Homes from Webbers IN OVER 275 UK AND INTERNATIONAL LOCATIONS
THE CURRENT
SOMERSET PROPERTY MARKET
7
Woodton Lodge, Dulverton, Somerset TA22 9DW Tel: 01398 324818 Email: noel.sexton@webbers.co.uk
www.fineandcountry.com
Homes from Webbers IN OVER 275 UK AND INTERNATIONAL LOCATIONS
Combining Local Knowledge, Regional Strength and National Exposure
SOMERSET
SOMERSET
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35 OFFICES ACROSS THE WEST COUNTRY Successfully selling the region’s finest properties.
Email: napoleon.wilcox@webbers.co.uk
www.fineandcountry.com
Homes from Webbers In over 275 UK and international locations
“THE SEVEN YEAR ITCH”! By Napoleon Wilcox (Head of Webbers Fine & Country) Somerset, Devon and Cornwall.
They say there is very little new in property and this could be again a case of history repeating itself? In the recession of late 1987/88, there was a 7 year delay before the property market started to rectify itself and improve, the market remaining very sluggish until mid-1995. Whilst the recent global recession has been caused on a far grander scale and for very different reasons, the property market started going into decline in 2007/2008 and interestingly only started to recover at the end of 2013 and early 2014, again another period of approximately 7 years. However, there are some words of caution: 1) There is no doubt that the Central and Greater London property market has shown by far the greatest growth over the past 6 months, with prices in some areas considerably outstripping the performance of almost all of the rest of the United Kingdom. This activity has taken some time to percolate through the surrounding Home Counties but since the beginning of the year there have been clear signs of market improvement throughout the Thames Valley, northern Home Counties and southern Home Counties (in particular Surrey). This activity has however taken some time to percolate through into the West Country and at this stage the level of price increases and the shortage of available property for sale have not been replicated across Somerset. Whilst this may change in the many months ahead there is no evidence that this has happened thus far. 2) The greatest levels of activity across Somerset (Somerset statistics taken early March from Rightmove and include all properties for sale and under offer across all prices ranges, from ALL AGENTS covering the Taunton, Wellington, Wiveliscombe, Minehead and Dulverton areas) at present are for properties priced below £400,000 with about 33% of all such properties available for sale actually under offer with a buyer (this rises to 37% for those properties priced between £100,000 and £200,000).
NEW TO THE MARKET FOR 2014 This signifies a very healthy market place, predominantly driven by local buyers moving up market or buying for the first time. 3) The country property market (predominantly driven by “Away Buyers”) is some way behind the general market as far as activity is concerned with only 17.25% of all of the properties for sale over £400,000 under offer to a buyer. The £400,000 to £600,000 price range performing the best with 18.4% under offer dropping to 17.3% (£600/£800k), 12.2% (£800/£1m), 15% (£1m/£1.5m), 0% (£1.5m/£2m) and 0% (£2m+). Whilst these figures will improve with the traditional uplift in the Spring property market, there is no doubt that the upper end of the property market still remains cautious and that sellers need to be realistic to this buyer feedback, particularly those home owners that have already had their home for sale on the open market for some time. Those selling for the first time can afford to be slightly more optimistic in their asking price but it is still important not to overprice too much for the fear that after the first 4/6 weeks your home can then become “yesterday’s news” as far as buyers are concerned and then will struggle price wise if not reduced appropriately at this stage. Some clear evidence of this has happened very recently where our Dulverton office has just been instructed on quite a large number of quality Fine & Country properties; these new properties hitting the market for the first time are creating almost all of the viewing activity with buyers, some going under offer already within the first two weeks of marketing. Older stock, remaining sluggish unless prices have been reduced to re-instigate interest and activity. GOOD NEWS The market is improving and will see an increase in both prices and the volumes of homes that will be sold over the Spring, Summer and Autumn months. There will be an increase in the number of “Away buyers” stimulating this market activity. Prices will however still remain relatively sensitive, unless a home or its setting is truly unique.
Our Somerset offices have already started preparing a superb range of top quality country property, some now on the market, others to come to the market over the coming weeks:•
A superb secluded Grade II period country cottage, on the market for the first time in 50 years – Guide £595,000
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A Grade II* listed 27,000 square foot Manor House set within 7 acres – Guide £TBC
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An isolated 17th Century country cottage surrounded by Moorland – Guide £450,000
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A 4 bedroom Lodge House with 3 en-suites – Guide £560,000
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A 12 bedroom country house with extensive stable yard and 4.4 acres – Guide £875,000
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A superb Victorian home, with 5/6 bedrooms, and superb views over the Barle Valley – Guide £695,000
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A secluded 4/5 bedroom Farmhouse with a good range of outbuildings, c6.4 acres and superb views. – Guide £625,000
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A charming thatched 4 bedroomed detached cottage – Guide £525,000
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The major part of a stunning and imposing Manor House – Guide £895,000
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A 6 bedroomed country home with truly stunning views – Guide £1.6 million
FOR YOUR FREE VALUATION – THE VERY LATEST INFORMATION ON THE MARKET PLACE AT A LOCAL, REGIONAL AND NATIONAL LEVEL AND FOR SUPERB MARKETING BACKED UP WITH EXCELLENT CUSTOMER CARE! Then Contact your local Webbers Fine & Coutry Office for more details!
(Figures taken from Rightmove 7th March 2014 for the Taunton, Wellington, Minehead, Dulverton and Wiveliscombe area and for ALL AGENTS who use Rightmove)
Email: napoleon.wilcox@webbers.co.uk
www.fineandcountry.com
21st Annual
West Country
Property Exhibition “G Live” Conference Centre Guildford, Surrey
May 10th | 10:00 till 5:00
CT CONTAOCAL L YOUR BERS WEB
& E N I F TRY COOUFNFICE
Promoting hundreds of West Country properties direct to Home Counties Buyers For your FREE VALUATION and to see your home promoted at this prestigious event then please contact your local Webbers Fine & Country office
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