22 August 2013, Confidence is the biggest driver of the property market – and in Newbury it’s growing among both buyers and sellers.
The latest figures for Carter Jonas in the town show that new instructions from owners wanting to sell were climbing fast in the run-up to summer with average asking prices strengthening, too.
Not that this combination has been deterring potential buyers. Compared with July last year, viewings soared by 620 per cent. Even allowing for summer excitement and levelled out over the first half of 2013 compared with 2012 there was a rise of almost 500 per cent. This means there’s now a shortage of fresh property for September onwards to launch the autumn market.
It has been a remarkable turnaround from the miserable market in 2012 and, backed up by real figures, illustrates that the enthusiasm for living in the area shows no sign of abating, believes Rupert Reeves, partner in charge of residential sales for Carter Jonas in Newbury, as he looks forward to the traditionally active autumn.
The heated London market is also having an effect here – the proportion of applicants from London and overseas, the latter often sourcing property through Carter Jonas’s five prime London offices, doubles above the £1 million mark.
The good news for vendors is that 78 per cent of properties sell within five per cent or better of their asking price so vendor confidence in raising asking prices is far from misplaced in many circumstances. However, this must be tempered against being over-ambitious because people who raise their sights too high see their house sticking in the market with the result they end up having to reduce prices by a disappointing amount in order to achieve a sale.
Given Newbury’s interesting geographical position for road and rail connections it’s not surprising that many people who already live here want to stay – many buyers coming to Carter Jonas in Newbury are already living in the area.
But a good number are still buying for the first time, having rented while they got a taste of life here. Of the people who have rented through Carter Jonas in the town since January, roughly 40 per cent have moved in, principally relocating for their occupation and with a good proportion from London.
Newbury itself, with its vibrant new Parkway Centre, many cultural venues and interesting cafes and restaurants, offers great cosmopolitan appeal. It’s a fantastic mix.