HARPERS ESTATE AGENTS
Max Rogers, Associate Director
The local property market in Buckinghamshire remains robust, with sustained interest from buyers seeking properties in desirable school catchment areas and picturesque countryside locations. Accurate pricing, considering market dynamics and buyer sentiments, is crucial for successful property transactions. The availability of properties for sale has significantly increased compared to the previous year. Our estate agency offers a personalised service, prioritising continuity and effective communication to ensure a smooth and satisfactory experience for both sellers and buyers.
We are finding it is currently taking 14 viewings on average for us to secure a buyer for a property. Furthermore, our average time from listing a property on the market to completion is around 5 1/2 months.
Attractive to Londoners
Buckinghamshire remains an attractive destination for buyers from London, with many seeking properties in areas with good school catchments and a desirable countryside lifestyle. The proximity to the capital, coupled with the allure of scenic surroundings and educational opportunities, contributes to the continued demand from buyers.
The market in Buckinghamshire, as with the rest of the country, remains highly price sensitive, emphasising the importance of accurate pricing to lead to successful property transactions. A key consideration is that sellers often base their price expectations on previous market conditions (2020-2022), while buyers are more conscious of rising interest rates and other cost of living pressures.
Compared to the same period last year, the availability of properties for sale has significantly increased. In August of last year, there were 210 properties available for sale, whereas this year, the number has risen by 72% to reach a total of 361 properties. This surge in stock provides buyers with a wider range of options to consider.
Our estate agency specialises in a bespoke individual approach, ensuring that sellers and buyers receive personalized service. By dealing directly with a single point of contact, clients can avoid potential communication and continuity issues that may arise when dealing with multiple staff members. This individualized approach fosters effective communication and enhances the overall customer experience.
Featured property: Brook House, Wendover – £1,25 million
WILLIAMS & GOODMAN THE PROPERTY PEOPLE
Melfyn N Williams, Senior Auctioneer and Director
Williams & Goodwin The Property People Ltd operates in North West Wales covering primarily the counties of Anglesey & Gwynedd but also through our auction brand All Wales Auction the whole of Wales.
While the property market in general now appears be slower than 12 months ago, to many it has merely returned to ‘normal activity’. Each area will be indirectly affected by the global or national economy however each area will also have its own dynamics and local market forces. In general terms the rental market remains buoyant.
Perhaps partly as a result of Welsh Government intervention that has had unintended consequences, perhaps partly down to the cost of living and higher mortgage rates and perhaps down to a lack of stock in the rental market that just isn’t there to meet demand anymore as many landlords had just had enough of Welsh Government tinkering who appear to many as having turned their backs on the private rental sector and created an unfair, unbalanced scenario. That said, those landlords deciding to remain, are now able to demand higher rents and gain a better return on their investment to try to combat the additional regulations and costs of supplying a rental sector which as yet, has not been replaced by government with social housing.
Correctly pricing property
Sales activity has slowed down, prices now need to be ‘current’ and correctly priced property with the right method of sale adopted to suit the individual needs of the seller is still an attractive proposition to buyers and investors. Marketing periods to secure sales will return to normal times for our area and it’s good to see that despite all that’s reported in the media, at Williams & Goodwin the average time to exchange is still well below the national average of around 14 weeks.
Being a traditional local estate agency with national connections we also have the advantage of a specialised auction department that has been operating for over 22 years. As many will know, auction is not a last resort and has proved extremely successful with many of our lots selecting the auction route as first choice to market with a 97% success rate and prices on average exceeding price guide in 2023 by 51%.
Featured property: Llaneilian Anglesey – Auction guide price £110,000
Polly Greenway, Owner
In recent weeks, we have noticed that both buyers and sellers are being more indecisive. With less urgency on both sides, the market is somewhat slower and now requires a little more patience and a lot more determination. Something that we believe, only a seasoned estate agent has the experience to navigate.
On average, a house is now being viewed three times before an offer is made – unlike this time last year, where it wasn’t uncommon to receive an offer after just one viewing. Likewise, buyers are aware that the market is more in their favour and so negotiations are somewhat tougher.
The number of active buyers on our books remains comparable to last year however, we have significantly increased our portfolio of available properties, and so the supply and demand ratio has reduced by a little over 50%. That said, while the market is cooler, we still have a healthy 25 buyers registered for every property.
If properties are priced to sell, they are still being snapped up in a matter of weeks, albeit facing challenges of a prolonged conveyancing period, mostly due to arranging finances in a timely manner. In these situations, we have found having a dedicated conveyancing team invaluable and they are working hard to push tricky deals across the completion finish line.
Unsurprisingly, we have also noticed an increase in the disposal of other assets. For example, we have just sold a beach hut (for a record price) on behalf of clients wanting to release funds. And we are speaking to a lot of second-home owners who are considering their options in the current market.
All-in-all, the market is requiring a ‘sleeves rolled up’ approach, which suits us, as we know it sorts the wheat from the chaff and helps us to increase our market share.
Featured property: Buckland Newton – offer over £2,300,000