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.

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… 

  • Low offers can be made, but you risk losing the house if you don’t have all the facts about why the vendor is selling and the local market. Percentage discounts vary on location and circumstance, which is where a buying agent is of benefit, because we would advise the client on what a sensible would be to maximise their chances of securing the house. 

 

  • It’s important to know the circumstances of the sale, knowledge of the market and local area, and the true value of the house. It can be quite hard as a buyer to find out all of this information, which is where the benefit of a buying agent comes in. As we act on behalf of the buyer, we find out all of the necessary information so that we can advise on the best offer strategy. For example, if a vendor is selling because of a death or a divorce, they’re keener to move quickly and therefore more likely to negotiate. Often in these cases, they choose the ‘best buyer’ ie a cash buyer who is proceedable, over who is offering the highest price. Whereas somebody who is downsizing or who doesn’t necessarily need to sell right now is more inclined to choose the highest offer over the ability to purchase, and will wait until they do.

 

  • Putting the offer in its best light and explaining the circumstances can often result in having an offer accepted, especially if it’s lower. If you are a cash buyer for example, you are in a very good position in the current market. Vendors, particularly those who need to sell quickly, are choosing the buyer who has the ability to purchase over who is offering the highest price. This is because with funds ready in the bank, cash buyers can move forwards quickly and there is less risk of the sale falling through. Many vendors are specifically asking for cash buyers only as the chances of a mortgage buyer pulling out is higher because of down valuations and the potential to fail their stress test – a term that is used for checking the ability to buy.  Another good factor to include is if you are happy to be flexible on a completion date. Exchange can happen as soon as you can, but a long completion date can give a seller more time to find something else. This also then makes them a proceedable buyer, putting them in good stead for their onward purchase. If you are buying via an estate agent they will highlight your situation to the vendor, but if you’re using a buying agent who is acting on your behalf, they will put together a really good case, explaining why your lower offer is sensible and why you are the best buyer for them. 

 

  • Some people also write letters, but I have found that the emotional story isn’t as valuable as it used to be twenty years ago. Having said that, it can work if you know the seller’s circumstances.

 

  • However, village houses in sought after quiet locations rarely enter the market, so when they do, buyers pounce. The more unusual or idyllic the property and location, the higher the demand will be. This means the moment there are several parties wanting to make an offer, the chances of being able to haggle on price diminish.

 

  • It is also possible to haggle with a developer. Housebuilders do have flexibility, and will be more inclined to haggle with somebody who is able to complete the transaction quickly, but the best time to negotiate is just before the end of their financial year.

 

Read the full article in The Spectator here. (paywall)

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.

Our Director, Jennie Hancock, is often asked by the press for her thoughts on the local property market. Recently, she was asked to explain why buyers love West Sussex as a whole, and why Chichester is a good city to be buying a property, to support a data led piece on the hottest and coldest markets. This has led to various press coverage such as Property Reporter and Sussex World.

I am starting to see a glimpse of a buyers’ property market in West Sussex after a long period of it being in favour of sellers. The tide is starting to turn away from being price led and instead manoeuvring towards the ability to purchase, highlighting the importance of being a cash buyer, ie a proceedable buyer, when looking for a prime country house.

The term ‘cash buyer’ describes a purchaser who does not need to get a mortgage, and has enough funds available in their bank at the time of making an offer on a property to purchase without encumbrances. This is what makes them proceedable…

In today’s market, being a cash buyer is probably the best situation you can be in when trying to find your next country home. You are chain free, the need for a large expensive mortgage is removed and the overall sales process is much quicker. At a time when vendors are becoming nervous about their sales transaction falling through due to higher interest rates and mortgage costs halting borrowing for many buyers, these are factors that can make you a very desirable buyer – especially if the vendor needs to sell quickly. Many estate agents are calling me far more frequently for this very reason. This is because as a buying agent, we only work with purchasers who can proceed.

As a result, cash buyers are starting to enjoy exclusive access to prime country houses like they used to have pre pandemic, where they aren’t having to compete with as many purchasers. With vendors now seeking the ‘best’ buyer rather than who is offering the highest price, such purchasers shouldn’t need to offer the sorts of prices that were being agreed over recent years.

For more information about being a cash buyer in West Sussex and how Property Acquisitions can assist you, contact Jennie Hancock at jh@propertyacquisitions.co.uk / mh@propertyacquisitions.co.uk.

With many different questions surrounding the ultimate country house purchase, it is important to buy for the long term. Buying a property that has potential to have value added for when your needs change in years to come, can be without doubt a great benefit financially.

I often discuss with my clients the necessity to imagine the home in ten to fifteen years’ time and how suitable it will be then. Not everybody likes to think about the thought of your little children being teenagers or older, or for early retirement weather you will manage the stairs, but time passes quickly as we all know. Future proofing means you are buying well.

When looking for a new home, it is vital to list all the pros and cons as pragmatically as possible so that you know what you are buying. The costs of moving are significant – and will most likely only increase as years pass – so you don’t want to buy a house only to find that you need to move again quickly because it’s not quite right.

Important factors to consider before purchasing a house include:

  1. Location, location, location… this is always my number one rule. Avoid busy roads or motorways in the near vicinity of the house. Also do your research on what’s close by. A nearby pylon obstructing the view can be off putting for future buyers, and you may not want the aroma of next door ‘s animal farm floating through your garden on a hot summers’ day

 

  1. Buy a home you can always sell easily. Remember, your next buyer will buy for the same reasons you fell in love with it

 

  1. Extra accommodation is always good for letting out for additional income, for childcare, or for live in help if needed. This could be an annexe, a studio or a separate wing of a house

 

  1. Aspects are important, with attention given to the amount of natural light pouring into the house on the dark winter days.  Avoid a north facing rear garden if you desire unlimited sunlight

 

  1. Look at ways you can extend, with a loft conversation or perhaps how to add value and space.  Creating an extra bedroom and making it a four or five bedroom family house can be managed in years to come, enabling extra square footage and giving you a bigger more valuable home when the selling time comes

 

  1. There is flexibility on council tax bands. Research this as there can be a big difference depending on the location and types of property which are often determined by age

 

  1. Look at the Energy Performance Certificate (EPC). Energy performance is more important than it has been for a good while, so you need to know the costs of running the house. Find out what the current EPC rating is as well as what rating the property has the potential to be. You don’t need to spend a fortune to make a home more energy efficient

 

A buying agent can help you in your decision making process by supporting you through the search as well as the transaction, making the difference between a good purchase and one that is not. For more information about how Property Acquisitions can assist you, contact Jennie Hancock or at jh@propertyacquisitions.co.uk.

 

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