The Cotswolds, East Midlands and Anglesey

Each month we visit three agents across the country to discover what is happening in their local market. This month we meet members of The Guild of Property Professionals in The Cotswolds, East Midlands and Anglesey.

THE COTSWOLDS
Cotswold house image
STATS: Average time on sale: Six weeks Average sale price: £405,000 Number of sales in last four weeks: nine.

 

Stephen Worlock - COUNTRY PROPERTY - imageCOUNTRY PROPERTY, CHIPPING SODBURY
Stephen Worlock, Sales Manager

The Cotswolds remain as a desired destination for those who want stylish country living and enquiries from those in the Southeast wanting a lifestyle change remain strong. The definition of The Cotswolds has widened with many realising that there are beautiful towns and villages over a wide area that can offer the lifestyle appeal with keener prices.

The cost-of-living crisis has hit the area with a slowing down of interest but good quality properties in the right location are still attracting numerous viewings. With the M5 link to London close at hand along with good rail links it is always those communication corridors that provide premium interest.

There is some evidence that interest is stretching further afield with people looking just over the Severn Bridge into Chepstow and the Forest of Dean as well as the more traditional Cotswold villages. Our base is Chipping Sodbury and the easy commute into Bristol makes it attractive for those who want to be near the big city but live in the countryside.

Return to auctions?

Detached homes remain favourite and increased working from home means that many people now want a home office or the ability to create a home office when they are looking in this area. Good energy rating and solar panels are also now sought after as people fear high energy bills in larger properties.

The rural areas continue to want our style of agency. They want to be able to drop into our Grade II listed offices and have the personal attention and service of a named individual. Often there are land, tenancy, and other issues to deal with – and not just the buying and selling of a house.

There are signs that a return to auctions as a method of selling in this area is likely if prices stand still or start to fall. Auctions have always been favoured in the farming and rural communities as a method of buying and selling and the excitement and interest they create will support the market remaining strong.

As an agency we have also started picking up more urban instructions on the northern fringe of Bristol with apartments, semi-detached and estate homes now on our books alongside the country piles.

Featured property: Abson Road, Pucklechurch, Bristol – £795,000

EAST MIDLANDS
East Midlands property image
STATS: March: 21 new instructions Average listing price: £372,000 Average time to sell: 52 days

 

James Kirk - ALEXANDERS, EAST MIDLANDS - imageALEXANDERS, EAST MIDLANDS
James Kirk, Managing Director

The first quarter of 2023 has been, just as expected, rather more challenging with significant market adjustments. March has seen overall enquiry levels and viewing activity reduced by between 20 – 30 % compared to 2022. Market appraisals are down by around 15% and the average time to sell a property sits at around 52 days. There is no doubt that we have had to knuckle down, negotiate harder and most importantly be both honest and realistic with valuation advice.

On the positive side, vendors are generally accepting of the fact that to achieve a sale they need to be priced correctly and they understand the relativity of selling and buying in the same market. Equally as encouraging is that committed vendors who appreciate a comprehensive, personal service supported by substance and attention to detail are more than happy to pay higher selling fees, so we are pleased to report that on average our fees have increased by over 0.3%. Compared to the same time last year there are noticeably more applicants who have not sold and are not yet on the market but looking to view with vendors more accommodating.

Competitive pricing

Despite us ensuring competitive pricing for new instructions and proactively ensuring aged listings are reduced appropriately we are receiving offers on average at between 4% to 6.5% less than the quoted guide price. We would report that for our area actual house prices have dropped on average 7% for Q1.

Alexanders are a leading East Midlands estate agency with five offices across the region servicing a 40+ mile radius. We specialise in residential sales, lettings, land, new homes, investment, and development across the price spectrum from £185,000 to £5 million.

For us, to ensure we continue to grow and gain successful results for our vendor client it is about being a ‘real’ estate agent engaging our extensive experience and not simply an agent that expects to list, take a call and sell….there are sellers that want to sell and buyers that want to buy, it is ensuring we listen and gain their trust so they act on our advice.

Featured property: Sibson Manor – £1.85m

HOLYHEAD AND WEST ANGLESEY
Anglesey property image
STATS: Average time on sale is: 9-10 weeks Average sale price: £229,663 Average rent price: £725

 

Matthew Griffin - HOLYHEAD AND WEST ANGLESEY WILLIAMS & GOODWIN ESTATE AND LETTINGS AGENTS - imageWILLIAMS & GOODWIN ESTATE AND LETTINGS AGENTS
Matthew Griffin, Branch Manager

The local property market has returned to pre-pandemic levels. During the period of 2020 – 2022 we were in one sense witnessing an “artificial market” with activity at such a level, sellers and landlords were obtaining figures beyond their expectations. Although the market has returned to a normal level of activity, we are still witnessing high demand for both sales and rental properties with good activity for realistically priced homes and motivated sellers/landlords.

Interest rates and negative press on house prices has plagued the public in recent months which has notably had a knock-on effect on people’s decision making when it comes to moving.

The first quarter of 2022 has seen our purchasers using some form of lending at around 57% compared to this quarter (2023) at 36%. Traditionally, the first quarter of each year tends to be less busy compared to the spring and summer season, however, as the weather has started to improve and the days have become longer, we’ve noticed a sharp increase in property appraisals and viewing requests on existing stock. Interestingly, recent reports indicate buyers demand in the Welsh housing market is expected to decline in 2023, yet our offices are obtaining multiple offers and have agreed a good number of sales.

Lack of stock

Coupled with inflation and higher interest rates, lack of available stock has previously had a knock-on effect on our local property market with less sellers willing to ‘take the plunge’ – a lack of confidence it would appear. A shortage of available listings compared to a higher number of purchasers has previously caused disruption within the market however, as the markets cooled, more and more properties are now coming available. With reports suggesting inflation will drop way below current levels, hopefully this will help individuals gain confidence in buying and selling.

Our agency is a top performing firm operating throughout Anglesey and Gwynedd with strong connections throughout the UK. We have offices located in prime locations across each county providing services in residential sales, lettings/property management, commercial sales and an auction team who specialise in the sale of land and property. Two of our offices provide agencies for the Principality Building Society, helping our customers with savings, mortgages and insurance.

Featured property: Valley, Isle of Anglesey – £317,500


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