Hungerford View Property Market Focus - Autumn 2012 2 Hungerford View WELCOME Welcome to Hungerford View, our seasonal update on the property markets that matter to you. Together with a snapshot of activity in West Berkshire, South Oxfordshire, North Hampshire and North/East Wiltshire, we discuss what’s happening in the wider country house market and how it is affected by the Nick Loweth booming central London market. Office Head T +44 (0)1488 682 726 We also outline how important it is to have risen by 48%. For example, a [email protected] expose your property to as wide an property valued at £1.8 million in prime audience as possible, and give you a central London in early 2009 would glimpse of some of our properties in now be worth around £2.66 million, so the area, both for sale and sold. the owners would have an extra £864,000 to spend on a bigger country Country properties are growing in home or more land. favour with Londoners enjoying record prices in the Capital and overseas Furthermore, currency movements are buyers benefiting from currency helping to make country property even movements. more attractive to overseas buyers. Singaporeans can now benefit from a Average country house prices fell in 40% discount compared to prices back the second quarter of 2012, taking the in March 2008, thanks to the annual decline to 4.8%, according to combination of house prices and these the latest Knight Frank Country House currency movements. Those buying in Index. US dollars can benefit from a 34% The significant gap in price discount, and Europeans can save performance between the country more than 20%. market and the booming prime central London market does however present The growing interest from London an opportunity for the country market, buyers is demonstrated by the with some London homeowners emergence of a number of country cashing in on the record-high values in 'hotspots' bucking the overall the Capital to get more property for downward price trend, many of which their money in the country. are close to or within commuting distance of London. Property prices in Prices in the country house market are Oxford, for example, rose by 2.5% in now just slightly higher than in 2009, the second quarter this year, while while prices in prime central London Henley saw a 0.5% rise. Where do our buyers live? Sales by price band London 30% under £500 15% Rest of UK 33% £500k to £750k 21% South East 37% £750k to £1m 25% £1m to £1.5m 13% £1.5m to £3m 20% over £3m 6% * Figures reflect activity up to and including Q2 2012. Hungerford View 3 Prime Central London How a £1m investment made £407 a day, every day, for three years. Prime central London property prices for around 10% of the £2m+ central reached a new high in June, but with London market between 2005 and 2010 values almost 50% higher than they and now account for 20% (2011 and were in March 2009, the rate of price 2012 to date). growth is beginning to slow. While this safe-haven factor continues Our index confirms that £1m invested in to support the market, we are central London property in March 2009 beginning to see resistance from would now be worth approximately buyers to ongoing price increases and £1.48m. This growth equates to an the difference between asking and average monthly appreciation of achieved prices is beginning to widen, £12,400, or £407 daily. Some market with the percentage of the asking price observers have questioned whether achieved having fallen from 96% in this strong price growth will continue. March to 92% in June. Over the past few years international buyers have seen London property as a safe-haven investment in an increasingly volatile global economy. Evidence of this is the fact that European (non-UK) buyers accounted KNIGHT FRANK FINANCE In a recent survey, 94% of our clients said they would definitely recommend our services to a friend. Knight Frank Finance is dedicated to minimum deal size for new mortgages negotiating the most attractive or remortgages. property finance terms for clients from its established lender relationships, All consultants at Knight Frank Finance often securing deals unavailable are specialists in their field and are elsewhere. arguably the most respected team in property financing, enjoying excellent Subsequently, nearly half of relationships with high street lenders, the mortgage products sourced major financial institutions and private through Knight Frank Finance in 2011 banks. were not available on the high street. To find out more about how Knight Knight Frank Finance is able to offer Frank Finance can help with your advice on mortgages and loans for all property financing requirements please types of property, as well as other asset call us on +44 (0)203 641 9299 or visit classes. Whilst specialising in sourcing us at KnightFrankFinance.co.uk large mortgages there is however, no 4 Hungerford View Larger Country Houses The farmhouse and old rectory market has had more diversions this year than I can remember; the Euro-Zone, Jubilee, diabolical weather and Olympics, creating uncertainty which ensures that the market sits on its hands. Whilst conditions have not been ideal, sales have taken place and our turnover is down by just 3.5 % in Nick van Zeller comparison to last year. The large country house and agricultural Residential Country Business - Head T +44 (0)1488 682 726 estate market has been strong and has been highlighted by some [email protected] extraordinary sales. PROPERTIES FOR SALE Ogbourne Maizey Highclere Inkpen Grade II* Listed Jacobean Manor A wonderful country house set within A charming house in a stunning formal mature gardens woodland estate Guide Price £1,300,000 Guide Price £3,750,000 Guide Price £3,700,000 Broad Chalke Savernake Smannell Classic Grade II* Listed village house An opportunity to build Seymour Place A well-proportioned spacious country with gardens down to River Ebble house with stunning rural views Guide Price £2,850,000 Guide Price £3,000,000 Guide Price £2,500,000 SOLD PROPERTIES Newbury Burbage Hurstbourne Park Grand living A very well-presented farmhouse in the A spacious family home set within a Pewsey Vale wonderful Grade II Listed park SOLD SOLD Guide Price £2,350,000 SOLD Guide Price £2,500,000 Hungerford View 5 Larger Country Houses With the European crisis continuing, bad weather conditions since late March, The Golden Jubilee and now the Olympics, our market has been somewhat limited. Best in class continue to sell, with busy market conditions below £2m and above £6m for estates. Buyers are price sensitive and there seems to be no sense of Ed Cunningham urgency. We are hoping for a more active autumn market after the Partner T +44 (0)20 7861 1080 success of London 2012. [email protected] Monxton Amport Appleshaw An immaculate, modern country house 5 bedroom house in picturesque Family house with land, close to good in glorious surroundings riverside setting schooling Guide Price £3,500,000 Guide Price £2,650,000 Guide Price £2,250,000 Ham Pill Heath Clench Pure enchantment with stunning Queen Anne-style gem with dramatic Once in a lifetime opportunity to build backdrop views or extend Guide Price £4,500,000 Guide Price £4,500,000 OIEO £1,850,000 SOLD PROPERTIES St. Mary Bourne Boxford Ibthorpe House Excellent family house in the Bourne An immaculately presented listed Carolean Splendour in the Bourne Valley house with fine views Valley SOLD Guide Price £2,500,000 SOLD Guide Price £5,350,000 SOLD Guide Price £3,500,000 6 Hungerford View Country Property Whilst house prices across the country are down 1.5% on an annual basis, the news is not all doom and gloom as prime central London prices have climbed consistently and dramatically, they are now 48% higher than the trough of the market in early 2009. This is relevant as this part of the world is viewed as easily accessible to London and Nick Loweth there are still a number of serious buyers that want to secure a Office Head T +44 (0)1488 682 726 property in this area, who are complaining about the lack of stock. [email protected] Interestingly, so far this financial year we have achieved 93% of guide prices, compared to 98.21% last year. PROPERTIES FOR SALE Vernham Dean Milton Lilbourne Weston A beautifully presented and listed A rare opportunity to create a small A large barn conversion with excellent village house country estate access to Newbury station Guide Price £675,000 Guide Price £2,250,000 Guide Price £1,475,000 Letcombe Regis East Hendred Hampstead Norreys A fine village house An extraordinary house with land, A delightful and spacious village buildings and a vineyard house with excellent access to London Guide Price £1,650,000 Guide Price £1,900,000 Guide Price £1,750,000 SOLD PROPERTIES Severn Barrows Hurstbourne Tarrant Ramsbury Stunning views and good access to A delightful house with far-reaching Wonderful village house with annexe the M4 views and good access to stations and attractive garden SOLD Guide Price £1,650,000 SOLD Guide Price £975,000 UNDER OFFER Guide Price £1,150,000 “Thank you again for doing such a great job in such a short time. Everyone in the office was so efficient and it was a pleasure dealing with all of you. We were extremely pleased with the professional way in which Knight Frank led the marketing, negotiating and sale process.” Mr and Mrs Boyd, East Gate Cottage Hurstbourne Priors Little Bedwyn Savernake Beautiful gatehouse set in an idyllic A delightful Victorian property with A house with a separate annexe in a rural location additional accommodation and land lovely setting Guide Price £895,000 Guide Price £1,100,000 Guide Price £950,000 Ogbourne St.