01 Nov No more excuses, now is prime time to change your property
Figures have emerged showing that the time properties spend on the market has reduced by close to 20% and that there is a demand for 3 and 4 bedroom homes according to Time On The Market Survey. The fact is good properties are selling fast and it’s a seller’s market as demand for properties increases. This is a sentiment shared by James Wyatt, Senior Partner of Barton Wyatt, a Surrey estate agency, who is experiencing high demand from buyers with not enough stock to satisfy.
James explains, “In the Surrey area where we operate, properties in prime locations and well presented homes are selling incredibly fast. On the flip side of that properties with potential to develop and add value to are also top of the buyer’s wish lists.
“Our main area of business is in the niche Surrey mansions sector, catering for the Wentworth Estate and Virginia Water, where business is still booming. Virginia Water has a lot to offer a wealthy city or even international commuter with a family and it is this type of person who purchases a £3million plus property without batting an eyelid, one such purchaser recently got out his cheque book for a £2 million home, it was that simple.
“However, for the majority of people looking for more modest accommodation in the area, they are simply struggling to find suitable homes on the market,” continues James.
“Possible vendors have been saying that they’ll wait for the election, they’ll wait for the budget… these have now passed. After the abolishment of HIPs we did experience a wave of properties coming onto the market but it’s still not enough. We are in the middle of a glorious summer – a prime time to show off your home to potential buyers, yet the excuses keep coming. It really has to be said that now is an excellent time to sell your home, buyers are crying out for more good stock and it has been proven that it is taking less time for people to sell their homes as a result.”
In the last year (July 09 to July 10) the average amount of time that houses are on the market has fallen by just under 20% according to the Time On The Market Survey for Surrey. 3 bedroom properties have seen the greatest reduction in time spent on the market with a 23% decrease, 4 bedroom homes followed closely in second with 18%. It would seem that out of all the property types, terraced houses are quickest to sell with only 111 days spent on the market, followed by semi-detached at 115 and then detached at 121 days. This is tremendous news for many home owners who have been delaying putting their home to market with the worry that it might take too long to sell.
Interestingly despite the overall number of properties found advertised for sale in Surrey being up marginally by 4% from last year, after a significant dip over the winter period, the number of 3 and 4 bedroom properties being advertised for sale is down by 3% and 4% respectively. This is clearly creating a deficit of properties in this particular band, driving up demand and in turn creating a ‘housing war’ on the current stock hence we are seeing the time spent on the market reduce.
James Wyatt is urging sellers who are sitting on the fence to take the plunge and capitalise on this opportunity. For more information on property for sale in Virginia Water contact Barton Wyatt Estate Agents in Surrey on 0134 484 3000.