Monday, September 28, 2020
UK

Property deals are being done despite coronavirus lockdown, claims leading UK agent

lockdown

One of the property sales industry’s leading figures has said deals are being done despite the ongoing coronavirus lockdown, and that desktop valuations continue to be achieved and offers made

One of the property sales industry’s leading figures who is also a Propertymark board member has said ‘deals are still being done’ despite the ongoing Coronavirus lockdown, and that desktop valuations continue to be achieved and offers made.

The comments, by Simon Wilkinson, are a clear attempt to counter the doom and gloom that many industry commentators and data firms have reported in recent weeks as the pandemic has continued.

Wilkinson, who runs three-branch Bedfordshire property sales and lettings agency the Wilkinson Partnership, says there has been a huge acceleration in ‘subject to contract’ sales getting pushed forward to rapid exchange and completion.

So the cashflow situation for my agency has been incredibly positive and my most recent virtual sales meeting with my staff saw one offer tied up yesterday and another offer coming in which we should tie up soon, he said.

Wilkinson says that although it is definitely not business as usual, home sales are continuing.

We’re hearing this as well from the Propertymark membership and likewise a lot of desktop valuations are being completed too, says Wilkinson.

But I would add a note of caution to valuers, namely are you doing a valuation or a market appraisal – I would suggest it’s the latter – and that they must ensure a potential client understands that they’re giving an appraisal based on data that was collected in January, he said.

You have to say to the client – that is what is was worth then but what it might be worth in a few weeks’ time, who knows?, says Wilkinson.

Wilkinson reminds agents that lenders have stopped approving mortgages largely because they cannot get an accurate value of a property’s value against which to value.

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