Managing Director’s Update: Q1 Review
After a record-breaking end to 2020, Pinnacle Surveyors have just completed another record with a very busy Q1. As an industry, anyone working in residential property should be thankful that we have all been kept busy during the latest lockdown. At Pinnacle Surveyors, our thoughts go out to anyone physically, emotionally, and financially affected by the pandemic.
I would like to thank all our staff at Pinnacle Surveyors for their efforts during a difficult period for everyone. The teamwork shown by all has been immense and is the basis of our continued success. Thanks also goes to our panel and lender suppliers for their ongoing support and guidance, and to our numerous private clients who appreciate our high standards.
After a hectic first few weeks in January when we were still clearing December’s backlog, the market settled down as lockdown started to bite. A perceived lack of appetite to market or view property did slightly slow instructions and allow us some breathing space to bring service standards back to a more “normal” level. However, since the Budget announcement in early March, which extended the Stamp Duty holiday and included a Government backed scheme to reintroduce 95% LTV (Loan To Value) mortgages, the market has taken off again and valuation numbers have risen in line with this.
Q1 saw us value over £1.8 billion worth of property. The average value of property across our 40+ office locations is £295,000. This is a 9% increase in the average value from March 2020, which is in line with most other commentator’s views on the rise of property values over the last year.
Interestingly, the average LTV across all cases in Q1 is 70%, which suggests to us that there is still a requirement for physical inspections at lower LTVs. The average LTV has increased by 1% year-on-year, which is not a significant change.
We added 4 new surveyors to our team in Q1, including new locations for us at Lytham St. Anne’s on the Fylde Coast and at Malpas on the Shropshire border with Wales. Our programme of recruitment and expansion will continue into 2021.
Like everyone, we are looking forward to the continued relaxation of lockdown and, hopefully, a return to normality. Here’s to a good Spring and Summer for everybody!
David Ellison, MRICS.