We are thrilled to have appeared in the Daily Telegraph today in a piece about the best two-day-a-week commuter hotspots within 90 minutes of London, with West Sussex revealed as one of them. We explain how commuting hotspots in West Sussex are attracting couples in their mid-fifties and older. They may only need access to London a couple of days a week but want to retire in the next few years and are looking for a forever home in a lovely place.
Read the full article here (paywall)
Our Director, Jennie Hancock, provides her thoughts on how recent years have transformed our lives and where we live.
Will there be a return to the City living again that many are discussing or will we continue our lives as we now know it in more rural locations with good Wi-Fi ? As demand still outweighs supply for the Chichester, Midhurst and Petworth triangle, and buyers purchase off market to secure the good properties and locations, I see this trend continuing.
I did believe after September and the mini budget we would see a fall in activity, but this hasn’t happened. With access to London from Haslemere in under an hour, this patch continues to be a favourite spot as 2023 clients are still very keen to secure those special village homes.
Perhaps we will see fewer under 50’s moving as the equity in their homes is likely to be smaller, meaning they will be hit harder with interest rates rising when they re-mortgage. Whilst more activity will be with those that own their homes or have relatively low mortgages on loan to value which enables their repayments to be less.
With good quality properties in our area and availability low, this is partly down to this area having three large estates – Goodwood, Cowdray and Leconfield – who between them, own a substantial amount of properties and land which are rarely sold. This can be seen as a positive though, as it means that the land around us is kept in excellent condition and being situated within the SDNP.
This is where the moving trends are at the moment, and it will be interesting to see how it continues throughout 2023 and hopefully these properties will kick start and encourage others. Buyers are seeking village or edge of village properties, within close proximity to a pub and a shop and for families, close to good schools, which we are also blessed with in this area. There are also plenty of buyers who sold their homes last year and are now in rented properties with cash in the bank.
I am very much looking forward to an interesting spring and summer ahead.
For more information about buying a home in and around Chichester, Midhurst and Petworth, contact Jennie Hancock on jh@propertyacquisitions.co.uk.
The Spectator featured an article about the prime country house market this week, which included comments from Property Acquisitions. In the article, we highlight the sorts of properties that are struggling to sell, as buyers become price sensitive in the current market. However, this really does depend on the house and its location. The good quality homes are still selling fast.
Read the full article here if you are a Spectator subscriber.
We are delighted to spot our director, Jennie Hancock, in four prestigious magazines published by Conde Nast this month – House & Garden, Vogue, GQ and Tatler. The local housing market has turned from being price led to the ability to purchase, highlighting the importance of being a cash buyer when looking for a prime country house. The magazine explains how having a buying agent like Property Acquisitions on board is so important in the current housing market.
It’s odd how different words can make a huge difference to our decisions and our thought process.
Having spent now 40 years in property and this year will be my twentieth year as a buying agent, I have watched the ups and downs and a lot of change especially recently: Brexit, Covid, and now the Economy.
We all forget where prices were only three years ago so why the word correction is not being used more is puzzling. We like to see our property investment rise by huge amounts, but when there may be a slight adjustment it is seen in a completely different light, perceived as a downward spiral or bad news which throws panic into our thought process.
For many of us our home is our one and only property, therefore it’s all relative with these ups and downs which we have seen before will see again. However, now is the time to negotiate and sellers are coming to terms with the expectation of taking a reduction.
In 2023, we will see a lot of house transactions in every walk of life as decisions have been delayed during the Covid pandemic especially. This has changed the way we think and work and now we have so many new opportunities, our location can be our new office for instance. Moving is in the forefront of our minds with many exciting prospects.
Acting for buyers and a life time of property knowledge in West Sussex, has resulted in being able to help prevent expensive mistakes which can be easily made without prior knowledge. The large majority of homes we acquire are quietly off market, and one of our main attributes is good negotiation skills and knowing the market inside out.
Whatever the reason for moving, careful thought and planning is necessary in the coming year and there is every reason why buying well is a possibility.
Our Director, Jennie Hancock, has been featured in The Times today in an article about downsizing. Property Acquisitions were asked to help pinpoint the number of households downsizing, the kind of properties they tend to move to and from, reasons for moving and popular downsizing locations. We were also asked if any of our clients would be happy to speak with The Times about their downsizing journey. Luckily, and very gratefully, one of our buyers said yes, and so we are delighted to see that she (Karen) is the lead story in the piece.
Whilst Jennie said:
“The age of the traditional downsizer is starting to fall to as low as the 50’s. If you look back to ten years ago, the retirement scenario tended to be that somebody worked in the city, retired and then life (and an income) came to a complete stop. However, I believe the working from home element has helped people re-evaluate how they live and what they live in. This means those in their 50’s are taking advantage of the opportunity to retire far slower over a five to ten year period, where they can still have a salary or an income.
Lifestyle is very important for downsizers now, fitting a house choice into it. A lot of focus is on health and wellbeing, highlighted through literature that people have read during covid times. Dog walking, walks with friends and family, watching the polo, golf – these are gentle ways of being active but still a wonderful way to explore the South Downs and beyond. These activities can also double up with social events. For example, if a downsizer is buying in the Petworth and Midhurst patch, they can combine their wellbeing activities with lunch or coffee on the local high streets or surrounding villages. There are some superb pubs such as the Three Horseshoes in Lickfold and The Noahs Ark Inn in Lurgashall, whilst Cowdray Farmshop & Cafe is a very popular choice too. Plus the coast isn’t too far away. This makes the idea of downsizing earlier far more attractive. It also helps release more of the lovely large country houses far earlier than usual, which will be good for the property market.
These downsizers tend to buy smaller houses, losing a bedroom and a bathroom, and reducing their garden size. They want the prime villages that surround Chichester, Midhurst and Petworth, where they have great access to pubs, a village store, fetes, theatres and so on, alongside great country walks. Lock up and leave is also important so that they can travel more. Covid-19 has brought about a desire to explore more of the British Isles, not just overseas, which people see in a completely different light now.”
Having been in favour of sellers over the last few years, the property market in West Sussex is now becoming a buyers’ market, giving house purchasers more of an opportunity to negotiate on price. When to gauge the property market is always a game of chance, as none of us have a crystal ball. However, in my experience, often opportunities are missed as the tide turns like this, as a difficult market for sellers can prove to be a great opportunity to trade up as a buyer.
How many of us see a fall in prices and think they will not recover? History tells us they do. If we look at statistics year on year, property has always provided us with a capital growth of approximately 6-7% a year which isn’t a bad return (looking a ten year period with ups and downs). The only issue with this is as for most of us we are property rich and cash poor, but it has its advantages as we grow older as we can sell in retirement or have something to leave to our children.
If you are buying a similar value house to add value, or better; buying a more expensive home and trading up market (as long as you have done the maths on your mortgage repayments), then don’t wait for the market to be at its lowest. You may miss the current opportunity as the tide can turn back in a flash – as we have all experienced recently with the mini budget.
In the eighties and nineties moving was far more frequent, money was easy to borrow and stamp duty land tax didn’t exist, but the obsession with property over the past twenty years has grown and it gives us all a feeling of wealth and importance. In my experience as an estate agent seeing the dip in the early nineties, then as a buying agent since 2003, then again in 2008; could 2023-24 offer us many opportunities if we are willing to grasp the nettle and see if history repeats itself?
Our Director, Jennie Hancock, has been quoted in a downsizer property piece in today’s Telegraph. It’s a very interesting topic, for which Jennie says:
“There’s a big shift of the older generation (60-75’s) looking to downsize now. They are living in big beautiful houses that they have owned for 25-30 years, but the energy crisis has caused them to rethink the number of bedrooms and reception rooms they don’t use anymore, as it’s costing them a lot more in oil, gardeners, cleaners and council tax for example. They’re now leaning towards modern housing, and EPC ratings will be of huge importance for the future. Downsizers don’t want the expense of modernising a home themselves when prices of builders and materials have escalated, therefore the homes they seek tend to be new builds, a conversion or a modernised home. It’s all driven by wanting to make life simpler and less expensive, and with the spare funds from their house sale, many plan to help their children step onto the property ladder or realise funds for retirement.
“I’m hearing from various sources that discussions are happening with such homeowners, with a view to selling in Spring 2023, which is the traditional time to be selling these types of houses. The benefit to the market is this will release much needed good quality homes in the £1.5-£3million bracket, replenishing the local housing market where they have been in shortage for a very long time.”
Read the full article here (paywall)
Negotiations are back, as the balance of power shifts from sellers to buyers. The Spectator magazine talks about this topic in their latest issue, and our very own Jennie Hancock at Property Acquisitions is delighted to have been quoted in the piece. It offers a really good insight into how to increase your chances of having an offer accepted.
Here are some of Jennie’s thoughts when haggling on price…
Life revolves around our dogs more than ever before. With 27% of UK adults having a dog according to a recent 2022 report, it’s of no surprise that many of our village house buyers own one (or a few) themselves. As dog lovers ourselves, we understand how they play a big part of family life, so it’s very important that we find our clients a home that has adequate space for everybody.
There is a very strong dog community in West Sussex, so here are some dog-friendly features that I recommend you keep in mind when looking for a house in this part of the world…
Dog showers
We have seen many dog showers in people’s homes over the last couple of years, to include some really luxurious ones. They tend to be either in a utility room, boot room or outside, but they’re especially useful in winter when walks are muddy and wet and you don’t want your lovely furniture or clean floors to be covered in mud. I have just shown a buyer round a house in Midhurst where the owner is currently building one, but the best one I have ever seen was a low-level shower, nicely tiled with a door, where it had two different hand held shower attachments. I must admit, I’d love to have a dog shower myself. If I were to move, it would be a serious priority on my list.
Enclosed large garden
Having a completely fenced off garden is an absolute must, but having a bit of land for dogs to roam around has become a more popular request too. These not only provide hours of fun, but also a safe environment for them to roam. Since Covid-19 in particular, the size of a garden has become very important, with buyers asking us to find them something with at least half an acre.
Kitchens
Large kitchens are perfect for creating a dedicated area for dog beds and feeding, as well as the animals themselves. Some kitchen companies are now creating very clever integrated cabinets to keep dogs, beds, bowls and food tucked away, such as under the counter tops or within an island.
Utility rooms
Large utility rooms with access to the garden, have become a must for dog owners, as they provide the perfect space for washing stations and storage for all the leads, toys, crates, treats, food and so on. We actually had a buyer turn down a house because the utility room was too small for their dogs, despite the house itself ticking all of their other boxes.
Dog doors
Pet flaps are most known for cats, but we have started to see some seriously impressive dog doors being installed. This is most helpful if you have to be out of the house all day and need to leave your dogs at home. With a dog door they have the freedom to go outside when they need to, and for security reassurance, homeowners often install a camera above.
Local walks
It’s not just about the house when considering pets. You’ll want to know that there are some great local walks too. Luckily in West Sussex, you really are spoilt for choice, especially in the South Downs National Park. Most villages also have a village green or a recreational ground. Some of our favourite places to take our dogs for a stroll include Cowdray, Petworth Park, Kingley Vale and Stoke Clump.
Local amenities
Most pubs and cafes are dog-friendly, but if good access to local amenities are on your house hunting list, then make sure you find out if they will allow you to bring in your canine companions. Many will provide dog water bowls and even doggy treats which are guaranteed to keep those waggy tails wagging.
Proximity to vets
Don’t forget to find out how close the local veterinary practices are. We’re quite lucky in West Sussex as there are plenty to choose from.
Avoid busy roads
Location is always important when buying a home, and this certainly applies when owning a dog. Stay away from busy roads because if your furry friends were to escape, there could be deadly consequences.
ADDRESS
Peacock Lodge, West Lavant
Chichester, West Sussex PO18 9AH
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