Diary of an agent: Tom Hunt and Agnieszka Lederer

Tom Hunt (TH) is a Senior Negotiator in Knight Frank’s Country Department and sells within the North Surrey area.

Agnieszka Lederer (AL) is a Senior Lettings Negotiator in Knight Frank’s Ascot office, and also covers Virginia Water, Egham and Sunningdale.

Exchanges were up 50% in the week ending 5 September versus the five-year average in the Home Counties, while viewings in the lettings market were up 65% in the same period.

What has been keeping you busy in North Surrey?

TH – We’ve just exchanged on what will likely be the biggest sale on the Crown Estate in Oxshott this year. The client purchased the house three years ago through us from a developer, and is now relocating abroad. We began marketing it privately for them in February, and it shows that there remains appetite for best in class properties.

AL – Since August it has been all about the schools. We have several well-regarded schools in the area, from ACS International Egham to LVS Ascot, and numerous London-based home owners have been looking to rent here so that they aren’t commuting each day. Some of our resident families have been looking for more space too.

Where are prospective buyers and tenants coming from?

TH –There’s been domestic buyers coming out of London. North Surrey as an area is well placed for those commuting into the capital. Although flight restrictions remain in place, we also have two prospective buyers from Hong Kong who are looking to take Boris Johnson up on his visa offer and relocate here.

AL - I worked in central London for ten years, where many of our prospective tenants are based. Before lockdown they never would have considered this part of the country. They wanted to be near a Tube stop and a park. But many have realised they can be within an hour of London and rent somewhere with a swimming pool, tennis court or huge garden instead.

Why are people moving primarily?

TH - The common motivator is the pursuit of extra space after lockdown. People realise that they don’t necessarily need to be in central London five days a week, and that if they stretch their commute they can get more for their money.

AL – Aside from the schools, the other main driver to come to this area has been extra room to work at home and outdoor space. Proximity to work is no longer a priority.

The country market has enjoyed a strong run since reopening in May, how’s it changing?

TH - The country market is beginning to turn into a sellers’ market with plenty of competition for property. In North Surrey we have a lot of good buyers in the market and deals are being agreed, albeit more recently in the £7m and up bracket.

AL – We saw some significant price reductions just after lockdown. However, we had success in securing short-term lets for one to three months in the period that followed, as families chose to rent as a substitute to a holiday abroad. This carried us over until the school market returned.

Lockdown has disrupted the seasonality of the country market but what else has changed?

TH – It has quietened off in the last two to three weeks. However, there’s often a spike in activity in September and no one knows how long the current run will go on for. While most of our buyers are unlikely to be affected directly by the recession and end of furlough, it will affect the wider market.

AL – We’re not an area that’s reliant on international students. However, we do traditionally handle a lot of corporate relocations. That was frozen for a while as people couldn’t physically attend embassies to get their visas, and there were flight restrictions. As that activity has come back, we’ve had to adapt and make use of technology, such as Smart Viewings and video tours, as well as coming up with ways to quickly conduct ID checks.

What are your feelings about the coming months?

TH - I don’t think we’ll ever return to the way it was before regarding office culture. Combine that with the fact that there remains a shortage of homes, Help to Buy has been extended, and there’s still a lot of stimulus to prop the economy up, and I remain positive.

AL – The core market here is always busy as there’s not enough stock and a good, modern house will always find a tenant. Flats and larger family homes that normally go to relocation agents have been hardest hit but will come back. The relocation agents we work with think January will be a busy time, with a number of corporates choosing then to push ahead with their plans.