Worcester property market update
Market Comment Year End 2010
As 2010 comes to a close we have seen a shortage of good homes and competitive bidding taking place on some of the more desirable properties. We have had buyers moving back from abroad and a number of sales going to purchasers from outside of the area. Two prime market sales went to buyers who had never considered Worcestershire before; the applicant that originally registered through our Country Department in London had not wanted to look further west of Oxford, but finally bought on the Worcestershire and Herefordshire borders.
With bank interest rates remaining at an all time low and the lack of decent returns from other investments and savings, property is certainly attractive as a tangible asset - especially as buyers feel now is the time to make the medium to long term move. Knight Frank Finance is securing some excellent lending for buyers making the present time an appealing opportunity to go ahead and buy.
Looking at the last three months of 2010 compared to the year before, we have seen an increase in overall sales of 8%. Of the whole year to date, the average selling price achieved was 98% of the asking price; up 5% on the same period the year before and, as an overall average, properties have taken six days less to sell; being on the market for little more than eight weeks for a sale to be agreed.
The key to a successful sale in the coming months will be the same as in this last year. The setting of the guide price is critical and an agent like us with vast experience in the country and city markets can ensure we set this with precision. We are also able to compare the activity of markets throughout the country to monitor any waves of buyers moving from East to West or North to South in search of good homes, and often the best market value. We are truly a national agent who is able to pass buyers from office to office in this quest.
As properties compete for buyer’s attention, our comprehensive marketing is unsurpassed in Worcestershire in bringing in buyers from further a field. Knight Frank’s award winning website and Property App facilitates access to information of all our properties for sale throughout the world. Our unparalleled customer service and professional expertise imparts confidence within buyers to make the right offers allowing us to exercise our negotiating skills to greatest effect.
We are excited about our prospects for 2011; having some impressive homes coming to the market in the New Year and spring – consistently a time for motivated Sellers. Motivated buyers also continue to register with us; eager to be first in line for those premium properties coming early to market. We are dedicated to providing a very personal service to all our vendors and purchasers alike – indeed making all the difference to those selling and searching for their dream home is what motivates us.
Will Kerton MSc MRICS
Partner & Office Head