Delayed completions are becoming more common

West Sussex remains one of the most sought-after areas of the property market. With limited good quality country homes for sale, either on or off market, this strong demand has meant record prices are often still being achieved.

For many sellers this has created a bit of a dilemma, as they may have sold their house for a great price, but they can’t find somewhere else to purchase. As such, I am frequently seeing delayed property completions at the moment, which is aided by good buyers offering flexibility.

What is a long stop completion?

The completion date is the day a buyer legally pays the remainder of the purchase price to the seller, which enables them to collect the keys and move in. This usually happens approximately one to four weeks after exchanged of contracts has taken place and the seller has to vacate their home within that time frame. With a delayed property completion strategy, this period can be extended – which can benefit both the buyer and the seller if managed properly.

Long stop completions are happening because sellers are feeling worried about how long it may take them to find another house with little stock available. Many of the prime country houses are selling off market, therefore not everybody is aware of them – not unless they’re using a buying agent. There are also sentimental reasons for sellers feeling anxious, particularly older people who are leaving behind a family home they have most likely lived in for a couple of decades if not more.

Benefits to sellers

For sellers, having the time to find something else combined with the assurance that their home has already sold, as contracts have exchanged, puts them in good stead as a buyer – which is very appealing. Sellers may accept a lower price for their home if they can find a buyer willing to wait a while.

And buyers too

For buyers, there are many benefits of a delayed property completion. Firstly, it’s an effective negotiating tool for securing their dream country home for a lower price. It also allows time to seek planning permission from architects and builders for any alterations they plan to make. This is especially true now, as often there are delays with planners and good builders are busy with long waiting times.

For buyers moving from overseas, a delayed property completion is ideal should they wish to secure the house via exchange and then wait until they are back in the UK to complete.

Meanwhile, a buyer has more time to secure the funds from the sale of their own home in order to complete the purchase. It can of course mean that a buyer may have to move into rental accommodation temporarily should their own purchaser wish to move sooner, but I’m finding that for the right house, many are prepared to rent.

For example, a recent client who exchanged in January in the Chichester area has agreed a completion date for late autumn 2024 because the vendors wanted time to find something perfect to buy. By being flexible, this meant their lower offer was accepted over other interested potential buyers.

For more information about buying and selling with a delayed completion strategy, contact specialist buying agent Jennie Hancock on jh@propertyacquisitions.co.uk.

Detached houses come with a premium because of the space and privacy they provide. An Englishman’s home is his castle and clients often tell us they value being able to walk all the way around their property.

We were pleased to share our insights on demand for detached homes with the Daily Telegraph this week, which reports that demand for detached homes is on the rise.

In our view this is only going to continue, as intergenerational living becomes increasingly common. Children are coming home for extended periods after university because they can’t afford to rent or get on the property ladder themselves, and often staying well into their mid-20s. At the other end, with the cost of care so high and people living longer, families also want to be able to accommodate elderly parents if needed.

You can read the full article here if you’re a subscriber.

When a client asks us for what they think is an almost impossible brief, we often surprise them!  It could be something like a single-track approach, a good pub, a church, easy access to a train station or no road noise – and the list can be longer.

The geographical position can often make a client change their wish list for the perfect house internally and externally, when the ideal location is found. These houses seem to be hiding but are purchased from time to time, mostly off market. This is the joy of using a buying agent, because we are made aware of them before the general public do, allowing our clients the opportunity to purchase these special village hidden gems.

A slower pace of life

Our lives these days are bristling with technology and everything seems to be on the fast track. From shopping online to our work life balance, a lot of us yearn for the slower pace of life. It is difficult to find the ideal place to live with a compromise between the fast and slow pace of life, but these homes exist but perhaps are hard to find on your own.

There can be fun compromises albeit small when you find these special spots. You may be asked to deliver the parish magazine or be on the flower rota or help at the village fete, a small price to pay to be reminded of our parents’ era.

Whatever age we are, we all love something old as well as something new, and you can turn back your clock in one of the special villages that surround us such as The Mardens, Eartham, Graffham, Upperton, River, Heyshott, East Dean, Charlton, Singleton and Chilgrove, The Hartings, Treyford and Redford, whilst enjoying 21st century life.

‘Bygone’ traditions still exist

A recent client recalled when we went to see their property purchased recently, the wonders of a West Sussex village. Some of their stories including the local pub providing home cooked dishes, gardening societies and book clubs. There is a great sense of community too in so many villages, helping the older generation collect important provisions or medication from towns and helping in so many ways. These ‘old school’ bygone traditions are still in existence.

Looking through ‘rose coloured spectacles’ when it comes to where we live, the ideal location often seems impossible to find. However, we as buying agents have enormous pleasure in sourcing these homes for our clients.

It is not easy and sometimes there can be a delay whilst finding them, but they do exist and are absolutely worth waiting for.

For more information about buying a home in and around Chichester, Midhurst and Petworth, contact Jennie Hancock at jh@propertyacquisitions.co.uk.

Buyers looking beyond the top postcodes are creating a ripple effect, driving demand for new locations where they can get more for their money, reports the Daily Telegraph

We were delighted to share our insights on the West Sussex location where families are securing more bang for their buck.

Townhouses within Chichester’s historic city walls are incredibly sought-after, but many families looking for more square footage, larger gardens and off-street parking are heading just a mile north to Summersdale, which has excellent facilities, bus services and easy access to the city centre on foot or bike.

Buyer can get larger homes on more spacious plots – often with a garage and parking – and if they have a dog, there are miles of open countryside on the doorstep.

You can read the full article here if you’re a subscriber.

We are delighted to have shared our thoughts with The Times ‘Bricks & Mortar’ on activity in the country homes market and the discounts being achieved.

There were a lot of overzealous sellers in the market during 2023 who have had a dose of realism as the country house market has cooled, so the price reductions we’ve seen in West Sussex in the last few months are mostly where properties were seriously overpriced to begin with. 

The main issue buyers face right now is the shortage of homes to buy. Good quality family homes with an acre of land are like gold dust and demand is outweighing supply heading into the spring. 

It’s still early in the season and we expect to see more bargain-hunting London buyers emerging in the next few weeks, but they may well find themselves frustrated by the lack of choice.

You can read the full article here if you’re a subscriber.

The Benefits of Acting Quickly in the Popular South Downs

The property market is very much in demand in the South Downs, but there is a lack of available stock. This has resulted in property owners being aware of the benefits of attracting a ‘chain free buyer’, which I will explain in this blog post.

If buyers are able to purchase a home without the need to sell another, they are considered to be a chain free buyer.  Many require a mortgage however, but as buying agents we act for the best purchasers who are cash rich or with no related sale.

Now four years on from the pandemic, when the market was exceptionally buoyant with a rush to the countryside, we are still finding there is an enormous draw to the South Downs National Park. Demand is outweighing supply once again as we head into the traditional busy spring market.

We believe we are seeing a change now because competition for good quality country houses in sought after villages has gone from strength to strength. In the thirty-plus years that I have been involved in the industry, we have not seen anything quite like the shortage of available properties. In order to strengthen their position, buyers are realising they become very attractive to sellers especially if they do not need to sell first or raise funds, putting them at an advantage over other purchasers.

Here are a few reasons why sellers prefer chain free buyers…

Reduced risk of the sale falling through

Having a buyer pull out of an agreed sale is a seller’s worst fear. It is hugely stressful and causes everything to fall apart. With one in four property sales falling through in the UK, it is no surprise they feel this way. If a buyer doesn’t need to sell in order to proceed with the purchase of another property, this means the risk of them having to pull out is minimised, putting them in good stead in the eyes of a seller.

Shorter time scales with property transactions

If a buyer is chain free, it does help shorten the process. In fact, research has found chain free buyers can reduce the conveyancing process by as much as eight weeks!

Lowering stress levels

Moving home is supposed to be the third most stressful thing anybody can do. Having a chain free buyer is a generally a less stressful option for a seller, as the sale is pretty much guaranteed to progress without delay and with minimal risk of falling through.

It is therefore very tempting for a seller to accept an offer from a chain free buyer, especially one who has the cash available rather than relying on raising a mortgage.

Advantages for buyers

There are additional benefits for buyers too. Purchasers tend to be in an enhanced position to negotiate a better price from their point of view. We have had many occasions where sellers have accepted our clients’ offers, even though they weren’t the highest. This was because they presented themselves as a less risky proposition. Also, stress levels are reduced because buyers don’t need to worry about selling their property in order to proceed with their purchase.

For more purchasing advice contact our Directors at Property Acquisitions, Jennie Hancock, at jh@propertyacquisitions.co.uk.

We are delighted to announce completion this month for our clients in the wonderful village of Chiddingfold.

Their priority was to settle in this beautiful part of the world. This fabulous country house, which is constructed in the style of a medieval Sussex Hall House, is set in an unrivalled position with magnificent views over a 35-acre lake towards Blackdown.

Whilst this specific area is notorious for having a lack of good quality housing stock with land, we were able to source this unique home for our client through our network.

Our thanks go to David Carter at The House Partnership for introducing us to this amazing property.

There are many joys of living in a village offering, beauty, peace, clean air, simplicity, charm, natural surroundings and close local communities to name a few. Having access to stunning surroundings and beautiful walks around fields, woodlands and rivers is a completely different experience to living in a city or busy town.

Many generations choose this way of life over urban lifestyles, seeking a more relaxed and gentle pace that makes life far more enjoyable. 2023 was the busiest year we have had with property buyers looking for just this, with over 60% of clients now from out of the area, most of whom are choosing villages over towns.

There are many well-known villages in and around Chichester to choose from, but there are also some hidden gems where you literally step back in time. If you’re the type of home-owner keen to explore off the beaten track villages, yet still be close to daily necessities, excellent schools and a variety of activities, you may wish to consider these rural wonders…

West Stoke 

Ideal for those who love their watersports as well as their country walks and cycling, this is a highly regarded South Downs village very close to the waters of Chichester Harbour, Bosham and the Witterings, as well as Goodwood, Kingley Vale Nature Reserve and the South Downs. There’s also a village hall and Wellies Tea Rooms which serves lovely lunches, coffees and teas. For such a small village, it has a lot going for it!

East Dean

A lovely sleepy village part of the Upper Lavant Valley, offering a traditional village pond setting with fabulous walks on its doorstep. There’s also a very good pub called the Star and Garter. If you pop across to the next village in Charlton, there’s another called The Fox Goes Free.

Chilgrove

Gin and vodka lovers will know this picturesque village is home to Chilgrove Spirits, which is not only sold in local shops but also the likes of Harrods, Fortnum & Mason and Majestics. Most people don’t actually realise Chilgrove is where it is, as it’s quite hidden to passers-by, but located at the foot of the South Downs, there are some super walking trails that take you up to Kingley Vale Nature Reserve or the South Downs Way. There’s also a superb 18thCentury inn, The White Horse, that’s definitely worth a visit for lunch in between your property viewings.

The Mardens

Another village you may miss on your travels if you didn’t know it was there, is North Marden. In the heart of the South Downs National Park, it boasts a stunning 12th century church with farms and cottages scattered around commanding far reaching views. It’s very much one for those who are looking for a ‘sleepy’ tiny village. There aren’t any shops or a pub, but Chichester is just 7.5 miles away whilst the surrounding villages have some exceptional pubs and shops to enjoy. There are plenty of bridle and foot paths in North Marden however, with easy access to local golf courses, the coast and good schools too. There is also East and West Marden offering a similar slow pace of life.

Church Norton and Sidlesham 

Houses rarely come up for sale in Church Norton as there aren’t many, but its fabulous beach, walking routes and church make it one of my favourite hidden villages. This attractive hamlet sits on the edge of Pagham Harbour Nature Reserve, with nearby Selsey providing all the local shops and facilities you need. Sidlesham is a large parish which boasts a great pub (Crab & Lobster), church and a primary school. There are wonderful walks, views and also sitting on the edge of the nature reserve, it’s really popular with bird watchers.

Venturing out between Midhurst and Petworth, you will find some more truly stunning English villages. Still within the South Downs National Park, these in particular have proved more popular with my clients over the last twelve months than they have in fifteen years! 

Graffham

Graffham offers plenty of walks, cycling routes, two pubs (I highly recommend the White Horse Graffham), a church, recreational ground, an outstanding Ofsted rated primary school, and one of the best village shops around that stores everything you could possibly wish for.

Lurgashall

This is a very pretty English village setting centred around a traditional village green where you will find the ever popular Noah’s Ark Inn located. There’s also a village shop and post office with a wide range of shops nearby in Midhurst or Petworth.

There really are so many lovely hidden village gems in this part of West Sussex, with other favourites of mine including Heyshott, Selham, Slindon, Lickfold, Boxgrove, Treyford, East Harting.  

For any questions about finding your dream village home in any of these locations, please do get in touch with myself, Jennie Hancock, via e-mail @ jh@propertyacquisitions.co.uk 

I read and hear about stories of frustrated country house buyers all the time, who either can’t find a home they desire, are being continuously outbid on the little stock that is available, regret the location they have moved to or have paid too high a purchase price. Buying agents have never been so busy as a result, as savvy purchasers realise that in today’s current market, they stand a far better chance of securing their dream house in the West Sussex countryside or on the coast at a fraction of the cost, with somebody who is actually on their side.

So what is a buying agent and why are we proving so valuable in today’s property market?

A buying agent is a property expert who acts on behalf of the purchaser to find them a new home and to buy it. Anybody who is looking via an estate agent won’t be offered quite the same opportunities and advice because of course, the company is acting on behalf of the seller and not the buyer. Whereas a buying agent’s job is to actively find a house that matches their clients’ requirements, before negotiating the price and terms on their behalf. They also provide valuable advice to ensure purchasers are buying the right property in the right location for the right price, and to put them in the best possible buying position to maximise their chances of appealing to a seller.

People use buying agents for all sorts of reasons. Perhaps they don’t have the time, are relocating and are not familiar with the location or they have just had enough of the intense buyer competition on the open market. Whatever the reason, there are plenty of benefits:

Access to off market homes

It is no secret that demand far outweighs supply at the moment, which is making it very hard for people to find the dream country house they want in West Sussex. However, there are actually properties for sale, it’s just that they’re not seen online or in an estate agent’s window display – they’re selling ‘off market’ or ‘quietly’ as it’s also known as. The joy of a buying agent is that a good one will have great connections with local estate agents, combined with their own insight into local village life, and will know what is coming up for sale – often weeks in advance of the general public being made aware. A buying agent’s clients tend to therefore be the ones who get first dibs on these houses, offering a much better chance of finding something with less competition.

Stop you overpaying 

A good buying agent will provide advice on what is the best offer to present based on the seller’s situation, the condition of the house, the location etc. They will have done all of the homework for you already so that they know the seller’s reason for sale, and whether there will be any unexpected costs in terms of repairs or renovations that may need doing. This ensures you don’t overpay as tempting as it may be.

Positioning you as the best buyer

It’s not always about offering the highest price for sellers. Depending on their situation, they may want to leave as soon as possible, so somebody who can move the fastest tends to hold most appeal. A good buying agent will only work with a purchaser who is ready to financially proceed, so this puts them in good stead in the eyes of the seller in this situation immediately. More often than not, these are cash buyers. I’ve also worked on deals where the sellers have lived in a house for many many years with their children, and want to find a buyer who has a young family themselves who wish to bring them up at the property like they did. With sellers struggling to find a home themselves to purchase, some are looking for buyers who are prepared to agree to a delayed completion to allow them more time to find something. It’s all about ‘selling’ the buyer into the seller and knowing what sort of price they will accept, and this can only truly happen by knowing exactly what the vendor’s story is.

Saving time

Buying agents can save purchasers a lot of time and stress from searching for a property, especially if you are not familiar with the location. They’ll do all the research, find houses you are actually looking for and will conduct viewings first, before short listing what they feel are the best ones for you to view yourself. This saves a lot of time wastage on finding something and on viewings, where properties don’t end up being what they appear to be on paper.

Honesty

If there are any negatives or concerns for a property, price or the location, a buying agent will tell you. If the house is next door to a pig farm, it’s probably not going to smell very nice. If the main road on the door step is notoriously noisy, you’re probably going to regret living there. If the price is too high or offers are going in way over guide, it’s probably best to walk away. This level of honesty and advice provides a safety net of getting the location right, not having any unexpected costs further down the line such as expensive repairs, and not over paying.

For more advice about purchasing a home in West Sussex, contact Jennie Hancock , on +44 (0)7776452128 or jh@propertyacquisitions.co.uk. 

Having operated a buying agency business for two decades, downsizers in West Sussex have consistently been a part of our client base. Given our location in the picturesque villages around Midhurst, Petworth, and Chichester, it’s no surprise. These areas offer an idyllic lifestyle and charming homes, perfect for those seeking a slower pace of life.

Traditionally, downsizers would opt for a smaller home after their children have flown the nest. However, a notable shift has occurred, with more downsizers now exploring the concept of “sidestepping.” Instead of simply downsizing in terms of square footage, these individuals are in search of a property of similar size, achieved by purchasing something more affordable and extending it or trading in features they no longer require for more practical ones. This emerging trend is intriguing, and there are compelling reasons behind it.

One driving factor is reducing the overall cost of moving. The number of large family homes available for sale, owned by these empty nesters, has decreased in recent years, primarily due to the increased costs associated with downsizing, such as stamp duty, solicitor fees, and general moving expenses. However, savvy buyers have realised they can still enjoy a similar-sized property and a great lifestyle by purchasing a property that needs some work at a significantly lower price. They can then extend and adapt it to their liking. This approach results in substantial savings on stamp duty, a benefit that sets sidestepping apart from traditional downsizing.

For homeowners selling sought-after, spacious family houses, whether locally or in London, they often attract serious buyers quickly and secure a good price for their property. This allows them to use the surplus funds to purchase a more affordable home in a desirable location, where they can renovate and personalise it. This may involve modern extensions, adding an annexe, or upgrading kitchens, bathrooms, and en-suites. While financial considerations are still relevant, this approach enables downsizers to afford both the village lifestyle and the house they truly desire without compromising too much on size.

An added benefit of sidestepping is the potential to eliminate their mortgage entirely or significantly reduce it. While many of our clients are either cash buyers or have relatively small mortgages, they may have carried substantial mortgages in the past. Once their renovation project is complete, they can enjoy an attractive, well-sized home without the burden of hefty monthly mortgage payments.

Another example of sidestepping involves buyers swapping properties of similar size and price, but with changes in the features of the house. For instance, they may currently own a 2,000 sq ft house with three acres, including a pool and tennis court, however with their children no longer using these facilities, they opt for a 2,500 sq ft house set half an acre, which is more cost-effective to maintain once updated to modern standards. They might even include an annexe in the garden for a relative to move into. Alternatively, they may prefer to trade these amenities for higher quality kitchens, bathrooms and interiors. While the price levels may remain similar, these buyers seek to replace amenities they no longer need or consider less important.

For more information about how Property Acquisitions can help you downsize in West Sussex, contact Jennie Hancock at info@propertyacquisitions.co.uk