Saturday, 23 October 2021

Referendum shackles have been discarded

LOOKING ahead to the autumn market, we have good grounds to be cautiously optimistic.

LOOKING ahead to the autumn market, we have good grounds to be cautiously optimistic.

Our Henley office business is broad and covers all sectors of the market — including flats and town houses, riverside property, country cottages and country houses.

Throughout this year the sub-£1.25 million market has been relatively strong with a reasonable balance between supply and demand.

Buoyancy has been aided both by attractive mortgage rates and the more beneficial stamp duty charges for properties priced up to £935,000 (with the additional stamp duty levies between £935,000 and £1.25 million being minimal enough not to act as a deterrent).

As such, any recent political or economic uncertainty appears to have had little real impact in this sector — where it has been business as usual over the summer months.

The market above £1.5 million is different. Following on from the increases in stamp duty levies implemented almost two years ago, this sector of the market has undergone a period of adjustment. A number of country house vendors have responsibly adjusted their expectations accordingly, and deserve results. Those that have not will have a long wait.

The March to July period was undoubtedly affected with the pre-referendum uncertainty, but it feels as though the shackles are now off. Very few sales that were agreed and under offer (but not exchanged) were lost as a result of the referendum, and negotiations that were active around that time have been successfully concluded and are now in solicitors’ hands with contracts exchanging as we expect.

There is currently a healthy cross-section of well-funded buyers who have genuine motivation and/or need to move and we have been able to produce good results for sellers both on the open market and privately, where guide prices have been adjusted to reflect current market conditions.

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