The Country House Buyer -- What is Happening?
Old Heathfield, East Sussex (PRWEB) March 19, 2008 -- There has been a growing lack of choice available to buyers of country houses in key areas of high demand across the south east, and this has not been improved by recent reports of a price crash, says Colin Mackenzie -- the independent country house search and buying agency covering the south east home counties of the UK.
"In our view, the lack of vendors coming into the market reflects increasing financial pressure on most domestic budgets. I don't know which Committee tells Mr. Darling what the current rate of inflation is, but most families are experiencing price increases in domestic expenditure dramatically above headline inflation rates (petrol and travel costs, school fees and, on the property front, in their mortgage payments, oil/services costs and Council Tax):, says Colin Mackenzie.
"Whilst this has undoubtedly deterred people from 'moving up the ladder' over the last two years, we now wonder how long many owners can 'hang on' - and time will tell whether the more financially pressured owners, realising that their asset is not appreciating any more, decide to take their profit and trade down market. Thus far, the lack of properties coming to the market has encouraged selling agents, increasingly keen to secure what stock there is, to remain bearish on their recommended asking price levels. However, sale prices have already started to reflect reality and any tangible increase in the volume of property coming to the market will pressure price levels even further."
As mentioned, the country house market in south east England is highly polarised to 'pockets' of high demand - particularly relating to schools and commuting facilities. Couples living in such areas - but who last sent their children to school ten or twenty years ago - are very conscious that their home is their pension and might be more tempted to sell if they perceive values to be tailing off. Once latent demand has been 'mopped up', this could put further pressure on prices.
In summary, Colin Mackenzie does not believe that the market faces the 'crash' that some sectors of the press would have us believe; but does feel that buyers need to be very alive to the true price level for whatever property appeals to them.
For further information see http://www.cmproperty.co.uk
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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