Countryside property market a mixed bag
Tuesday, 5 July 2011 2:45 PM
The market for big countryside homes in the second quarter of the year varied greatly depending on region, according to an independent buying consultancy.
The Buying Solution, a division of Knight Frank LLP, said today that best-in-class properties were attracting competition from needs-driven buyers, but that those with no urgent need to purchase were still being cautious about buying property.
Top-end Home Counties properties costing between £5 million and £30 million were “extremely active due to international interest”, it said, and land was selling well and achieving high prices. Eastern European buyers were said to be expressing particular interest in Esher and the Wentworth and St George's Hill estates.
Since a Spring Bank Holiday flurry, the South had witnessed very little stock coming onto the market, it added. According to Bobby Hall, partner and head of the Southern Region, there was a lot of competition for "really quite ordinary properties", with many going for well above the guide price.
The central region was witnessing a mixed market, with no real urgency to buy, the firm said.
Philip Selway, managing partner of The Buying Solution, said: "We're currently seeing two markets across our country teams; 'needs'-driven buyers who want to purchase in time for the new school year are very active in the market, and good properties are attracting competition and selling above guide in many cases.
“Meanwhile, UK lifestyle buyers are being more cautious and in no rush to buy, particularly where something is deemed overpriced.
“International money continues to dominate in the Home Counties, with heightened activity at the top end of the market.
“We anticipate that this will continue with the ongoing low interest rates and weak sterling."
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