As soon as we see the sun we all rush out to buy barbeque supplies, sunglasses and pitchers of Pimm’s and lemonade - but summer weather also has an effect on the property market; with research showing that during the summer there’s a higher conversion rate from people viewing property to actually purchasing a home than is the case in winter.
As property specialists operating in London, we have not only noticed and measured, but experience first-hand the differing trends in the market during different weather. Our estate agents have reported that during the good weather, conversations between their offices and their clients (both buyers and sellers) are more relaxed than they are in the winter months, discussions being less informal and more like a friendly chat in a bar.
Our experts have noted in particular that buyers are less guarded in the summer weather, and are less likely to head into the process with cynicism and doubt that they are just “being sold to”. One of the results of this relaxed attitude and conversation is that estate agents are able to build a good rapport with clients, helping them to gather more information from buyers as to what exactly what they want from a property.
Some buyers have specific requirements from a property and may not even know it themselves. The better the relationship between the buyer and estate agent, the more likely they are to uncover these aspects.
Once buyers have established their wants and needs for their new property, the estate agent can narrow down the suitable properties and is more likely to find the perfect fit.
This adds to the positive effect on the conversion rates; for example, a dog owner will be shown properties near parks for walks, or buyers with children will be shown properties near good schools, catering to the needs and wants that they may otherwise not have shared so freely.
The other side of this improved rapport is that buyers feel more confident to ask questions, and be specific about raising any concerns or preferences.
Often, especially in the capital, investing in property can be a big expense, so buyers like to feel they know all the details before committing.
Therefore, if they have more information from the estate agent when considering a purchase, they feel more confident they are making the right choice. This is another reason the conversion rates will be higher, as buyers are aware about the benefits of what they are purchasing.
Finally, there is no doubt that any property looks more appealing under clear skies and with the sun beaming down on it. The weather can make a drastic difference to the mood of a viewing, and we are more likely to think favourably of somewhere if we are in a good mood.
Overall, we should enjoy the heat while it lasts, and anticipate that our sales rates will enjoy the boost too.
Nicholas White of London property specialist www.chestertons.com