1390 homes are for sale in Peterborough and are looking for LOVE!
As of today (24/2/2024), the Peterborough area boasts 1390 homes available for sale on Rightmove. Among these, 298 have entered the market within the past 14 days. This influx is notable, especially considering that estate agents across the nation are now advertising an average of 41 properties each, a significant uptick from the 35 properties advertised per agent just a year ago. With over 15,000 estate agency branches dotted across the UK, prospective buyers are presented with an unprecedented array of options, a phenomenon not witnessed in recent years.
Despite this abundance, it’s intriguing to note that some potential buyers have lamented the perceived lack of suitable homes available for purchase.
Furthermore, current data indicates that 724 homes are marked as Sold Subject to Contract locally. Approximately two-thirds of these properties have been sold within the past three months, with the remaining third changing hands between four to six months ago. Overall, roughly one-third of listed properties have agreed offers with buyers within the past six month.
In the past week alone, Tortoise Property has experienced this form of activity, including multiple buyers vying for a two-bedroom flat and three prospective buyers competing for a three-bedroom house. Interestingly, despite the availability of 222 two-bedroom flats and 333 three-bedroom semi-detached homes, a rather strange numerical coincidence, certain properties are drawing multiple offers whereas others are still waiting for their first.
The ‘Love Island Effect’
So, what accounts for this discrepancy? The answer may lie in what I term the “Love Island Effect.”
Now, I understand that Love Island may not appeal to everyone, but bear with me. By delving into the dynamics of this reality TV phenomenon, we may glean insights applicable to the property market.
Similar to social experiments like Big Brother, Love Island offers a fascinating window into human behaviour. Consider the initial episode of each series, where contestants meet for the first time. As male contestants are introduced one by one, female participants gauge them based on appearance, style, and age. Surprisingly, initial responses often entail reluctance to step forward to express interest, yet the contestants are tanned, tall and handsome?
The pattern shifts with subsequent male arrivals. Participants who previously abstained from expressing interest change their stance, leading to a flurry of activity as the last few males are introduced. This shift prompts questions: Is the latest arrival inherently superior? Or do participants adjust their standards after evaluating multiple options? Could it be a case of FOMO, with participants fearing missed opportunities?
As the season progresses, contestants gravitate towards partners based on deeper compatibility factors like personality, humour, and shared interests. This evolution underscores the role of individual characteristics beyond mere aesthetics.
The parallels between Love Island dynamics and property sales are striking. Upon listing a property, sellers must consider its appeal in a competitive landscape. Does the property possess the allure to stand out? What unique characteristics can differentiate it from others? Will it evoke a sense of urgency among potential buyers?
Take our QUIZ to see if your home measures up and passes the ‘Love Island Test’?
The ‘Love Island Effect’ in the property market
In a buyer’s market, akin to Love Island’s initial stages, abundant options are available. However, discerning buyers may exhibit a propensity for cherry-picking, seeking properties that resonate on multiple levels.
If you miss out selling your home quickly through the Love Island effect, you will have to move onto stage two, past mere aesthetics and guide buyers to the lifestyle, fun and happiness that lie beyond just good looks!
Understanding and leveraging the Love Island Effect can prove instrumental in navigating the intricacies of property sales. At Tortoise Property, we offer bespoke presentations to take advantage of these aesthetics, whilst also creating individual marketing campaigns to highlight the unique characteristics and appeal of your home.
Take our QUIZ to see if your home measures up and passes the ‘Love Island Test’?
Take our QUIZ to see if Tortoise Property are the right Estate agent for you?
Or contact us at 01733 592020 to unlock the potential of your property in today’s market.
By Mike Matthews, Tortoise Property