August Property Market Update
Residential
Despite the confusion over HIPS the market has been quite busy. The volume of sales is up, but perhaps not by as much as some were predicting. Especially bearing in mind the advantage of avoiding the cost of a HIP if the property is being marketed before the end of July.
Andrew Ranson, partner at Banbury says, ‘We are finding a two tier market. At the lower end of the market, five interest rate rises over the last year are finally bringing a little more caution. Prices are unlikely to rise much in the short term, although robust demand is currently preventing any chance of a fall.’
He continues, ‘At the upper end, (properties over a million pounds), we are finding that a shortage of supply and city bonus fuelled demand is causing this market to pull away from the lower end. These sorts of purchasers do not look likely to be put off by further interest rate increases.’
Development
Again in this market a shortage of supply is holding prices up. Developers, who are often seen as the most cautious buyers, seem to be remaining optimistic. A number of deals have been agreed recently, all at above their guide prices.
Farms, Land and Equestrian
Having seen very few local farms marketed over the last few years, there seems to be a little more coming to the market. Many of these properties are driven by the same factors that affect the top end of the residential market. Fisher German’s young Equestrian Department has got off to a flying start with a broad range of properties across the spectrum selling well. From pony paddocks and small yards, that range in price from £35,000 – 175,000, to a racing yard and fine house selling for well in excess of its £2.4 million guide price.
For further information or if you would like an appraisal of your property please contact andrew.ranson@fishergerman.co.uk (01295 226288).
- Ashby de la Zouch
- 01530 412821
- Banbury
- 01295 271 555
- Knutsford
- 01565 757970
- Market Harborough
- 01858 410 200
- Newark
- 01949 851815
- Southampton
- 02380 883150
- Stafford
- 01785 220 044
- Worcester
- 01905 453275
