SUPPLY AND DEMAND

First and foremost, may we wish you all well as you juggle with the demands of this latest lockdown.  Whether you are a front-line worker, a work-from-homer, a home-schooler, a self-isolator or a shielder, congratulations on having endured January – now we can look forward to February supplying the first snowdrops!

Since the start of this latest lockdown, we have noticed something peculiar happening in the housing market in Norfolk and Suffolk.  We all understand how the market is subject to the forces of supply and demand and frankly we expected lockdown to result in a stagnant market with fewer enquiries and new listings; despite the fact that the housing market is still permitted to operate, we thought that people might behave cautiously and only transact if absolutely necessary.

However, despite a dramatic fall in enquiries when compared with the boom of last year, there are still a number of highly-motivated buyers fueling demand and it is in fact the lack of supply that is currently driving the market.  All our offices are reporting similar incidences of certain new instructions attracting several viewings and offers within days or weeks of being offered for sale.  Of course, this is not the case with every house coming to the market and our advice as to whether an open-market campaign is required or a softer ‘Low Key’ offering to just a few selected applicants is crucial in determining success.

So, for those of you thinking of selling in 2021, please do get in touch and we would be delighted to discuss the most prudent strategy to supply a sale for your property.

And for those of you hoping to buy in 2021, similarly please get in touch so that we can alert you to those houses that are currently in demand off-market – you might just find the perfect house before it reaches the portals.

Most importantly though, everyone please stay safe.