A comment on the property market focusing on values ranging from £500,000- £2,000,000/ £3,000,000.
There are in effect two property markets in the West. On the one hand is the town and suburban market in Oxford, Cheltenham and Bath, characterised by high demand, high values and consistently high levels of activity, fed by a steady flow of quality properties. On the other hand is the country house market centered on the Cotswolds, Devon, Cornwall and Somerset – less heated, but maintaining its popularity, demand, & value nonetheless.
Choice houses in urban & City areas, such as townhouses in North Oxford, are attracting competitive bids and achieving prices in excess of their guides of about £2 million. They are sought after by families, so the proximity of good schools – both private and state – is an extremely important factor for the most popular properties.
Vendors of country houses are finding that sensible pricing can fuel competition and push up sales prices, so sellers should seek professional advice to help them set a realistic price for their property and maximise the level of interest it attracts. In-demand properties range from three-bedroom cottages in village locations, which are typically achieving £500,000 in Somerset and £650,000 in the Cotswolds, to former rectories with several acres, at £1.5–2 million in Somerset and £2–3 million in the Cotswolds.
The amount of property coming on to the market is lessening, following relatively high numbers in late spring/ early summer, so buyers are waiting, & available for the right property. This means that values are likely to remain consistent, contradicting media predictions of a faltering market in the latter half of 2010.
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