SNAPSHOT SEPTEMBER 2011 RESIDENTIAL RESEARCH and Isle of wight

Sacha Jackson of Knight Frank’s office discusses who’s buying, the power of Knight Frank’s global database, and tips for homeowners thinking about selling.

Who’s buying in your market? prices are set at a realistic level to trigger New Forest and Isle of Wight interest at the start of the process. Buyers in Our purchasers tend to be families buying in sales market at a glance the current market simply will not be inclined the New Forest or the Isle of Wight due to the to view properties they consider to be unique lifestyle they offer. The New Forest Figure 1 overpriced, even if they are in a comfortable National Park is ideally suited to those that Where do our buyers come from? financial position. Applicants currently searching in the love the open countryside, whether for walking, New Forest and Isle of Wight wildlife or horse riding, while the Solent offers fantastic sailing and other watersports. What advice would you give to a Beaches on the Isle of Wight are also a huge homeowner thinking about selling? attraction. Coupled with the excellent state and Careful preparation of the marketing material is private schools, both areas are hard to beat for imperative. Photographs for brochures should families with children of all ages. be taken by a professional photographer who can highlight the property’s wow factor. It is Where do your buyers tend to also beneficial to have a selection of images to display alongside the online property listing come from? as the majority of buyers now begin their About three quarters of those buying houses search on the internet. It is worth considering here over the last year have been from outside advertising in regional publications as well the local area, either from London, elsewhere as local ones, particularly those circulated in in the UK, or abroad. Knight Frank uses a global prime central London, where homeowners have Hants and Isle of Wight 23% database of contacts and this enables us to increased spending power due to values there London 23% attract potential buyers who are looking for all reaching record highs this summer. Rest of UK 48% that the New Forest and the Isle of Wight offer, International 6% but who have perhaps not yet identified them as areas to consider. Many of our sales are achieved by cross-referencing buyers registered across our network of offices.

The number of Figure 2 buyers looking What do our applicants want to spend? Knight Frank doesn’t have an Applicants currently searching in the New Forest and Isle of Wight office on the Isle of Wight. How in the area do you go about handling has increased“ properties there? significantly, but We are lucky to have built up a close “ association with Isle of Wight estate agency they remain price- Christopher Scott, which has offices in Cowes, Yarmouth and Wootton Bridge. Knight Frank sensitive due and Christopher Scott have achieved great to uncertainty success over recent years with a significant number of high-end sales. surrounding the economy. House prices outside London have been decreasing, do you think the up to £1m 13% £1m to £2.5m 65% trend will continue? over £2.5m 22% Prices have dipped over the last year, but we expect them to remain on an even keel over the next 18 months. The number of buyers looking in the area has increased significantly, Sacha Jackson although they remain price-sensitive due Partner to continued uncertainty surrounding the +44 (0)1962 850333 economy. It is therefore imperative that guide [email protected] SNAPSHOT SEPTEMBER 2011 RESIDENTIAL RESEARCH New forest and Isle of wight

Charting the New Forest and Isle of Wight market

Figure 3 Figure 5 Properties available by price band Market activity New Forest and Isle of Wight properties Year-on-year change (12-month comparison) currently available New applicants 76% up to £1m 8% New instructions 27% £1m to £2.5m 54% over £2.5m 38% Viewings 166% Average asking price -11%

Figure 4 Figure 6 Properties sold by price band Wider market performance New Forest and Isle of Wight properties Prime London and country property (sales prices) vs FTSE 100, past 5 Years sold in past 12 months 150 FTSE 100 up to £1m 9% 120 £1m to £2.5m 64% Prime Central London over £2m 27% 90 Prime Country 60 House Q3-Q4 Q1-Q4 Q1-Q4 Q1-Q4 Q1-Q4 Q1-Q2 2006 2007 2008 2009 2010 2011

New Forest and Isle of Wight properties and the Knight Frank team

SOLD for sale Elegant house with Quietly situated in the river views New Forest Bywater Cottage, Holmans, Burley 3 4 £850,000 £1.695m

UNDER OFFER for sale Period house in Overlooking the sea peaceful setting Hale Farm, Winterbourne House, Nr Bonchurch 6 8-12 £1.9m £1.495m

FOR SALE For Sale Newly built house with Immaculate townhouse Solent views with pontoon mooring the Old Post Office, Gorseland, Cowes 4 6-8 £1.5m £2.85m to £3.25m

Knight Frank Winchester Sales +44 (0) 1962 850333 [email protected] 14-15 Jewry Street SO23 8RZ knightfrank.co.uk/hampshire Sacha Jackson Andrew Rome Ed Cunningham Christopher Bailey Paul Jackson Charles Spence Partner Partner Partner Associate Consultant of Christopher Scott

If you have any queries or would like to obtain additional information on the UK or international housing markets please contact: Liam Bailey, Head of Residential Research, +44 (0)20 7861 5133, [email protected] © Knight Frank LLP 2011 - This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Residential Research or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Residential Research. Knight Frank LLP is a limited liability partnership registered in with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8AN