Selling property in a changing market

Inflation has risen, it’s true, to 2.3% - but that is not a surprise. We have written two articles within the last ten days alone in which we said that exactly this would happen. It was inevitable, given the various announcements in the Budget on October 30, especially when you take into account that much of the content of the budget was leaked weeks in advance, giving markets time to react and adapt ahead of time.

It wasn’t a surprise to us, and in our opinion it wasn’t a surprise to the market – the fact that mortgage rates went up last week is evidence of that. Gilt yields and Swap Rates both went up in the aftermath of the Budget, exactly as we had expected them to, and therefore mortgage rates logically followed suit. All that already took place, one week, two weeks, three weeks… even six to eight weeks before yesterday’s news headlines. 

This isn’t a brag about being ‘right’ or about being ‘clever’. It is perhaps, in the very smallest way possible, a reproach to the outlets espousing some of these sensationalist headlines that we are now seeing, that yesterday’s news was in any way unexpected; that’s fair to say. 

However mainly this article is to reassure you – you people who live and work in our local Richmond, Twickenham and Teddington community – that this was entirely anticipated, and indeed prepared for. 

I do think it matters that we as local Richmond Estate Agents are tuned in to what is going on, because it allows us to educate our customers and to reassure them during the ups and downs of marketing and then conveyancing – but it also helps us to gauge the market, to work out what it is doing and what it will do, and that can inform us of the way we have to approach potential buyers in order to help them through not only the complex process of property purchasing, but also the early (and perhaps sometimes mid-sale) decision making process – especially the ‘do we/don’t we’ stage.

If we can help property buyers (and sometimes property sellers) to understand what is going on with the market, we can help them to see and understand the context into which they are essentially investing their well-earned wealth. To a degree, it can play a part in how an Estate Agent might price a property, but it also does influence how we might go about marketing a property in such a way that we can control the process and ultimately achieve the result our clients are looking for.

What matters in any market, under any market conditions, is whether we have sellers wishing to sell, buyers wishing to buy, and is there a wherewithal and means to bring those people together and to facilitate the process of a sale happening? The truth, despite those news headlines, is that yes, there is: we do have sellers and buyers, and with plenty of those buyers being fully cash-funded – but whether they are not, the reality is that lenders still wish to (and need to) lend money… even if the rate-setting landscape has changed slightly. 

What really matters is what we as Estate Agents do in order to make things happen. 

A great example is that of a property that we sold in Kew last week. This particular property had languished on the market, truthfully, having been listed with another agent for several months. 

So, what was the problem? The market – simply no buyers around? Or the price – maybe that was too high?

Or maybe it was simply that particular agent’s approach and, dare I say, perhaps that agent’s own convictions about the market, that was barrier to sale.

We took the property on ourselves. We met with the owners, conducted our own research, explored what potential buyers we might have ourselves on our own buyer list. We then looked to improve the marketing, not to replicate it – not by necessarily even changing the channels it was featured on; it had been on all the normal portals, and we would absolutely be utilising the same. Nevertheless, we wanted to entirely revamp the way the marketing was presented – better professional photography, some love and thought put into the write-up, and of course shooting one of our famous property videos. Then we relaunched the marketing of the property, into the same marketplace, onto the same channels as mentioned, and – most importantly to note, in this particular piece – at the same price. 

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Einstein’s well known (although misappropriated) definition of madness is to continue doing the same thing and expect different results… but the results were different. Unlike the previous campaign, we generated a number of viewings, achieved three offers and of course most important of all, we have wrapped this sale up. 

Definition of madness disproven?

Well, no – and perhaps it absolutely proves Einstein’s point (or whoever it really was that said it…), because we had not continued to do the same thing. Whilst we may have left the price the same as it was, we changed the approach to marketing (or one might say, we changed the approach to the market) altogether – and thus, we changed the result for our client.

At Bartlett & Partners, we don’t just rely on traditional methods. What sets us apart is our innovative use of social media, professional video, and drone footage to maximise your property’s exposure. These tools allow us to create a buzz, showcasing homes in their best light and reaching an additional online audience of over 60,000 potential buyers.

Our marketing doesn’t just aim to attract attention—it aims to captivate. Drone footage highlights unique features like scenic surroundings, while professional videos tell a compelling story, presenting not just a house but a lifestyle. By combining these visual elements with tailored social media campaigns, we ensure your property stands out in the competitive Richmond, Twickenham, and Teddington market.

The previous agent’s knowledge and expertise in setting the price had not in fact been wrong; they did know their onions. However, what they presumably did not work out in time, was how to approach this market in which we find ourselves.

Buyers are there to be found and sales are there to be had – but for Richmond homeowners the key, in changeable markets like this one, is to choose your agent wisely and thoughtfully – and to know that when it comes to it, that your agent truly does understand the local market, the market conditions, and that they have a plan to get your sale from A to B. 

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