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July 13, 2017

The great British tradition: English village living

Filed under: Latest News — Instinctif Partners @ 12:14 pm

Nick Leeming, Chairman of Jackson-Stops & Staff, provides his insight on the price premium for an English village home:

Village life has always been an attractive prospect. From local pubs and quaint tea rooms, to traditional churches and independent shops, villages ooze community spirit. It is no wonder then that quintessentially English homes now come at a premium.

Our latest research shows that when it comes to typical village homes, including farmhouses, old rectories and barn conversions, the parochial property pecking order is still very much in play.

The apex of the village, the centre of all local life, is the manor house. They command the highest average sale price at £1,427,292, which is over six times greater than the average UK house price of £218,000. Manor houses benefit from both glamour and prestige, spacious living accommodation and manicured grounds, which is why they continue to boast a healthy premium on the property stage – and will do for many years to come. Despite their chunky price tags manor houses do offer the best value for money per square foot of space.

 

 

 

 

 

 

 

 

 

 

 

 

Cottages on the other hand, with their quintessentially diminutive proportions, are the least expensive with an average sale price of £607,465. However, this is still almost three times more expensive than the average UK home.

In terms of price per square foot, barn conversions were the most expensive, coming in at £325, pipping the humble chocolate box to the post by £5 per square foot. Farm houses rank in third position when comparing property types on both a square footage and overall sale price basis. This type of property is nearly six times more expensive than an average UK home, with an average sale price of £1,257,918.

Regardless of location and proportions, interest from those looking to become part of English village life is often sparked by a name alone. Properties called The Old Rectory are particularly popular and draw interest from potential buyers before they have even had a glimpse of what the home looks like.

There are currently many buyers in the market craving to move to a classic English village, and the prospect of living in a characterful property in such an area is extremely appealing. They provide buyers with the opportunity to purchase a unique piece of history, in which they can spend many years and make memories they will remember for many more.

 

 

 

 

 

 

 

 

 

 

 

 

July 3, 2017

Surprise hung parliament result fails to deter sellers and buyers

Filed under: Latest News — Instinctif Partners @ 1:04 pm

Our chairman, Nick Leeming, provides an update on what Jackson-Stops & Staff’s national network of branches experienced on the ground two weeks on from the hung parliament result.

An analysis of the market, two weeks on from the shock General Election result, shows that home sellers and buyers remain undeterred. More than half (55%) of our branches reported no change in the level of sales instructions from 12th to 26th June compared to the two weeks prior. This would suggest to us that buyers with a long-term view of buying a home remain largely unfazed by the result.

Of course, the General Election did not bring about the strong Government that either we or Mrs May had hoped for, but fewer than 30% of our branches reported that clients have expressed any concern. Shrugging off the political result was a much more popular response, with 72% of our branches reporting that clients are continuing with the process of buying.

This Grade II listed former Vicarage is located in the historic village of East Farleigh and is available through Cranbrook branch for £1.25 million.

Some branches (7%) have actually seen an increase in the number of new instructions following the result, while our London Residential Development team said a hung parliament could lead to a softer Brexit, which would be better for business than a harder Brexit.

Overall, it is quite apparent that personal drivers, such as the need for a larger home, a shift in lifestyle or a yearning to be in a new location, is what is driving the market. Stamp duty land tax (SDLT) on high value properties is by far a much greater threat to the property market than the General Election result. With more than 80% of branches saying that higher levels of SDLT on £1 million plus homes is an inhibitor on their local market, we are now placing our trust in the new housing minister to address this. It should be a key priority for Alok Sharma to improve fluidity and the level of supply in the UK housing market.