11
Jul
High-end and highly sought-after property
Various big-money, high-end properties throughout the south coast
counties have been sold lately, highlighting how this part of the
property industry remains buoyant. In a number of cases, homes
appear to be exchanging hands for more than their original asking
price.
Here is a breakdown of information on a selection of deals that
have been done, or could soon be completed, in the sought-after
regions of Hampshire, Dorset and Sussex.
Hampshire
One property that has just appeared on the market in Hampshire is
Bridge Farm - a New Forest-based farmhouse that comes complete with
outbuildings and around 14 acres of land. It has an asking price of
£1.2 million and is already "attracting a lot of interest"
mainly from buyers looking for a lifestyle change, according to
Chris Hayward, the managing partner at the estate agent marketing
the home, Murray & Hayward.
It is easy to see the attraction of Bridge Farm, with it being
located in the beautiful New Forest region - a popular holiday
retreat among Britons and not far from the Solent. The property,
which boasts four bedrooms, three reception rooms, a garden room,
utilities room, kitchen, shower room, WC and cellar, is also a
commutable distance from London and The City.
Mr Hayward stated that the journey from nearby Brockenhurst to
Waterloo takes just 90 minutes - and he drew attention to the fact
that both Bournemouth and Southampton airports are easily reachable
by car.
Apparently, demand is now apparently outstripping supply - in the
New Forest area at least - and this is in keeping with recent
commentary offered by the National Association of Estate Agents,
which indicated that UK agents have seen growing numbers of buyers
registering their details at branches up and down the
country.
What is for sure, Bridge Farm is a real gem and - as Mr Hayward
alluded to - it is not often residences like this appear on the
market.
Dorset
The Royal Institution of Chartered Surveyors (RICS) recently
released research that showed the majority of its members think the
average gap between asking and selling prices has narrowed in
recent months and will continue to do so in the near future.
However, Slades Estate Agents in Southbourne has reported that one
high-end property on its books earlier this year sold for more than
50 per cent above its guide price.
This particular home, which is located right on the cliff-top in
Southbourne, also received over 100 viewings before it finally sold
for well above its £200,000 guide price in May.
Marketed as a detached chalet property with, among other things,
two-bedrooms, a living room, second reception room/ground floor
bedroom, front and rear gardens, and spectacular sea views, the
popular offering was in need of complete modernisation. It is sure
to sell for an even higher price when all the renovation work has
been completed - that is, of course, if the owners do not decide to
settle down and enjoy the delightful views it offers over Poole
Bay.
In nearby Christchurch, two high-end properties have sold recently
for more than £1 million, showing that people are interested
in purchasing homes in a seaside town with character that is around
five miles from Bournemouth and just 90 minutes commuting distance
from London.
Much like the aforementioned Southbourne property, the chalet
bungalow was sold as a large plot and went for a price in excess of
its asking price of £1.25 million. David Slade, managing
partner at Slades Estate Agent, said that he would expect the
property to be sold on for £2.5 million to £3 million
once the new owner has finished developing the project.
The other home, which is located on the River Stour, was a more
modern property and was very close to achieving its asking price of
£1.95 million.
If RICS said that properties in the UK are generally selling for
around 11 per cent below their asking prices then this Christchurch
town centre offering is another example of the south coast going
against the grain and performing better than average. Mr Slade
indicated that the final fee received for this two-year-old home
was within ten per cent of the original marketed value.
Sussex
Currently up for grabs in Sussex is what has been described by
agent Dixon Vince as "a stunning country house". The four-bedroomed
rural building, located in Maresfield near Uckfield, East Sussex,
is a home with a swimming pool, historic stable complex and
self-contained annexe.
With gardens and grounds totalling five acres, this property is
certain to be highly sought-after. Adding the fact that London is a
short ride away on the train from Uckfield, it could provide an
ideal base for those who work in the City or regularly have to
travel to the capital for meetings, but want a life in the
country.
Rescued from a derelict state by the current owner around 20 years
ago, it can now lay claim to being a restored beautiful country
home. Julian Vince from Dixon Vince said that it was "almost
totally derelict" when purchased in the early 1990s, but would now
be suitable for someone who owns horses or - with reference to the
one-bedroom outbuilding - for people who want other relatives to
live with them.
Many people from inside the M25 commuter belt area have been
looking to move to Sussex in the last few years, he explained, and
the high levels of enquiries and viewings have kept business good
for this particular agent.
The rich and famous
Much like the Cobham and Oxshott area of Surrey, the regions
covered above attract their fair share of famous stars.
Mr Slade said that Dorset's high society "tend to migrate to
Sandbanks and the Canford Cliffs area of Poole where there is a
healthy supply and demand for high-end property.
And highlighting the attraction of Dorset to those with the cash to
splash, Mr Hayward cited recent research witch suggested the
postcode S041 has the highest percentage of millionaire property
owners in the region and attracts "many high earners and famous
people".
The future
The overwhelming feeling expressed by agents dealing with high-end
property in the southern commuter belt is that the future looks
bright for the sector.
Christchurch-based Mr Slade notes that quality waterside properties
"are still very much in demand" and can be described as an area of
the market where prices have held despite the nationwide economic
slump.
Meanwhile, Mr Hayward spoke about a new development in Milford on
Sea, "which is 60 per cent sold off of plans", while more generally
he reflected on a "strong demand" for high-end homes among people
looking for a main residence, as well as those who are seeking a
second home.
"The market has well and truly bottomed out with prices now
starting to rise, mainly due to supply and demand coupled with low
interest rates and buyers now ready to come out of rented
accommodation," he explained.
