Berkeleys has just published the latest Spring property report for Sandbanks, Canford Cliffs and Branksome Park in Poole, Dorset.
Sales volumes (the total value of property sold – at prices greater than £200,000 in BH13 and BH14 only) in both Quarters 3 and 4 2013 were nearly 50% ahead of the same figures recorded for 2012, almost across the board – other than in Sandbanks, where volumes are down year on year.
Some of the interesting trends in the local property market that Berkeleys have noted this year include:
- At the top-end (Sandbanks, Branksome Park and Lilliput), development-led transactions are a feature of the market once more, as are the number of people downsizing from larger homes into “lateral” (i.e.apartment) living.
- The family house market (£500,000 – £1.5 million) is also a strong contender in all areas, with a shortage of stock tending to push prices a little higher – or, at least, reinforce asking prices.
- At the value-end of the market (£200,000-£500,000), activity is buoyant, especially in apartments throughout Branksome Park, Canford Cliffs and Lower Parkstone.
Chart: Property Sales Across The Poole Area June To December 2013 v. 2012 (Land Registry data)
Of course values and activity levels vary amongst other things not just by area, but also by price band, by reference to age and condition of the property being sold and a host of other points. A similar range of disparity of values will also apply in other segments of the market. It’s vitally important to understand exactly where along that paradigm your property fits if you are thinking of selling.
Our recent analysis of trends suggests that the average time to achieve a sale on properties in BH13 and BH14 varies very considerably, by market segment – above £2 million, the average interval between initial marketing and an achieved sale is over 600 days (in 2013) – with some of those sales having taken over 4 years, testament both to vendor’s drive for a top price and – often, if not more often – to ineffective guidance from their agent.
Even in the £200,000 – £500,000 market, the interval is an average of 262 days (just over 8 months). However, it is noticeable how well-priced (i.e. accurately-priced) property tends to have a much shorter transaction cycle, particularly when one takes into account the length of time it can take for some deals to exchange and complete. Some of the better-priced deals are concluded within one week to a month.
There is a considerable body of evidence now available to suggest that, if a more realistic approach at the outset can be set, much shorter transaction timetables can be the result. If you are thinking of selling your home, it is often a false economy to over-price the property initially.
Read the full version of this marketing report published on our website today or call us for an in-depth discussion. t: 01202 708383.