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)

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.

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.

May 16, 2022

lucy

Property Market Update

Why the removal of POA is a victory for buyers

Why the removal of POA is a victory for buyers 0

When searching for a country house over the years, you may have noticed that some property listings have POA (price on application) rather than the price next to it. The term exists as a way to conceal the asking price from the general public, however the National Trading Standards have outlawed it from the end of May, forcing estate agents to disclose the price on portals.

There are a variety of reasons why estate agents offer POA, and in my experience it’s usually driven by the vendor wanting to disguise the asking price. This could be for personal reasons such as death, debt or divorce, to attract serious buyers only as POA properties tend to usually be at the higher levels, they are a celebrity, or they just don’t want their neighbours knowing how much their home is worth.

However, many buyers find it misleading when they do not know what the price of a house is – forcing them to make contact with the associated estate agent to find out more details which they can find tedious and off putting.

It’s a strategy that has been in place for some time now, and over the last year alone, a large majority of homes I find and purchase for clients are POA. The advantage of me being the buying agent of course is that I can find out the price pretty quickly for my buyers, providing clarity from the start of their house hunting journey. For those searching on their own, they haven’t had this luxury…

So for buyers, the removal of POA is really quite triumphant, as it will provide far more transparency and clarity from the offset.

I also believe more homes will be sold off market as a result, because it’s a way of keeping the price out of the public eye if vendors want/need it to be. This is beneficial for prime country house buyers as they still get to know the asking price from the offset, but they also have a much better chance of actually finding something to buy. With demand as high as it is still, many are struggling to find anything to purchase on the open market due to the lack of homes for sale which has led to intense competition for them. There has been a bit of a market frenzy for prime homes in West Sussex over the last couple of years, rife with sealed bids, bidding wars and properties selling up to 20% over the asking price. Whereas when purchasing a property off market, the competition is much less because the general public won’t know it’s for sale.

Almost all of my acquisitions for clients are off market now, and often it is just my buyer looking at the house and nobody else. This is a privilege that’s worth its weight in gold for many house hunters.

For more information about the finding a country house off market in West Sussex, contact Jennie Hancock on +44 (0)7776452128.

March 18, 2022

lucy

In The PressProperty AdviceProperty Market Update

In The Press… Country Life

In The Press… Country Life 0

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. 

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