December 18, 2022

lucy

In The PressProperty AdviceProperty Market Update

In The Press… Daily Telegraph

In The Press… Daily Telegraph 0

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)

December 15, 2022

lucy

In The PressProperty Advice

In The Press… The Spectator

In The Press… The Spectator 0

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)

November 28, 2022

lucy

Property AdviceProperty Market Update

9 dog-friendly features to look out for in a village house

9 dog-friendly features to look out for in a village house 0

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.

October 24, 2022

lucy

Area FocusesIn The PressProperty AdviceProperty Market Update

In The Press… Sussex Express and Property Reporter

In The Press… Sussex Express and Property Reporter 0

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.

October 17, 2022

lucy

Property Advice

Cash is king in West Sussex’ property market

Cash is king in West Sussex’ property market 0

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.

September 16, 2022

lucy

Company NewsProperty AdviceProperty Market Update

Buy a country house for the long term

Buy a country house for the long term 0

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.

 

July 18, 2022

lucy

Property AdviceProperty Market Update

Buyers are still competing for the best country houses

Buyers are still competing for the best country houses 0

Despite concerns about the economic outlook and rising energy bills, interest rates and the general cost of living, buyer demand has not really changed in our part of West Sussex, particularly in the upper end of the housing market and for the good quality homes. This means buyers still need to be prepared to compete for the best country houses if they are to have a chance of finding one, let alone purchasing one.

At Property Acquisitions, we are still just as busy as we were during the pandemic’s property buying frenzy, with offers still going over asking price amidst competitive bidding wars. This is supported by recent research from house selling weather forecast, PropCast, who tracks buyer demand across the country and often quoted in the national press. When looking at a county level, the free online tool has found that demand has remained stable over the last quarter in West Sussex.

We are finding that period homes with large gardens, outbuildings and high spec are still highly sought after, commanding a premium. Bidding wars and sealed bids are still very much going on as a result. This is especially true in the golden villages surround Chichester, Midhurst and Petworth such as Bosham, Witterings, Selham, Tillington or Lickfold. Recently for example, a really lovely Grade II listed house launched in one of the villages. We had made an appointment for a client for the next week, but received a call from the estate agent asking if we could bring the viewing forward as 40 viewings had been booked and they had already received two bids approximately 20% higher than the asking price. This is not uncommon at the moment – buyers are literally having to fight to secure the best country houses still.

Where we are starting to see a slight drop in demand are for the average houses, those that aren’t in such prime locations, or those that don’t have the period features, space, pools, outbuildings and amazing views that buyers still seek. Last year buyers were so panicked to buy a country house that they would take what they could find, but now they are a little bit more wary about anything they feel has a negative trait. For example a home near pylons or road noise, or somewhere that is too small. Houses where a sale has been agreed but then falls through are also taking longer to sell, because buyers presume that something is wrong with it. Meanwhile, although the rising cost of living doesn’t really affect our end of the market, buyers are more price sensitive, so overpriced houses are taking longer to sell. There was one in a hugely desirable village not long ago with an amazing view and lots of land, but because the house was small, it hasn’t sold yet. It’s priced over £2million and the estate agent has told us they haven’t had the uptake they expected and so will probably have to reduce the price.

So, whilst buyers may have been hoping for a drop in house prices by now, you still need to be prepared to battle it out on the playing fields for the best country homes in West Sussex. Here are a few of our top tips:

Be organised – Have all of your paperwork ready, know your budget and have your finances in place.

Sell your current home asap – Most estate agents won’t agree to a house viewing with a buyer unless they can prove they have the funds ready to go. My clients are a mix of cash buyers or those who have at least exchanged contracts already, putting them high on the list when it comes to just getting their foot through the front door.

Be realistic on your offer

There’s not much negotiation going on right now for houses over £1million, so be realistic on what your best offer should be to stand a good chance of having it accepted – but don’t overspend!

Agree to a long completion

Sellers still want buyers who can be flexible on the completion date. This is generally because they are worried about how long it’s taking them to find another house. After all, they’re up against tough competition too. Offering them time to find something else combined with all of the above points should stand you in very good stead as a buyer. It can even encourage sellers to accept a lower offer if they feel you are a good choice.

Retain a buying agent

If you really want to be ahead of the curve, then a good local buying agent will be able to find you the off-market houses first, before the general public get to know about them. For us, these are often the hidden gems in the golden villages surrounding Chichester, Midhurst and Petworth. A buying agent usually only works with proceedable buyers, which is why estate agents tend to speak with us first about what they have coming up for sale. Buying agents can also advise on what your maximum offer should be, which is especially useful if you are in a bidding war scenario – it is very easy to get carried away and spend too much.

April 22, 2022

lucy

Property Advice

Tips for downsizing to a smaller country house

Tips for downsizing to a smaller country house 0

With the fourth booster well and truly underway, downsizers are starting to feel more confident about letting buyers into their homes. As they begin their house moving journeys once again following two years of covid-hibernation, this has meant we are receiving more enquiries from those searching for a smaller country house. There are many benefits for doing so…. for example less maintenance, releasing equity, improved accessibility, lower energy bills and in today’s market, you could make a nice profit on the selling price, to name a few. With that in mind, our Director, Jennie Hancock, shares some of her top tips…

 

Start your search early

When you decide to sell it’s a good idea to start your property search at the same time. This is simply because there are far more buyers than there are homes for sale, so whilst you may find your current house gets snapped up once on the market, it doesn’t mean you will find something else just as fast. The good country houses for sale are often sold off-market, so speak with local estate agents about what is coming up, or use a buying agent as they tend to have access to them before the general public does. Plus there’s far less buyer competition for you as well!

 

Downsize belongings

Downsizing will mean you will probably have to sell, donate or throw away quite a few things. When looking for your next home, have a good look at the floor plan. Will it fit your belongings without feeling too cluttered, or will you need to reduce them some more?

 

Consider long-term flexibility

Long-term flexibility is definitely something to explore. Although this may not be a requirement yet, there may come a time where it would be very convenient to have the master bedroom downstairs so that you’re close to the kitchen, living room and garden. An annexe outside is another option to consider. These can provide great accommodation for live-in carers in later years should one be required.

 

Find a manageable garden

A smaller garden will mean less upkeep. If you plan on hiring a gardener then size doesn’t really matter, but if you are going to be responsible for looking after outside space then you want something that is low-maintenance. I would usually recommend to my downsizer clients not to purchase something with more than half-to-one acre.

 

Local communities are key

One of the most common questions I’m asked by downsizers is ‘does this area have a good local community?’ These are the beating heart of many locations in West Sussex, and are great ways for getting to know the locals and becoming a core part of the community. Village halls often have regular backgammon nights, film evenings or yoga classes for example. Some of the villages even have croquet lawns or tennis clubs which are very popular with those enjoying their golden years. Close knit communities also come together and provide huge support.

 

Don’t be too remote

Although it can be a luxury not to have a neighbour directly next door, you don’t want them so far away that there isn’t anybody around to help you if you’re in a pickle. If you’re living on your own, knowing residents are around you will help you feel more secure too.

Mobility may also be an issue in the future so having easy access to public transport will be very useful. In towns and cities there’s usually quite a good set up, but if you’re seeking a village ask how far away the location is from shops, cafes and so on. Some even provide residents with a community bus which takes them to their local supermarket or town centre.

Just in case you need regular medical help or emergency care at some point, it’s also worth thinking about distance to hospitals.

 

Do you want a ‘lock up and leave’?

Many over 50’s want to travel more, so choose a home that allows you the freedom to do just that. Whether a weekend break or a global adventure, smaller houses mean you don’t need to worry about what might happen to the property or garden whilst you’re away. You want to literally be able to pack your luggage, close the front door and relax.

 

How many bedrooms do you need?

This really depends on your circumstances but if you have lots of grandchildren who like to stay with you, then you need to make sure you have enough bedrooms for them and their parents. The same applies if you like to entertain friends too. Generally, my downsizer clients are looking for three bedrooms and two bathrooms when looking for a smaller house.

 

For more information about the benefits of purchasing a smaller country house in West Sussex, contact Jennie Hancock on +44 (0)7776452128.

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