Focus On Property
Property market update by Mary Wilson
The market in recent months has been relatively buoyant, mainly because there is such a shortage of property for sale, which has caused prices to rise – in some areas up to 4.5 percent year on year. And there is cautious optimism that the market will continue to improve during 2010.
Patrick Glynn-Jones of Savills' Richmond office comments, “there is a distinct shortage of property and heavy demand from people who have held off from selling for the last two years because they haven't liked the look of the market. Sellers have now seen the market improve and rise over the last 6 to 9 months and in some cases prices are back to where they were, so there is renewed confidence. Accordingly people wanting to buy their next house also have the confidence to sell but not necessarily in the open market. Having a close relationship with your estate agent is therefore essential as often sales happen by word of mouth 'off market'”.
Savills is selling a charming William & Mary town house in Ormond Road, TW10. The four storey Grade II listed house was built in 1697 and has three/four bedrooms, two/three reception rooms, kitchen/breakfast room and large vaulted cellar. With period features including panelling in the principal reception rooms and a 50 feet walled garden, it is on the market for £1.595 million.
The agent is also marketing a period house in St. Peter's Road, St. Margaret's, TW1. The three bedroom house has been recently modernised and extended to give it sleek contemporary interiors, whilst still retaining the original Victorian features. With a study, cinema room, decent sized garden and an off-street parking space, the house is for sale for £1.35 million.
Stephen Parsons of John D Wood's Weybridge office agrees that there is a massive shortage of property. “We always do open house days here on all our new instructions and this year, we have had several new instructions around the million pound mark. All of these have had phenomenal success and we have already sold three properties as a result of the open days”. When the agent advertised a £900,000 period semi-detached four bedroom house in Weybridge on the internet on a Friday, emailing buyers on their register that they thought would be interested, they had eight viewings on Saturday and three offers at asking price on the Monday morning.
New to the market is a five bedroom house in Lammas Lane, Esher, which has been extended and refurbished to a very high specification and has off-street parking for several cars and a secluded garden. It is on the market with a guide price of £1.295 million. “We are desperately hoping that more properties come onto the market and we are anticipating a buoyant Spring market” he says.
John D Wood's Richmond office is selling an early Victorian semi-detached house in Cambridge Park, East Twickenham for £2.78 million. The house, which has original features and fireplaces, has six bedrooms, three reception rooms, study, front and rear gardens and off-street parking for two cars.
Tim Harriss from Knight Frank's Guildford office says “from the almost eerie silence whilst this part of Surrey virtually ground to a halt due to the weather conditions in the first two weeks of the year, the momentum has certainly picked up with many frustrated buyers desperate to secure a property. The diary is filling up with numerous appointments to look at properties with a view to launching them to the market sooner rather than later in order to capitalise on what we perceive will be a relatively short but buoyant Spring market due to the impending General Election”.
He is selling Ascan Croft in Woking, a house in fabulous grounds with very contemporary interiors. It has eight bedrooms, three reception rooms, cinema room, kitchen/breakfast room and triple garage with gym. In 3.36 acres, it is on the market for £2.25 million.
In Abinger Hammer, Knight Frank is selling Hunters Moon Farm, which is set in 0.65 acres with a swimming pool and oak framed logia. The period house has five bedrooms, three reception rooms and a huge kitchen/breakfast room. It is for sale for £1.65 million. And in Llanvair Drive, Ascot, the agent is marketing Kerlands, which is a very fine house in stunning landscaped gardens. It has four reception rooms, study, conservatory, four bedrooms and triple garage with games room and another bedroom suite over. The property is for sale for £2.2 million.
Not all agents are brimming with confidence however. “After a totally unexpected 2009 windfall with so many foreign buyers, 2010 has started in a more uncertain manner” says James Wyatt of Barton Wyatt.
“The sales are there, but mainly in the lower price ranges of £200,000 to £1 million. In truth, the top end of the market had a quiet end to 2009 and it is difficult to see much activity before Easter. However, the UK pound is still weak against a whole host of currencies and with our country still seen as a safe haven by many – particularly Eastern European countries such as Russia, Kazakhstan and Ukraine – we expect further foreign purchases at some point during 2010”.
He is selling Laurel Cottage, a spacious detached two bedroom bungalow with garden and off-street parking, in Virginia Water for £659,000 and at the other end of the market, High Lanes on the Wentworth Estate with a guide price of £6.95 million. This six bedroom, five reception house with triple garage, staff flat, outdoor pool and tennis court is set in two acres and has recently been extensively extended and refurbished with contemporary interiors.
Phillip Stevens, south west London regional sales director of Hamptons International says “the market in this area of London was remarkably strong earlier in the year, despite the snow. Demand is significantly outweighing supply, and although there are some signs that more houses are coming to the market, I think that scenario will stay the same for a while with premiums continuing to be maintained”. He is selling a four bedroom end of terrace house in Enmore Gardens, East Sheen, SW14, which has been well modernised with an open plan ground floor and self-contained annexe. The house backs onto Palewell Common and is for sale for £899,000.
New homes, especially good quality family houses in good locations, have also seen a resurgence of interest. “At Octagon, we've always worked on the principle that the location of any new house we build is as equally important as its quality and finish. This certainly held up during the last three months of 2009, where in a still uncertain market, we sold practically all our completed homes” says David Smith, head of group marketing. “However, finding the right plots takes time, so when we put one on the market it tends to attract an extraordinarily high number of viewings. Imminent releases of some very special homes in Esher, Weybridge and Lingfield will illustrate the company ethos perfectly”.
Octagon houses have always appeared larger than average, which is to be expected when creating homes for the top end of the market. But in one of their latest properties they have moved the goal posts yet again.
Knightswood House has an uninterrupted 35 metres of ground floor living space – the five bedroom five bathroom detached home with heated swimming pool, is located on the prestigious Crown Estate in Oxshott. The Master Suite also has a concealed mini kitchen and two walk-in dressing rooms; the gardens have been given the full Octagon landscape treatment, including lush lawns edged by contemporary stone terracing; there is a triple garage, and security is assured with electronically controlled entrance gates video linked to the house, along with a full internal/external alarm system. Knightswood House is on the market for £5.75 million and is available to view through Savills.
New to the market is Octagon’s Moy House in Esher. Tucked away from the hustle and bustle of Esher’s buzzing High Street, this is a stunning six bedroom, detached house surrounded by beautifully landscaped gardens. Located in Esher Close, one of the town’s premier private roads, the family property is heated by an environmentally-friendly air source heat pump, has 5,500 square feet of living space, a double, detached garage, and plenty of forecourt parking off the circular carriage driveway. The property has six bedrooms, four bathrooms and three reception rooms. An NSI Gold approved security system with automatic light sensors and video link to the entrance gates ensures the property has night and day protection. Moy House is for sale for £3.75 million.
Soon to be released is Octagon’s Fernley House in Dormans Park, Lingfield. A five bedroom, four bathroom detached house with three reception rooms, family room and eat-in kitchen, this property will go on the market for £1.95 million.
“We are continuing to sell off-plan at Princess Square in Esher” says Gill Lamprell of Knight Frank's new homes department in Guildford. “We've sold one townhouse and four apartments and have another three under offer. The developer, Royalton, has re-configured the houses to have three bedrooms with one large master suite, rather than four bedrooms and this is going down well. I wish we had more developments like this”.
At the development, there is a mixture of three bedroom apartments in the 18th century Milbourne House, new two and three bedroom apartments and new townhouses. There will be 27 homes in all with a concierge service and secure underground parking, plus gymnasium and media/games room. Prices start at £1 million.
Linden Homes recently launched Boxgrove Gardens in Epsom, a development of three, four and five bedroom houses set around a village green on the site of the former DEFRA buildings. In the first phase, there are 27 three-bedroom houses priced from £375,000 to £475,000. Some will have open-plan living, others are more traditional. The larger houses will be available later, plus new and converted apartments.
