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Written by rosalind renshaw

A London agent says it is having its best week ever for instructions, following the suspension of HIPs. 

Eric Walker, managing director of Bushells which was founded in 1937, said that 50% of this month’s new instructions have been placed on the market in the last seven days. 



He said that this flood of new properties has not created a problem, as many predicted, with over-supply.

“Unbelievable though it may seem, the number of sales match exactly the same upturn,” he said, “and 50% of our sales agreed for the month have been negotiated in the last seven days, making this one of our best weeks ever.

“I am also delighted to see there are a significant number of offers still being negotiated.

“So, the first three weeks of May generated 50% of our business for this month and the other 50% has come since the ministers made their announcement.

“There may be a lot of new properties available, but they are selling, not stockpiling.”

Walker added that the figures showed how the election distorted the market, with uncertainty as to the outcome continuing for a week after the polls closed.

“There was also uncertainty over HIPs, so perhaps the first three weeks of May created a state of inertia,” he said.

“Nevertheless, this has been a happy week indeed, and it’s not over yet!”

We'd be interested to know what your experiences are of the post-HIPs market, so do feel free to post.

Comments

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    I don't give a stuff about other agents - but it is interesting as we are significantly busier than last week. Just dont tell my boss its the same for everyone - I am getting the credit at the moment.

    • 28 May 2010 15:14 PM
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    Poor Journalism - Damned if you do, damned if you dont.

    This story is material as there were so many predictions as to what would happen - its good to get a handle on it. It seems all agree - so Bushells took the initative and got some PR out of it - fair play - I wish I had thought of it.

    What was EAT supposed to do - run a story without identifying a source?

    You sound like you are just full of sour grapes. And WTF have analytics got to do with it? Maybe it will be a quieter week next week. Thats all. Does it really matter if you get 500 hits or 400 hits when you may only have 20 or so properties on the market? Give me 20 good buyers rather than 10,000 nosey neighbours any day.

    • 28 May 2010 14:32 PM
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    Definately busy this week - but I think its because so many people waiting until after the election and after HIPs decision. Dont see what its got to do with web traffic though - how can that tell the 'truth'? We found that past vals have come to the market and buyers have now got more choice.

    • 28 May 2010 14:09 PM
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    Its quality, not quantity!! We are up over 40% on deals this week compared to last 2 weeks and nearly double the instructions. Dont know about web traffic, but the article rings true here.

    • 28 May 2010 13:57 PM
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    Oddly, having just checked, we have had a quiet week on the wonderful world of the web compared to previous weeks yet we have done more deals and taken more stock than we have for ages. Funny old world.

    • 28 May 2010 13:48 PM
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    Poor Excuse - You are talking about your own analytics as you cant log into someone else's. What a stupid comment.

    • 28 May 2010 13:45 PM
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    Poor Journalism - Indeed, hits this week are down 4.78%. Nevertheless, instructions and sales are up exactly as described. Maybe, just maybe, it was the people looking in previous weeks who are buying today - or do you think people visiting the website this week buy a property the same day?

    • 28 May 2010 13:43 PM
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    Google analytics over the last week paints a very different picture ( namely the truth ). What was Bushells starting point ? Shame on EAT for being nothing more than a PR machine

    • 28 May 2010 12:42 PM
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    Julie, whilst I agree in principle, very few of our new instructions are actually second homes. I agree that the cost of a HIP wouldnt deter the serious seller, but wouldnt you wait an week or two to save £300?

    Wardy, I am honoured and stunned in equal measure. A nice birthday surprise for me!!

    • 28 May 2010 09:52 AM
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    The rise in instructions received is not because of the abolision of HOP but because of the potential rise in CGT and second property owners trying to sell prior the announcement.

    • 28 May 2010 09:43 AM
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    We have had an increase in instructions however we put this down to a new Govt bringing a little light at the end of this very very long tunnel and people feel more positive. I cdant beleive that a serious vendor would delay selling their property all because of the cost of a £300 HIP! If that is correct they cant really be that serious to sell. More than likely the Vendors putting on now are also those who are speculative i.e. if I get a silly price I will move...hence lots of overpriced property for sale! Whatever its good news.

    • 28 May 2010 09:34 AM
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    Although I hate to agree with Eric......I agree with Eric, same here

    • 28 May 2010 09:16 AM
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    we are in the north west we have had a fantastic week for instructions to.

    • 28 May 2010 08:02 AM
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