Property experts Mark Crampton of Middleton Advisors and Alex Newall of Hanover Private Office on the current state of the Surrey property market as we draw near to 2015.
NORTH SURREY – Alex Newall of Hanover Private Office
“The top end of the North Surrey property market is split. Over the past three months, Hanover has sold some £67.5m of property in Wentworth, indicating that good buyers are there, but supply is limited with only eight new houses to come to the market in the next two and a half years over £8m. Others are being built by owner-occupiers due to a lack of stock in the market. The market around Virginia Water and on the ‘main island’ of Wentworth is liquid and stable.
St George’s Hill is scheduled to have over 60 houses come to the market in the next 18 months, 42 of which have target sale prices over £10m. Over the last five years, the market has only seen two or three houses sell each year over £10m. Demand is limited, supply is plentiful indicating that prices will drop.
In the run up to the election it is going to be a very tricky market. Historically, transaction numbers tend to reduce, as buyers wait to see what the political situation will be. The likelihood of tax rises, combined with a changing political scene, means a feeling of uncertainty and sellers need to become realistic.”
GUILDFORD – Mark Crampton of Middleton Advisors
“The Guildford and Surrey property market, as with the country property market generally, quietens in November and December; although one can always find an excuse not to buy, the autumn/winter before a general election is a good excuse for anyone to delay making a decision! On the back of quite a severe slowdown in the London market, a big influencing factor on the Home Counties market, the best way to describe what’s happening in and around Guildford is that it is a quality and price sensitive market, but not completely asleep. Properties that are correctly priced are selling.
In urban locations small three bedroom houses start at around £500,000, moving up towards £700,000 for a fourth bedroom. Once you get into off street parking, five beds etc you are looking at £1m plus. The attractive, edge of village houses outside of the more urban settings with larger gardens, including tennis court, pool or both typically range from £2m to £4m. This depends on which village, how big the house and garden are, and if there are any blights such as road noise or near neighbours.”
Young families making the move from south west London form a large part of the market, but local buyers trading up, down or across also make up a fair share of all transactions. Weekenders make up a smaller percentage and of course, you then have the odd large estate buyer or International type who is looking for a showpiece within an hour of London.”
The biggest and most exciting development is the North Street development in central Guildford, which will host a diverse range of mixed use projects located next to the established current shopping area and bus terminus. Over the longer term, it looks likely that in the future there will be significant housing development on the Dunsfold Aerodrome site in Dunsfold.
If instead of Guildford you want a friendly attractive village with amenities like pubs, post office and a church then the villages to go for are Wonersh, Shamley Green, Chiddingfold, Dunsfold or, further west, Frensham near Farnham.”