24
Sep
High-end property and why now is the time to sell
The signs are looking good for those looking to sell off their
high-end properties. House prices increased by 0.6 per cent in
September, according to Rightmove figures, while prices in the
south-east and east-Anglia are 0.4 per cent and 1.5 per cent higher
than a year ago respectively.
Even the fact that 29 per cent more properties left the market than
went on can be taken positively for people looking to sell. This
lack of available stock means that it could be a great time to sell
as each property stands to receive a lot more attention from
buyers.
In recent news, team agents
Rendells in Chagford and Harrison-Lavers & Potbury's in
Sidmouth joined forces to sell two £1.3 million properties in
less than 28 days. One of the properties was named Chad Wyche, a
country residence which has its own private grounds of just under
two acres. It is located on the outskirts of Chagford, near Exeter
and Rendells managed to get the property sold within 11 days of
being asked to do so.
Harrison-Lavers & Potbury's, meanwhile, introduced the owners
of Chad Wyche to Roehurst, a detached house with large garden
space. Located in the Bickwell Valley on the western side of
Sidmouth, it was sold for the same price as Chad Wyche was sold for
£1,295,000. The sale of both properties became legally binding
on August 28th.
Timothy Garratt, partner of Rendells, said that they were delighted
to have sold Chad Wyche, which he described as a fantastic
property. He also expressed his pleasure that the clients chose the
house in Sidmouth, which may be different from Chad Wyche but is
equally excellent.
Director of Harrison-Lavers & Potbury's Jay Thorne, meanwhile,
said that the sale of two £1.3 million properties in just a
number of days is proof that there is demand for top quality
property and that team
agents are the way forward when looking for agents to
instruct.
Savills Research recently revealed that the index of prime central
London property prices rose by 4.0 per cent between June and
September this year. Stock levels were found to be 20 per cent to
30 per cent lower than the medium-term average across all prime
markets in London, while demand increased.
Yolande Barnes, head of Savills Research department, said: "An
unexpected and continued bounce in the prime central London markets
has turned first quarter falls of -4 per cent into growth of +4 per
cent in the year to date.
"This growth is caused by very low levels of supply failing to meet
an increased level of pent-up demand, predominantly from cash
buyers or those with very high levels of equity to spend."
The Savills Research figures also showed that prime markets of
Mayfair, Kensington, Chelsea, Belgravia grew by 6.1 per cent in the
third quarter of this year. Prime south-west London values went up
by 8.4 per cent in the same period, growing at a speed last seen in
the first half of 2007.
"Over the past three months in prime south-west London our key
demand indicators (namely, applicants, viewings, deals agreed and
exchanges) were well above the average for the period 2003 - 2007
when sustained growth was recorded," said Lucian Cook, director of
residential research at Savills.
So, with sales going through and figures looking healthier, now
could be the time for people to sell their high-end
properties.