Good news in the property market
The New Year predictions for the property market have been pretty gloomy, but Fisher German have evidence and believe that the sun is shining on several sectors of the market place.
Recent interest rates will assist the rebuilding of confidence following the turbulent late autumn months.
Recent auctions illustrate heavy demand for houses with land. At the beginning of November 2007 Hill Farm at Shutlanger, Northamptonshire, sitting in about 27 acres, was marketed at a guide price of £750,000 but made £950,000. On the 12 December 2007, a farmhouse requiring refurbishment with 27 acres and set in a rural position near Lillingstone Lovell, Buckinghamshire, sold at £810,000 after spirited bidding. It was guided at £650,000 prior to the auction.
A further illustration of a healthy market was the sale of a property in Western Avenue, Market Harborough, Leicestershire, which was successfully auctioned at the beginning of December, having been offered by private treaty in the spring of 2007. The media gives the impression that the market had stopped or even crashed in the fourth quarter of the year. However, this property was offered at the same guide price of £200,000 on both occasions and sold at £200,000. The property comprises three flats in one block in need of modernisation and renovation.
Over the last 12 months Fisher German’s Banbury office has offered more than 50 properties by auction and is running at an 82% success rate. Auctioneer Andrew Ranson says “Regularly the sort of properties that sell well by this method of sale are properties in need of renovation, development sites and farms and agricultural or amenity land.”
Most vendors choose the auction method of sale as they believe it will be the best way of achieving the highest price. Some vendors especially like the transparency of an auction, particularly if selling as trustees or executors. It is also a good way of achieving closure on a sale as exchange of contracts happens at the fall of the hammer. Andrew Ranson says “We have seen year on year growth in the number of properties our auction department has been instructed to sell, and are planning further auctions in 2008 on 30 January, 19 March, 18 June, 8 October and 10 December.” He continues, “Properties need a concentrated marketing period over the 5 weeks before an auction, so early planning is advisable.”
“Fisher German can provide professional and impartial advice on the best method of sale”, points out Robert Russell, head of Fisher German’s residential sales. “We also sell a large number of properties by the more conventional private treaty route.”
For further information on this and other rural property matters please contact Andrew Ranson or Robert Russell on 01295 271555.
- 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
