Covid crisis ‘not comparable’ with the 2008 banking meltdown, says agency CEO

first_imgThe current turbulence in the property market caused by the Coronavirus pandemic is not comparable with the global financial crisis 12 years ago, a leading estate agency boss has said.Dominic Agace, who is CEO of 100-branch national franchised estate agency Winkworth, says he is not expecting house prices to change dramatically within the company’s core 60-branch London market following the re-start of the housing market.“During turbulent times such as 2008, we saw significant price reductions and buyers pulling out of transactions but that is not happening now,” he says.“We continue to see consumer confidence that shows buyers are still optimistic and prices are remaining stable.”Winkworth says its franchisees saw vendors largely hold their nerve during the lockdown with only 21% withdrawing properties from the market and 19% experiencing price renegotiations. These, on average, saw prices drop by 6.3%.Pent-up demand“We have every confidence that years of pent-up demand which our offices are now experiencing and consistently low interest rates should push through a flurry of transactions in the third and fourth quarters this year,” says Agace.Virtual viewings are playing an increasing role in property selection among its buyers, the company says, but says “a personal touch will always be at the heart of what we do”.And in a sign that virtual viewings are now gaining traction within the prime market that Winkworth operates within, Lonres has signed a deal with 3D tours platform Matterport to distribute its service among the property data firm’s member agents.Anthony Payne, Managing Director at LonRes, says: “The partnership is particularly timely as the industry comes up against the issues caused by COVID-19 and the related lockdown and social distancing measures.“We strive to support our network during this difficult time and believe that bringing Matterport technology onto LonRes is a real opportunity to offset some of the issues we face, speed up sales and help agents to best service their clients.”Read more about the global financial crisis.       June 17, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » COVID-19 news » Covid crisis ‘not comparable’ with the 2008 banking meltdown, says agency CEO previous nextHousing MarketCovid crisis ‘not comparable’ with the 2008 banking meltdown, says agency CEOWinkworth boss says sales fall-through rates and house price drops have not been comparable with the period that followed downfall of Lehman Brothers.Nigel Lewis17th June 202001,625 Viewslast_img read more

Chocolate May Make Some Strokes Less Likely

first_imgIn news that’s sure to delight chocolate lovers, a Harvard study finds that a couple of squares of dark chocolate a day might reduce the risk of a hemorrhagic stroke, by 52 percent.Unfortunately for chocolate fans, though, the same research also found that chocolate does not appear to have a protective benefit for the most common type of stroke.To read morelast_img