Now that the holidays are over and our children are being dragged back to school, it is the natural time for people to think again of moving house, with Christmas as the end goal. For this reason we’ve seen increased demand for rural family houses.
Late Summer/early Autumn is a traditional time of year for property transactions to pick up and due to a busy few months of sales, supply is now fairly thin on the ground. We have maintained a steady register of keen buyers, however, and there will be more getting in touch over the coming weeks.
So what are these buyers looking for? The most keenly sought after type of property is the 4 or 5 bedroom family house, situated in a rural or village environment. If, for instance a property of this ilk became available in the general area between Salisbury and Shaftesbury, we know that it would generate huge interest and possibly competitive bidding. We know because we are speaking daily to frustrated buyers and this is indicative of the strength of the middle market in South Wilts/North Dorset.
Both London and the Home Counties are producing the majority of incomers, escaping small gardens in the Capital and increasing traffic elsewhere. Good schools, beautiful countryside and a fantastic quality of life is the draw, not to mention the significant differential in property values.
There are also those who need to upsize locally; whose children have outgrown smaller cottages and now need the space, both inside and out, to spread. Improved communications and hence income have meant that these buyers are not necessarily priced out of the market, but budgets may be under more pressure and they are generally more reliant on borrowing.
The one thing that is certain is that there will not be a meaningful increase in the number of larger new build homes around here and in any case, most buyers are after individual properties at this level, putting a further emphasis on supply.
So if you are considering selling a family sized house you will need to have good advice from an Agent who really deals in this market, and if you are hoping to buy one, you will need to be prepared for battle.
The forecast for the 2013 UK housing market is that it will not be much different to 2012 in terms of property transaction levels and most commentators agree that that it is unlikely that we will see house prices recovering this coming year. Low interest rates are supporting a fragile market and while they remain low, prices will be hold up to some extent, but it certainly won’t be a bumper twelve months and indeed sellers will have to take a pragmatic approach in order to attract buyers.
Despite the gloom of low growth and increasing austerity, there is however, resilience in the local housing market and if you are considering a move this year it is wise to take heed of some sensible advice.
- If you live in a good, uncompromised location, be happy because your property should sell. If it does not then there it is probably because something is wrong with either the price or the marketing strategy.
- If your house is for instance affected by a busy road, overlooked by a close neighbour or has too small a garden, be realistic about the price.
- Have a few agents out to appraise your property and don’t necessarily go with the highest estimated value.
- Selling houses in this market is all about effort, so be prepared to put effort in yourself and choose an agent who you believe will give it everything.
- Trust your agent. Most experienced ones have been have been through good times and bad, so understand the present conditions. Someone offering a truly personal service will guide you through the mire to achieve the best possible price for you.
- It is never too early in the year to get going and putting your ducks in a row now can mean you hit the road running when you are ready to do so, so consider taking advice sooner rather than later.
Taking note of these points will provide you with the best chance of a strong and successful sale campaign, so good luck if you are going to take the plunge in 2013 and Happy New Year!
An intriguing piece of research by AA Home Energy Response has uncovered the Nation’s home-owning aspiration. You may think that most of us would like to live in an old rectory or a penthouse apartment, but no: according to this new research the most popular type of property is a three bedroom semi-detached house in a village location. Surprised?
It’s quite obvious that this survey is taken from a broad cross section of society, many of whom live in terraced cities, modern estates or suburban sprawls. Their ideal lifestyle may have rose tints, but it’s nice to know that those of us who reside in villages lead the sort of lives that others crave for and perhaps we just take it for granted.
More information gleaned from the research is that the British are keen to socialise and the most sought after feature of their dream home is a large kitchen/dining/living area where guests can be entertained.
Half the adult population would like views of countryside, mountains or sea and, while men and women are well matched in their most desired panorama, there could be a battle between the sexes over the interior layout of their ideal home; twice as many men as women would include a games room, for instance. Women, on the other hand are more likely to want to keep livestock with chickens coming out as the preferred beast.
It’s stacking up to be a big semi, but they do exist! The inference to this research, however, indicates that most peoples’ aspirations are to be comfortable, in an affordable, rural property with close neighbours and a sense of community.
The research also indicates that in the long run, increased demand could see the price of rural properties rise significantly, since as much as 34 per cent of people want to live in a rural location, yet these areas currently account for only 18 per cent of the housing stock.
The message? If you live in a village and even if you don’t have a large three bedroom semi with views, games room and chickens, just remember that you are probably living somebody’s dream.
When showing people around properties we quite often hear the comment: ‘If only I could pick up this house and put it in another spot.’
Location is not the be-all and end-all of choosing a house to buy. There are other obvious considerations such as quality and condition, outside space, the number of bedrooms and bathrooms, room sizes and layout for instance. For many buyers there is a fine balance between the practicalities of accommodation and the property’s situation. One often can’t have the best of both, however, so a choice has to be made.
A good location can sell a property on its own. Wonderful views, peaceful surroundings and useful amenities will always attract strong interest. In a buoyant market these properties will fly and even in more challenging times they will be resilient to downward pressure. A property on a main road, however, will suffer disproportionately in a poorer market, even if it is, itself, a cracker. This doesn’t mean that it won’t sell, but the price really does have to reflect the situation.
The other thing to bear in mind about location is that you can generally improve a property, but not its surroundings. A house set in a compromised situation will always have that situation (save for regeneration or bypass). A house needing attention, but in a great spot, however, has the potential to be a great house remaining in a great spot. Of course our surroundings are often at risk, but in this part of the world, where Areas of Outstanding Natural Beauty dominate and sustainable development is a must, we are pretty protected.
So what is the ideal location? Everyone has different priorities, but looking at our register of eager applicants the following ‘would likes’ come out on top:
Family: Edge of, or close to a village with a pub and preferably a shop, open countryside to the rear, a feeling of space, easy for local schools and good communications.
Retired/Semi-retired: A village with amenities and a good community or a small town, walkable to shops but away from the traffic.
Equestrian: Rural or village edge with good riding out from the property and close to a wide road with decent access.
It would be nice to think that we could all have our ideal location, but sadly it doesn’t work like that. Availability is what drives the market place and thankfully some of us aren’t that concerned as long as a lot of the practical boxes are ticked.
There are two distinct types of occasional occupiers who own lock-up-and-leave properties, each with specific criteria, but both with similar concerns to address.
One is the escapee from London and the Home-Counties, looking for a more serene and uplifting existence. This particular neck of the woods is attracting ever more interest from such a purchaser and now is not a bad time to buy.
The other is the habitual traveller who needs to have a home that they can be confident of enjoying every time they return to it.
So what makes a good bolthole? Ideal properties are often those with close neighbours and communal grounds such as Wardour Court near Tisbury or The Lattiford Estate near Wincanton. There are, however, a few overriding factors that any seeker of such a property will have to consider:
Convenience – The property has to be conveniently located, not only to reach, but also for the everyday activities, interests and amenities that its owners will want to enjoy. Will they want to jump in a car every weekend or be more content to use the train and walk to their house? Tisbury and Castle Cary are ideal locations for the latter choice with their mainline stations and boutique shops, while for those opting to drive, a location within striking distance of the A303 is valuable. A good local Inn is a requirement for many people, as are nearby leisure facilities and shops.
Security – So important if the property is going to be empty for long periods of time. Ideally it should have close neighbours or a community who can keep an eye on it and a very good security system. A property on its own, in the middle of nowhere is courting trouble. Insurance should also be carefully considered and many insurers will have specific demands.
Maintenance – The property should ideally be up together and if it is a period house it should have an ongoing maintenance routine to keep it in top shape. It is amazing how a small lapse in upkeep can cause major problems down the line. There is a balance to be had between period charm and modern practicality and these need to be weighed carefully before commitment. The garden will also be an issue and should be regularly maintained so that every visit need not be taken up with sheer hard work.
Communication – Occasional occupiers may not feel the need to pay for a landline rental which means that a good mobile reception is normally essential. There are pockets which are renowned for their poor reception, but this needn’t be a deal breaker as signal boosters are efficient and not too expensive.
If you are an occasional occupier and need some help there are specific managers of second homes around who can provide piece of mind in the majority of cases. Services include routine visits, maintenance, gardening, cleaning, fridge filling and more. Alternatively a simple empty property management service can cover the essentials, ensuring that the time that you do spend in your bolthole is valuable and stress free.