After an uncertain start to 2022, the property market is bouncing back (excuse the Easter bunny pun). According to Savills’ Residential Research Update, annual house price growth hit 14.3% in March, based on nationwide research. For sellers, this growth has come at a good time, offering a light at the end of the tunnel after a difficult few years. But, with household expenditure at an all-time high due to the rising cost of energy, and a lack of stock on the market, the trajectory does not look as rosy for first time buyers looking to get on the ladder.
The Savills’ Residential Research Update also reported that Zoopla research, which took the average stock level of each February over the past five years, has found the total amount of stock on the market this February to be a staggering 42% less than the previous average. Unsurprisingly, this is presenting difficulties for buyers looking to purchase a home, specifically those looking for family homes with more space, as they compete to have their offer accepted. According to our client Black Brick, there has been a consistent pattern of buyers moving out of Prime Central London to London’s outer leafy suburbs in search of more outside space and an additional room for a home office. This means, when a property meets these criteria, agents are inundated with potential buyers within minutes of the property going on the market and central London apartments without access to outdoor space are losing their appeal.
With such an explosive period of growth in house prices, and a rise in cost of living, the right properties and opportunities for the right people are like gold dust.
But how do you ensure you are reaching the all-important consumer?
As a result of the pandemic, the subsequent price growth and current lack of stock, consumers are understandably cautious and lacking trust. But, in times of challenge comes great opportunity, in this case, the opportunity to communicate the best offerings and quality services directly to target audiences.
At Elevate PR we work closely with our clients to ensure an in-depth understanding of their business. Our excellent relationships with the press span many years and extend across the globe. This, combined with our vast knowledge and years of expertise means that we deliver the client brief whether it be to generate new leads or raise brand awareness.