Shropshire Country Homes Update - Summer 2016

Ross D’Aniello, head of the Country Homes department at Nock Deighton, has been analysing the market over the summer months - and he has some good news.

Ross, it's over to you:

Post referendum, the market has thrown up a few pleasant surprises... the south east is propping up the regional market!

Traditionally, the summer months are not the busiest months of the year in the property world, with school holidays distracting buyers and taking their focus away to other, more important matters.

With this year’s referendum and new faces in the top tier of the government one could be forgiven for thinking that everything would grind to a halt.

Not so.

This year we have seen an increased number of enquiries, viewings, offers and sales agreed for June-August.

Prices have reportedly started to slightly drop in the region (the Land Registry stated that the West Midlands region saw the greatest monthly price fall of 0.2% in June), but our figures show no evidence of this, with offers coming in and deals being agreed in all three counties.

A prime example of this is The Glebe, near Ludlow (pictured below). On the market for just two weeks before negotiations began and we ended up selling within a short distance of the asking price of £640,000.

Old Factory Farm, near Kidderminster (pictured below), offered with either 6.5 acres (£525,000) or 24 acres (£645,000) is averaging six viewings per week with several interested parties hoping to proceed soon.

We are also seeing several “off-market” viewings of properties who are reluctant to come to the market, but will entertain viewings. This is an increasing trend and one which we are happy to help with, our job is to represent the client, not just showcase a portfolio!

• We have one property offered in Worcestershire which is a four-bed house, further one-bed cottage, impressive stables and barns, arena, 15 acres in a stunning position. This is available for £1.1 million to a discrete buyer.
• Another, in north Shropshire, a large period house with 15 acres, two acres of lakes, woodland, stunning period features, barns and stables is available for £1.6 million.
• A third near Ombersley in Worcestershire - a stunning renovated five-bed country home with five acres, arena, stables, swimming pool and outbuildings is offered discretely for £1.3 million.

There is an element of caution from sellers but an abundance of buyers. We have a large number of enquiries coming up from the south east, with the last count estimating about 90% of our enquiries are emanating from either London, or the south east in general.

Food for thought.

The level of enquiries, when considered with the lack of stock on the market, can only lead to one thing and that is stronger asking prices. Simple economics dictates that this is the case.

In short, the property market in the region needs more houses.

If you have any question or wish to discuss your options, then please feel free to get in touch.