How to get the best out of LonRes in changing market conditions
4 July 2022
Alison Blease, PR Director at LonRes, interviews William Carrington, Founder and Chairman at LonRes and Anthony Payne, Founder and Managing Director at LonRes.
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AB: I’m here with Anthony and William the founding directors of LonRes, to talk about what lies ahead for the prime London market and how LonRes can help property professionals do business better.
Let’s begin with a quick overview of the market and where you think it’s heading.
AP: The market – both sales and lettings – has been frantic over the last 18 months or so and as we head into the autumn I think you could say that we’ll be returning to a more normal market. That is to say a pre-pandemic market.
WC: Yes I’d agree with that. I think a slowdown – from where we’ve been – is inevitable. The housing market is unlikely to be immune from the wider economic headwinds which we’re all beginning to see right now.
AB: You’ve both been working in the prime London property market since the 1980s - this can’t be anything that you haven’t seen before.
WC: No exactly. LonRes has been going for 22 years now and helped agents through many a housing cycle – both fast and slow.
AP: That’s true and in both scenarios, LonRes has been put to the test and comes into its own. If you use it, you can’t fail to make money!
AB: So which areas of the LonRes system should people be turning to?
AP: Let’s begin with the data. Data really does provide knowledge and helps make sense of a changing market. LonRes has great data and it’s independent too. Subscribers have access to the most up-to-date analysis of London’s prime markets which in turn gives them the confidence to talk to their clients about what’s happening in their markets right now.
WC: Yes, I’d agree with that. We all want to be able to give the best advice possible to our clients, and LonRes enables you to do this. In a competitive market, it puts you ahead of the competition.
AP: The data and archive sections of LonRes are where you need to be heading. These sections provide evidence of value and saleability in an area, road or even a specific building. The archive in particular provides a great source of knowledge to anyone looking for points of reference.
WC: Quick stats and area overviews are always good too – they give a great snapshot of what’s happening in a market.
AB: And all this in real-time too.
WC: Yes indeed. At a time when many open data sources – including Land Registry – have significant time lags, being able to access real-time data such as LonRes is vital. Especially in a changing market.
AP: Let’s not forget the ability to advertise instructions to 6,000 property professionals – from sales and lettings agents to buying agents - across London. And the power of commission sharing. All the evidence we’ve seen shows strong takeup when commission splits are advertised.
WC: Sharing instructions really does strengthen your marketing potential – this is never more true than in a slowing market.
AP: And finally I’d like to flag up the applicant matching capability of LonRes. This matches applicants to properties and flags up homes that are new to the market or have been subject to recent price reductions. In short, you’d be mad not to use it!