Quietly Confident in the Cotswolds
Majority of residential sales achieving values within 10% of guide price. Farm and land prices exceed national average by up to 40% in 2011.
Published: January 2012
QUIETLY CONFIDENT IN THE COTSWOLDS
- Majority of residential sales achieving values within 10% of guide price
- Farm and land prices exceed national average by up to 40% in 2011
“A sense of realism is now being experienced in both the residential property and agricultural land markets here in the Cotswolds,” says Sam Butler, partner of Cotswold property specialists, Butler Sherborn.
“With the lack of capital appreciation in houses over the past couple of years resulting in a much more stable residential market, the price expectations of both buyer and seller are more closely aligned, making it easier to achieve a realistic market valuation that both parties are happy with. This is consequently speeding up the sales process.
“Based on my experience of the 1990 and 2000 recessions, property price inflation is unlikely to return within the next few years, which means that people can get back to regarding their properties as homes, and not some form of currency.”
As evidence, 83% of all the properties sold by Butler Sherborn last year achieved their guide price or within 10% of it, resulting in a welcome stabilising effect on the market. The majority of sales were also to people already living within the area, indicating a reduction in the number of people moving out from London.
“In a difficult economic climate, these sales figures demonstrate the firm's accurate assessment of the market and its ability to secure buyers,” added Sam Butler, “and underlines our knowledge of the area as the Cotswolds property specialists.
“With all that has happened to the stock market and pensions recently, people are seeing property as a tangible safe haven for their money, while also enjoying living in and improving their homes, rather than speculating and trading them.
“2012 has already got off to a strong start, with more people - vendors and prospective purchasers coming through the door than this time last year,” he added.
Butler Sherborn Farm Agency
Meanwhile the story is much the same at Butler Sherborn’s farm agency, where Richard Greasby, partner responsible for farm sales and purchasing, reports that 2011 saw some strong activity. “Farmers, not investors, made up some 66% of buyers last year, and against a national average value for bare land of £6,000 per acre, we secured sales exceeding this by up to 40% to achieve figures as much as £10,000 per acre.
“We expect another strong year during 2012. We are very active in the market and looking for more farms and land to sell to those buyers already on our books,” he said.
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