The Extra Day

Published on 1 March, 2012

February stats are in and they look really good again. Do not believe everything you read in the papers (apart from the good stuff!).

At Hatched, instruction levels are up by just a smidge, but sales are up a whopping 85% compared to last year. In fact, February 2012 was our best ever month for volume of sales agreed!

Our conversion rate is up at a huge 68% - that is sales agreed compared to new instructions and average sale agreed price is 96.76% of asking price, which is also very pleasing for both us and our customers.

Viewings compared to last year were up 32%, which is strange. You would expect viewings to be up by the same amount that sales are up by, but maybe this shows that last year, people were much more cautious about buying a property. We get the impression from many people that we speak to, that they are just fed up with waiting for the market to settle and have decided that this year, they are just going to get on with living their lives and buy and sell their house.

You can also see above that instructions are a little down. We would expect a 30% rise in levels of new properties coming on to the market, but maybe this is also fueling a bit of a recovery.

Remember, we sell properties online all over England & Wales, so these are not figures relating to just a small section of the country - we are experiencing high demand in every part of the country.

It is still price sensitive though and those that pitch their price too high, will not sell. There are still pockets of the country with an awful conversion rate of less than 5%, but owners of houses in these areas seem unwilling to bring their prices down in line with what the market has done. Either that, or the local estate agents aren't advising their customers correctly.

In any case, if it wasn't for that extra day, we wouln't have beaten our previous record, so it was well worth it!

Adam Day

Read More

Hatched Blog