At Mishon Mackay, we pride ourselves on our ability to adapt and overcome challenges. This is something that, in the current property market, has enabled us to continue delivering a suite of unrivalled property marketing services to our clients and customers.
Our independent advice, honest valuations, and dynamic team across multiple locations set us above the average estate agency and ensure that we are able to work with you to buy, sell, or let your home.
In light of changes to the property market over the course of the pandemic, we caught up with Alex Mackay, Founder and Managing Director of Mishon Mackay, to discuss property market trends, challenges, and forecasts for future developments. With 44 years of experience in the property market, Alex is full of knowledge.
What was 2021 like for Mishon Mackay?
2021 was a bit of a rollercoaster. The market was dynamic during the first six months, fuelled by the chancellor’s stamp duty gift. While this activity drifted into the late summer and early autumn, we witnessed the market flip and a steep reduction in new properties coming to the market. Despite houses still selling quickly, there were far fewer of them, which continued to fuel the high prices we had seen grow during the first six months of the year. Regardless of some challenges, 2021 was a good year for the property market with plenty of activity and a large volume of houses sold.
Were there any particular challenges in 2021, aside from COVID-19?
To be honest, every year is challenging (more likely every month)! Anxiety was running high regarding COVID-19, but in addition to this, prospective buyers were struggling to secure new homes even after viewings and placing asking price offers. At most points in the year, there was more than one person who wanted to buy a new property that came to the market, which of course heightened anxiety for all involved. Unfortunately, the law of economics is all about stock and while there are fewer properties for sale, there will always be increased competitivity surrounding purchases.
What do you predict will trend in the 2022 property market?
Now, that is a good question. As an industry, we were concerned that without increased stock the January market would fall flat on its face. To be honest, over the month of January there were some signs of improvement, but it didn’t really get going. That being said, February is a different kettle of fish! We have been flying in regard to new properties to market and creating successful sales as a result of these. New Homes has also been really busy with many buyers opting into the arena for newly developed and converted homes.
What does the future look like for property development?
We predict New Homes is going to have a bright future moving through the next 8 to 10 years.
As “New Homes” are by definition new, their ability to meet the requirements of buyers when it comes to green credentials and fuel efficiency are second to none.
With so many new properties being built, as well as increased demand and pressure from the government to meet housing requirements, it really is a guaranteed marketplace. Developers are equally impressed by the uptake of new homes as this meets their sales targets, so this sector of the property market is definitely an exciting market to be working in at the moment.
How have lettings been affected by the COVID-19 pandemic?
In our experience, the lettings market was not affected much by the pandemic. Because of our streamlined processes we were able to continue operating our business without physically seeing anybody! Logistically speaking, we were able to arrange contactless key collections and virtual viewings, so we have continued to flourish despite the odds being against us. We are in the fortunate position to have grown as a business in terms of managed stock and profitability year-on-year which is, of course, a credit to our excellent lettings team headed up by directors, Jordan and Jay, as well as fabulous teams in our new homes, sales, and management departments.
We anticipate that this year will be a fruitful one and we are looking forward to continuing this series of content to see if our predictions prevail.