According to Philip Selway of The Buying Solution, there is still a great deal of strength at the top end of the market (£5 million+). And competitive bidding on good quality properties and houses are still leading to sales above reasonable guide prices.
‘However, buyers are more cautious, and will find an excuse not to proceed unless in competition or the property is ‘perfect’ for them.’
Landed properties, including farms, estates and houses with 50 or more acres are in short supply. ‘There is a huge demand for land from all sectors including farmers, investors and now rich individuals who want to own large estates. The supply is beginning to increase, albeit privately rather than on the open market,’ says Mr selway.
Family houses that fall within easy commutes of London Waterloo and London Paddington are also holding their value, providing they have good schoools nearby. ‘Many of our clients aspire to certain schooling for their children and, as such, will move to accommodate this, no matter what the market is doing.’