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House Market Communications Remain Open

Reassurance has come from one of Shropshire’s leading estate agents that the property market is in an “industry holding pattern,” while the pandemic health crisis dictates a lockdown.

Alistair Hilton, head of sales at Balfours says the most critical factor is to adhere to the Government stay home and social distancing guidelines – we all need to play our part. Part of that holding pattern is to maintain communication, agents to clients, lawyers and web portals.

“I have been speaking to Rightmove this week, and it is true that information to buyers and sellers is being updated on a daily basis, however there is no evidence of market prices being corrected. We know from past experience, dare I say Brexit, that a softening ‘rate’ of sales is very different to a financial crisis where prices fall. And obviously right now the rate of sales has slowed right down.”

He continues: “However this week (ending March 27) we have agreed terms on a £740,000 Shrewsbury property and sold land in Monmouthshire, both within a few per cent of their asking prices. We are also processing exchanges on several properties.

“At Balfours Estate Agents, clients with properties currently selling and under offer – everyone is in a holding line waiting, rather than making a knee jerk reaction. As per government advice we are taking a pragmatic view to completion dates with mutual agreement to defer the proposed timescales, with lawyers’ safe guarding intention.”

“Flow of communication is key - we remain in communication via phone and are responding to emails. Ironically everyone staying home may be the very catalyst to explore and forward plan marketing options, while there is time, without commitment until some certainty returns.

“As it happens I have come into the office today accompanied by my dog. It is our outing for the day. Though very strange to be alone in the office I have been able to formulate this week’s sales, while most of the world remains home, including my family. We all need to play our part to help save lives and have businesses to come back to,” Alistair adds.

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