Nicholas Brown from Knight Frank hopes for a stable period to help smooth the way. He said: “It has been an interesting year and the property market is perhaps best described as akin to “the curate’s egg” with some highs and a few lows too.
“Currently there is a shortage of supply that, of course, can lead to frustrations for some buyers who would appear keen to buy. This perhaps mainly applies to those buyers from London who have sold and are keen to acquire their own nirvana in the country. When there is a willing and realistic vendor and purchaser, the sale will normally proceed without a hitch.
“The flip side of the coin is the frustration of getting sales agreed and then the whole process grinding to a halt due to the lack of bank funding and the unnecessarily low valuations being attributed to some houses by mortgage valuers. This is causing some sales to fall through when they need not. We need a period of stability through the autumn, which will hopefully set the tone for the early part of next year. It is important to remember that the market is far from dead and there is every chance that houses will sell well in the coming months. In fact, now would be an excellent time to sell, so as to take advantage of the low stock levels and the abundance of well-motivated buyers.”
Stephen Christie-Miller, head of Savills Henley, still believes there are opportunities for buyers. He commented: “Over the past couple of months, we have borne witness to the fragility of the economy, catalysed by the financial crisis which has plagued America and parts of Europe. As yet, it remains uncertain as to whether or not we have felt the full impact of this.
“What is clear, however, is that purchasers have grown increasingly cautious about where they are prepared to spend their money and how much they are prepared to part with. For those who are currently selling or thinking of selling, it remains necessary to bring their property to the market at a level which takes these factors into consideration.
“In line with the view of our industry-renowned research department, we continue to anticipate that the phenomenal rise in property values seen in London over the past year will encourage more and more people to look to the country for better value for money. Most of our applicants do not require funding and, for those prepared to take a long-term view, there are certainly good opportunities in which to invest.
“This is particularly relevant in Henley which, with its excellent transport facilities, close proximity to Heathrow and highly sought-after selection of schools, has always drawn purchasers from both home and abroad.”
Alison Bird, associate director at Savills in Henley, added: “The lettings market is generally buoyant at present and we are optimistic that this will continue into the autumn, especially as mortgage availability for many remains constrained.
“Currently, we are experiencing fewer applicants for family houses, mainly because the majority are already settled in. However, we have seen an increase in demand from professional couples for two-bedroom properties as well as for weekend properties from wealthy Londoners seeking a bolt-hole.
“Whilst prices remain steady and are predicted to rise, landlords would be well-advised to keep their rents at a competitive level and to understand, that in the current climate, tenants are unlikely to pay over the odds to secure a property.”
Philip Booth from Simmons and Sons said: “There is a general perception amongst home-owners that when it comes to selling their property, certain times of the year are better for selling than others. Looking back at the year so far, it appears that there are not the traditional peaks and troughs that we are used to in the housing market. Instead we appear to be in the midst of a steady housing market where properties are changing hands at an even rate month-on-month.
“Our experiences at Simmons and Sons this year have seen constant levels of activity through the spring, leading to an extremely busy summer period and when the schools broke up, there appeared to be no let-up in the number of prospective purchasers viewing property in all price ranges. During July and August both our Henley and Marlow offices have recorded unprecedented activity levels for the time of year, bucking the trend for the market having traditionally busier months in the spring.
“The evidence would suggest that these days, when people choose to move, it is going to be interlinked with life-changing decisions about schools, university funding, careers and pensions. Indeed Simmons and Sons have already carried out a number of market appraisals locally on behalf of home-owners who are financial planning to release capital in preparation for their children’s university fees or even with the view of selling the family home to provide deposits to assist them to get on to the property ladder.
“Could it be that with the internet playing a major role in the way people search for properties these days, that this phenomenon has contributed to prospective purchasers being reactive when a new property comes to the market for sale, regardless of whether it is during the so called traditional housing market?”
Giles Robinson, of Robinson Sherston, said: “There are some good buyers, many of whom are in rented accommodation, however they will only be tempted out if they find the right property at a price they want to pay and they feel they are getting value for money.
“Vendors are scarce although they have to be realistic in their expectations. Saving enough money to move isn’t easy — stamp duty and high mortgage arrangement fees are soaking up what spare cash likely vendors may have. Any savings are going either to improve existing properties or overpaying mortgages.
“We have some good buyers registered. Robinson Sherston offers an established, enviable and trusted local reputation. We see sales materialising where realistic prices are quoted. This year we have achieved some good results and we are looking for more properties to sell before the onset of winter.”
Source http://www.henleystandard.co.uk/
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