Time to make your move
With Brexit on the horizon, Simon Merton of Strutt & Parker looks at the continuing demand for Cotswold property and the desire to make that move sooner rather than later
The current property market in the Cotswolds is strong across the board, with premium prices being paid for ‘best in class’ properties in all price ranges.
There is always strength in the Cotswold brand helping to support property values. However, in 2018, this has been supported further by a lack of stock and an increasing demand from buyers eager to relocate for jobs or schooling. Access to good communication also helps. Potential buyers looking for second homes are active but cautious due to the SDLT 3% surcharge. Many properties have had multiple interested parties often leading to achieving sale prices over guide. Edge of village properties with large gardens remain top of the list for requirements, although there is demand for property at all levels particularly if the quoted guide price is perceived to be realistic.
The decision by the Bank of England to increase interest rates from 0.5% to 0.75% came as no surprise. In the light of more positive economic reports, with inflation seemingly under control at 2.3%, an improving economic outlook in the medium term and increasing levels of employment, it had been predicted for some time. Rates remain at record lows and are unlikely to have a negative impact on house prices. However, with Brexit in the background, there is an added incentive to launch a sale now, in case of renewed caution by buyers relating to our withdrawal from the EU on March 29 next year.
The key to achieving a successful sale, as ever, is keen, accurate pricing in order to generate viewings and interest from buyers. Setting the guide price at an over-ambitious level, although tempting, deters buyers from coming to view, prolongs the sale process and almost invariably results in a lower selling price.
We have recently launched four properties in the market and have numerous viewings and interest in all of the houses demonstrating that the market is still very active and there are buyers in the market place.
Simon Merton of Strutt & Parker