The property market is on the move, but what does that mean?

As of 13th May, 2020 the government guidance was updated so that the property industry could resume, but what does this mean for you and your property move? Below is a round-up of Frequently Asked Questions to help you…
Some media reports suggest that the market is crashing, is that true in your experience?

As we all know, the media love something hard-hitting to write about. The reality is, although many experts felt the market would fall dramatically, currently the industry is experiencing the opposite. Demand continues to outstrip supply, particularly in coastal & country areas such as the Isle of Wight, where people are really appreciating the quality of life they could have. Many of our buyers are considering the Island alongside areas such a Sussex, parts of Dorset and Hampshire and when pitched against these, the Island is generally still seen as good value. We therefore don’t anticipate a crashing of prices here.

We have seen the majority of sales agreed prior to the lockdown continue at the originally agreed sale prices and with viewings now able to take place, we are also busy showing our available properties.

If you wish to move, don’t delay!

I would like a valuation of my property
We would be pleased to oblige in line with guidance, meaning we would not touch anything internally and maintain social distancing measures at all times. We have many active buyers registered keen to find a property on the Isle of Wight.

How do I go about putting my property on the market?
We would arrange the details including professional photographs, floorplan and Energy Performance Certificate (if required). Government guidance allows associated industries to work taking care of necessary precautions, so everything can be carried out safely and efficiently. All information we produce is always compatible for online sharing, so photographs, floorplans, EPC’s and sales particulars can all be shared on the many property portals Spence Willard list with, as well as via our social media channels and via WhatsApp and email.

Where would you market my property given so many people are still at home looking remotely?
As always, we are marketing our portfolio of properties to the widest possible market. We advertise and achieve editorial coverage in many of the national magazines, ranging from Yachts & Yachting to Coast & Country Life, these publications are also available online and can be read through the internet or a variety of apps on phones or tablets.

We market in the Isle of Wight County Press & Living Magazine, as well as their Facebook pages which have far-reaching audiences. We also advertise and have property features in both Style of Wight and Island Life, the Island’s lifestyle magazines which publish printed copy, as well as online copy.

Spence Willard will be continuing to produce our property magazine available in hard copy and online. Now in it’s eighth year, filled with fine coastal and country property, as well as lifestyle features highlighting the beauty of living on the Isle of Wight to those that are yet to experience it.

We promote on our own social media pages, Facebook (@spencewillard), Instagram (@spencewillardiw), YouTube (Spence Willard) and our website www.spencewillard.co.uk, that displays the latest properties and receives good-quality views from all over the world. As well as being affiliated with Knight Frank and The London Office , who provide an outlet within a prime position in the Capital assisting our marketing along with a network of prominent regional agents across the country.

Are your offices open?
Our offices are open by appointment only in line with government guidance. With that said, the phones will always be answered within working hours and we pride ourselves on promptly replying to online and email enquiries.

Our offices are in key locations across the Island, 3/4 being situated in Harbour towns, so we ensure our window displays are updated showing the range of properties we are marketing and rotate these on a regular basis.

Am I allowed to view?
The Government guidance states that viewings should only take place where a buyer is in a proceedable position, (meaning that the applicant has the funds ready to proceed with a purchase immediately, not waiting for a property to sell). This is to ensure that unnecessary contact is not taking place to keep all parties safe.

At Spence Willard we have undertaken risk assessments and have procedures in place to ensure that viewings are as safe as possible for everyone, allowing you to see properties in person. Although video tours are possible, they do not replace the experience of approaching a property, appreciating all the area has to offer and getting the “feel” for whether the property is the one for you.

We are able to conduct viewings 7 days a week, subject to availability and vendors permission.

I live on the mainland, is it possible to get to the Isle of Wight?
Government guidance updated on 13th May 2020, now includes travelling for the purpose of estate agency business under ‘essential travel’. Given the ferry services are running a revised service, we would suggest that you book a ferry ahead of your viewing.

What if I would like a survey to be carried out?
Associated industries have been covered within the government guidance, meaning that surveyors, removal companies, valuers, energy assessors etc., are allowed to work in line with their industry specific advice.

Are mortgage lenders still lending?
As you have probably seen & heard, the government is encouraging lenders to keep lending, however you might find, particularly if you are self-employed, that the amount you can borrow may have reduced, or that lenders may be taking a stricter approach to lending than pre-lockdown. We recommend you check with your mortgage broker for advice tailored to you.

As always, should you wish to discuss more specific points, we would be pleased to speak with you and are contactable by email, telephone or any of our social media channels,

Spence Willard

hello@spencewillard.co.uk 01983 200880 www.spencewillard.co.uk