Perfect property
Bill Spreckley of Stacks Property Search says,
"Buyers have lost their appetites for projects. Increasingly, our clients want a property to be in perfect condition so they can move straight in. It's hard enough to raise finance to buy the property, but it becomes even harder if you have to factor in money for renovations too - a notoriously inexact science. The current psychology is that finances need to be certain, and that means knowing how much you need to spend and what the running and maintenance costs are.
That does of course mean there are more opportunities for those who are actively looking for a project. The market has reversed. Ten years ago, wrecks would go for barmy prices at auction as developers, builders and renovate-to-live buyers competed with each other. Today the auction rooms are a much quieter place."
New homes please
Catherine McAllister of Stacks Property Search says,
Buyers who would previously have only considered period property are being seduced by newer homes. The unpredictable nature of repairs/maintenance that old properties can require, together with the sometimes eye-watering heating bills, is making cash-conscious buyers see new, insulated, double-glazed, efficient properties as a very attractive proposition. Certainly buyers are more interested in EPC data than ever before, and question vendors closely about running costs. Eco features are a very strong selling point in today's market."
The rise of the small estate agent
Amanda Ake of Stacks Property Search says,
"Big agents are having to work harder to compete with their local rivals who are more agile and able to offer lower fees. Their personal local service appeals to vendors, and there is a decreasing benefit to a national agent who focuses on its ability to reach a wide audience - they too have to work hard to provide a personal and competitive service. This is because the dominance of property portals allows small agents to reach the same potential buyers as the 'corporates'. Gone are the days when the larger agents were the only ones approached by top end buyers, and buyers from out-of-area. Often using both a local and a national agent can be the best approach when selling a house."
Divvying up a property
Amanda Ake of Stacks Property Search says,
"Large properties with many acres of land, and separate annexes or cottages are being re-lotted and sold as separate titles. In some areas there is a real shortage of buyers in the £2m+ bracket due in part to the new stamp duty band, and property at this level can be difficult to sell. Selling some of the land separately, or packaging up a separate cottage with its own parcel of land, can open up completely new markets. Buyers can keep their eyes open for opportunities to approach a vendor's agent about an extra bit of garden or land, a barn, or a separate property. Anything goes, and there's nothing to be lost by asking."
Space that will generate cash
Briony Mathams of Stacks Property Search says, "Country house buyers are increasingly searching for property that has potential to generate income; an annexe that can be used for holiday lets; B&B accommodation; land/stabling for liveries. Or at a less commercial level, space for chickens, pigs, or vegetables for a taste of the good life.
