreed to contracts exchanged is between 14-16 weeks, (less than ve per cent of sellers are aware of this and believe it’s much faster).
3. The sale fall through rate typically varies between 20-35 per cent.
4. Tenant referencing is super cial in many respects. The average check is unlikely to uncover a bad tenant.
5. The rst 14 days of marketing is the most likely time to secure a buyer or Tenant. However, some properties are overvalued when they rst come to the market as certain agents use this tactic to win business despite it not being in their clients’ interest.
In contrast, over the past two years, Redbrik has sold over 72 per cent of the properties we have marketed. Our sale fall through rate has been lower than 20 per cent.
Sales have gone through approximately four weeks quicker than the industry average, and we have achieved an average of 98.9 per cent of the asking price for our homeowners.
So, when we have been the instructed selling agent things have largely gone very well for our homeowners.
redbrik.co.uk
FEATURE