Let the agents speak!
National newspapers say the sales market is problematical; transactions are down but on the other hand house prices seem to be holding – unless you believe the Halifax – but what’s happening at the coal face? We tracked down five leading agents around the UK and asked them.
Who: Linda Wesson
Works for: Hamptons International Country House Department
Where: East Berkshire and North Surrey
Linda says: The top end of the market has been very difficult this year – the most volatile I have seen in 25 years. It’s up one week and down the next. There was a lot of confidence before Easter and right up to the election but since the election there’s been a sharp in-take of breath. People are being cautious and are waiting to see what impact the Comprehensive Spending Review will have. There’s also the VAT rise to come and the hike in stamp duty next April. And at this end of the market (above £2m) international buyers have been affected by the global financial situation. There are still lots of people looking, lots of viewings and lots of offers, but it’s a case of managing vendor expectations at the moment.
Who: James McKenzie
Works for: Savills
Where: James has a management role that covers a large area – Devon, Cornwall, Wales, and the Cotswolds.
James says: One has had the feeling for some time that things could get worse – that next month it will hit – but it doesn’t seem to happen. We’re still doing deals. In Cirencester in the past 24 hours we’ve had five offers and agreed two others. We’re fortunate in that we have a drip-feed of quality properties to the market and these always attract buyers. Properties at the very top end have seen prices drop a little and anything that’s not of the best quality can be vulnerable to negotiation, but if buyers are willing to move on price then they can find a buyer. The market is definitely not dead, and we haven’t seen dramatic price falls.
Who: Kirstin Stuart
Works for: Strutt & Parker
Where: Edinburgh
Kirstin says: The recent Halifax report claiming September saw the biggest monthly drop in house prices for almost 20 years was misleading. It is an unpredictable market but not nearly as bad as the tail end of 2008. Sellers are still being quite punchy with their prices but there is evidence of buyer caution as well. Up until mid-July we were going along really well in Edinburgh while the end of July and through August was very slow. September picked up as expected with steady viewings and strong sales, particularly in the mid-range market with properties up to £800,000. It has quietened down a bit now but it is still steady, as per the season’s norm. The outlook for the Edinburgh property market for the next six months is one of limited growth. However, new properties, correctly priced, will attract viewers. Overpriced ‘old stock’ will need to have a correction.
Who: Alan King
Works for: Jackson Stops & Staff
Where: Dorking
Alan says: We don’t recognise Halifax’s grim statistics. There’s a lot of stock on the market at the moment which provides greater choice – something that’s been a frustration for many years. This has provoked buyer interest and has whet appetites. True, it puts prices under pressure, but only modest pressure. Deals are still being done – much more so than was the case this time two years ago – and the old adage that the cream rises to the top is certainly true: good stock always sells. Family homes that haven’t been on the market for many years are proving popular. Buyers are being cautious with finance, and sellers need to be realistic about pricing, but there is activity in this market and we’re optimistic about the future prospects.
Who: Patti Page
Works for: Patti Page Country Property Specialists
Where: North Somerset, South Gloucester
Patti says: September didn’t turn out to be as busy as it would normally be – there are good buyers around but they’re being cautious and are sitting on the fence. There’s a degree of uncertainly at the moment – quite a few people are waiting to see where the Government axe falls. Buyers are price sensitive and want to feel they are getting value for money. We have quite a lot of lifestyle buyers from London at the moment and also good, committed sellers and that’s generating activity in the market. Some properties are selling very quickly, some are slow to shift. It’s a challenging market at the moment, but certainly not doom and gloom.
