Property Market Comment

Exciting times to look forward to in 2024 as the market is most definitely picking up and heavily in favour of the buyers I feel. If you are considering relocating and making that move to find your perfect home, there is no better time to get started.

It seems that interest rates have hopefully peaked, and there will be many more opportunities to secure a much lower fixed-rate mortgage deal than was possible six months ago. Inflation is going in the right direction, and there is an underlying confidence that property could once again be a good investment. As always, people will tread cautiously and quite rightly as there are always things that can tip the balance, such as an up-and-coming election for one. However, in a bid to win votes, each party will likely suggest favourable new housing policies that can only further stimulate the market. Agents generally feel more optimistic about the future property market and are busy with valuations.

The Spring market is approaching, and the general consensus from agents is that the low stock we have been experiencing will increase. Houses will still need to be priced competitively as buyers are no fools and still keen to buy well, but the difference is they feel more confident and willing to make offers, so good prices will likely be achieved for the right property in the right location. Family houses with larger gardens are most definitely.

My advice to clients is to get ahead and take advantage of hearing about a property early that is due to be launched in the coming months. That way, you can secure your home outside of the competitive Spring market and sit in your garden to watch it bloom instead of admiring it on Rightmove particulars. I wish you had acted sooner!

Following lockdown we are now beginning to get a real feel that this pandemic has changed so much about the way we live our lives. People have had time to reflect on how they lived pre-Covid and how they have been forced to live post-coved and interestingly its not all bad.
 
The lockdown forced people to work from home. Companies that were quick to adjust to this have really benefitted by finding that it has really worked for many employees to be based at home. Meetings have still been productive and so much time saved by not commuting. There is a realisation that this “new normal’ may well continue for a long time which has made people assess where they live and how they live and whether now is the time to bring forward their plans to re-locate, upsize and gain more space by moving further away from their place of work. This is now a possibility as they do not need to go to the office on a regular basis. Consequently demand for rural properties has massively increased especially in Somerset.Families that have been kept away from each other due to geography have decided to purchase houses suited to multi-generational living. Also many more people are requesting houses with pools. People want the option to livery comfortably in a bubble should the need arise again. 
 
Somerset is even more popular than ever as a destination for re-locaters from London and overseas and I have never been so busy helping clients re-locate. There are so many beautiful houses in villages that are close to cities like Bristol, Bath and Wells and families can secure fantastic family homes that offer them space and a lifestyle that suits their new way of living. Bristol and Bath are also still popular as they offer plenty of green open spaces and are the perfect compromise move for those not quite ready for rural life.
 
These large family homes with large gardens recently have had numerous buyers chasing them with many going for above the asking price. I have recently bought three stunning  properties for clients, two of which were off market, who are absolutely thrilled to have secured these in such a competitive market. 
 
Going forward there still seems to be the momentum and there are plenty of buyers out there but the best properties are becoming harder to find many not even appearing on Rightmove. 
 
Prices are holding firm for these “best in class’ type houses. Agents are still valuing so I am still seeing new property but many properties are been sold by word of mouth. 
 
It will be interesting to see what happens in the Autumn when the effects of the furlough scheme being withdrawn is felt but for now its back to house hunting!.

There has been a continued price growth in Bristol throughout 2017 despite the predictions that Brexit and the General Election would slow this down.

This growth, despite slowing, is expected to carry on throughout 2018. There is a real shortage of property so this means demand is kept high so prices stay high. Over the last year there has been more Londoners coming to Bristol than anywhere else in the UK. Its easy to see why. London house prices have stalled and people see the time as right to leave the capital for a buzzing vibrant city with green spaces and that is commutable to London. The thought being if they can sell in London for a good price they can still afford to buy in places like Clifton in Bristol where prices are too high for many but affordable to those coming from London.

Areas outside Bristol have seen a long awaited resurgence as people search for more places where they can buy more house for their money and hopefully see some long term capital appreciation. The seaside town of Clevedon just outside Bristol has become increasingly popular and is reported to have experienced the highest growth in house prices in the UK. 11% in 2017. Another area to watch is Keynsham. It’s proximity to Bath and Bristol, having a local train station and lovely open spaces nearby and ever improving town centre means it is attracting many London families. Portishead due to it’s excellent motorway links and modern development is also a popular choice for those relocating.

Areas a bit further South such as the villages in the Chew Valley going out to Wells, Frome and Bruton, have performed much slower over the last few years as the trend has been more towards city living.

Having said that many of the large country houses are now selling for near the asking price, many to families from overseas. Frome and Bruton are particularly popular with those coming from London and often have bucked the trend of the slower country market.

The recent push to install fast broadband in many of these villages has made a real difference to those re-locating with a view to working or running a business from home. Many of these country houses have an ideal set up for this. Tru-Speed has been installing fast broadband in the Chew Valley villages and areas around Bath of 100/200mbp which suddenly makes living outside Bristol a more viable option for those who depend on this. Also many of these areas are an easy commute into Bristol and Bath, they are close to a good choice of train stations to London, close enough to Bristol airport , great schools and have lots of space for a growing family, what’s not to like!

What will a Stacks buying agent in Bristol and Somerset do for you?

Professional Expertise

We’ll talk with you about how you want to live, the demands of your work, and your plans. We’ll establish what you need from your next home… and why.

Finding a Property

We’ll scour the market, bend the ears of our contacts, and hound the estate agents. We’ll leave no stone unturned to find the right home for you.

Saving you Money

We’ll haggle hard and bring all that we’ve discovered to bear to agree the best terms on your behalf. Our clients enjoy preferred bidder status with estate agents. 

Trouble Free Completion

We’ll problem-bust, tackle obstacles, arrange surveys, and liaise with planners. A myriad of issues can raise their head at this point… we’ll deal with them all for you.

Recently completed on this fabulous family home located in a beautiful North Somerset village and boasting bags of potential -Now in the skilful hands of @berkeley_place, who will undoubtedly take this wonderful home to the next level.

Get in touch for more property buying info and advice in Bristol and Somerset.

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I love this guy, even though I bear-ly know him.

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Call Amanda to discuss what you are looking for.
Tel: 07974 809624

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