Our Director, Jennie Hancock, chats about second homes market in West Sussex in today’s Sunday Times. Read the full article here (paywall).
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.
Our Director, Jennie Hancock, chatted to School House magazine regarding house hunting in coastal locations. Read the full article here.
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:
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.
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.
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.
Our Director Jennie Hancock is quoted in Country Life magazine’s buying agent special this week, where she provides her thoughts on what is happening in the West Sussex property market currently. Here is a list of all of the tips Jennie provided, some of which made the article.
1. What do you think will happen in 2022 from a property perspective?
There has been a shortage of good quality homes for sale throughout the pandemic, but as spring begins, we should start to see more appear throughout the warmer months like we traditionally do. People don’t like to sell their lovely country houses between November and February generally. They want their gardens to be in full glory and so they have been waiting for the tulips, daffodils, greenery, blue skies and sunshine to appear. Beautiful gardens can really make a substantial difference to the price level. Homeowners are already discussing plans with estate agents and solicitors, and I’m hearing about far more properties from estate agents than I did over the winter period, so preparation plans are definitely underway. I have also had quite a few local homeowners ask me if I have cash purchasers I can introduce to them, who are prepared to purchase ‘off market’. This is because such sellers don’t want to have a massive footfall walking through their homes. They also know that buying agents have proceedable buyers who are able to pay premiums for houses in order to secure unique opportunities.
The intense levels of demand we have seen over the last couple of years should continue throughout the spring and summer as the nice country houses become available. However some may be worrying about how energy price rises and the bank rate increases may impact them. We might therefore see some buyers reduce their budgets or become more cautious about overspending.
2. What are your top tips for buyers?
Buyers need to be first in the door if they are to have a good chance of securing their dream country house, which is where the value of a buying agent comes in. We are aware of everything that’s coming up for sale on the open market and off market, long before the general public knows. Buying agents also have all the right contacts to be the only person that knows about a property for sale as well, reducing the competition tremendously.
Find out why a vendor is selling. This is absolutely essential when determining the sort of offer you should make. A buying agent will have done all of the research themselves to find out this information.
Have a good look at land registry information because you can check a lot of detail that is not on the agent’s specification.
3. What are the pitfalls to watch out for?
It’s very easy to over pay for a house you’ve fallen in love with, so be careful not to get caught up in any bidding wars. Think sensibly and be prepared to walk away if you have to. There will be another property somewhere else.
If you’re not a proceedable buyer, you won’t get the house. You need to be ready to go, especially if you plan on retaining a buying agent. This is why many estate agents like to contact us first because they know that we vet all of our clients before hand to ensure we bring to the table serious buyers only. This can mean having sold a property already or having the funds available to purchase either with cash or with cash/ a mortgage.
Choose your location wisely. Pig farms as neighbours and the noise from a main road on your doorstep you will soon regret!
If Property Acquisitions can help with your property search in West Sussex, contact Jennie Hancock on jh@propertyacquisitions.co.uk.
Many homes are being purchased in and around West Sussex with a new love in mind; a dog. With plenty of walks to enjoy in the south downs, along the Chichester coastline and everywhere in between, it’s of no surprise that many of my clients over the last year have been keeping their four legged friends in mind when searching for their dream country abode.
Statistics state that in 2020/21 there were 12million dogs living in the UK, with 3.2million households purchasing some form of pet since the start of the pandemic.
However, if you’re thinking about moving this year with your beloved dogs, there are a few things to think about on your property search…
As a dog owner myself to labradors, I know that dogs love to find an escape route from the garden, so fencing all the way around is an absolute must. This is especially true if the land backs onto a farm as you need to prevent your dogs from chasing livestock.
Pools and ponds may be great fun for family and friends, but for dogs they can be very dangerous. You’ll need to invest in some form of fencing to keep them safe if there isn’t already something in place, especially if there is a pool cover. I’ve seen this done really nicely with picket fencing for example, but if you have small children too, this acts as a safety net for them as well.
The desire for utility rooms has shot to the top of the list for dog owners over the last couple of years. They have become essential for washing off the salty sea from one of the local beaches or mud in winter, as well as drying. One buyer for example asked me to find a house that had a dog room and a downstairs shower, but I’ve seen utility rooms with all kinds of cool dog stations and salons within them.
Avoid being on a main road or any busy road, just in case your dog decides to dash out of your front door.
Whilst we are very lucky to have some lovely beaches on our doorstep for dogs to run and enjoy the sea air, some do have seasonal restrictions. Most of the beach websites do have their rules listed on there to check, but between May to September for example, dogs are allowed on West Wittering outside of groynes 14A-18 (the area between the beach huts roughly). Whilst at Church Norton, another stunning coastal spot, dogs can be off the lead but they may need to be on for a short while due to the nature reserve.
On local walks, be sure to keep an eye out for livestock if you’re crossing farmers’ land. There are some great routes around this area to include Itchenor, Birdham, Halnaker Windmill Trail and Kingsley Vale.
Research which villages and local towns have a good dog community. Many have their own Facebook community pages which are very useful sources of information. For example, you can use these to ask for vet, groomer and pet sitter suggestions, or make people aware your dog has escaped so that the local community can keep an eye out and report back any sightings. If there’s a pub, café or restaurant, find out if dogs are allowed inside, and enquire about the local walks. I’ve even been asked if there is a dog show at the local village fete quite a few times. The Kennels at Goodwood have even started their own dog event now!
Owning a dog is definitely a way of life, and they have long been established as being our loyal best friends. From helping your homes feel more secure and allowing you to socialise with other canine friends on walks, to greeting you with their waggy tails as you walk through the front door, dogs can really help boost your mood dramatically whilst encouraging a healthy fitness routine too. It’s therefore no wonder that buyers are making them a priority when searching for their dream country house in West Sussex. For more information about how Director Jennie Hancock can help you with your search, phone +44 (0)7776452128 or e-mail jh@propertyacquisitions.co.uk.
According to a report, older people swapped their family home for a smaller property in the highest numbers since 2016, but where did they move to? Our Director, Jennie Hancock, speaks with the Daily Telegraph as they explore why, where and how downsizers cashed in on the property market boom. Read the full article here (paywall).
ADDRESS
Peacock Lodge, West Lavant
Chichester, West Sussex PO18 9AH
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