
Diary of an Agent: Holly Sibley and Sam Sproston
A third national lockdown meant sellers hesitated, but supply is growing thanks to the recent stamp duty holiday extension and the approach of spring.
29 March 2021
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Holly Sibley (HS) covers the Tunbridge Wells countryside market and Sam Sproston (SS) is office head in Wandsworth, London.
Tell me about the area.
HS - I cover Kent, East Sussex and a part of West Sussex. In Kent it鈥檚 typically more grade-II listed farmhouses and properties with outbuildings on offer. Sussex has more Victorian and Georgian property, but I deal with everything from detached homes to terraced houses and flats.
SS 鈥� It鈥檚 mostly a domestic market with Victorian houses and cottages. We see a lot of people come across the bridge from Fulham, where they might have a flat, and buy in Wandsworth. As you head out towards Wandsworth and Clapham Commons the houses get larger.
How did the third lockdown affect the market?
HS 鈥� We were manic up until December and then the new lockdown seemed to take the wind out of people鈥檚 sails. However, with the roadmap, the progress with vaccinations and arrival of spring, it鈥檚 given everyone a dose of positivity.
SS 鈥� People had to come to terms with home schooling and market valuation appraisals have been slow. January is not a great month for gardens and there was certainly an 鈥榚verything will be better in another month鈥� attitude amongst sellers.
And what impact did lockdown have on buyers?
HS - Buyers have been more intense than they were six months ago, largely due to the shortage of property for sale. The latest lockdown delayed us and it鈥檒l likely be closer to the end of April when we have the normal amount of stock on the market as a consequence. It鈥檚 meant multiple sealed bids in the first few months of the year and homes going for above the asking price, but this will soften as supply improves.
SS 鈥� Buyers remain price sensitive but if you are a seller you need to know that they are out there and you shouldn鈥檛 delay any longer. Supply of the largest houses remains limited and it鈥檚 led to strong competition. A £4m house recently sold within a day of going on the market at over the asking price.
What impact has the stamp duty extension had?
HS - It鈥檚 really helped the general market. There were a lot of owners that wanted to wait until April, May even June before listing their home for sale. It was not dissimilar to how people waited before Brexit. But it鈥檚 provided a kick and the buyers are there and ready.
SS 鈥� We鈥檝e remained busy but if you鈥檇 asked me at the end of last year if the holiday had had any impact on the prime end of the market, I鈥檇 have said no. Yet we had a rush of five prime deals in a week, all with agreed completion dates of before the 31 March, the original stamp duty deadline. It鈥檚 helping support the whole market.
How has the pandemic changed buyers鈥� requirements?
HS - While we get plenty of London buyers, it鈥檚 the locals that have interested me. We鈥檝e seen a number of people in Tunbridge Wells selling up their pretty period terraced houses to buy something further out with a few acres of outdoor space. They haven鈥檛 moved far, a maximum of ten miles, but it provides the balance between space and access to amenities and the train station.
SS - Lockdown has made people think 鈥榳hat are we living in and is it appropriate?鈥� Families want bigger houses with maybe office space and a bigger garden. Working from home has had a big impact, which will endure.
What do you think the lasting impact on the property market will be?
HS - It鈥檚 put Kent and East Sussex on the map. Traditionally, buyers leaving London have looked to Surrey or Sevenoaks in Kent. But many other areas have great schools and are still affordable. Etchingham, Burwash and Uckfield in East Sussex are all very popular for this reason. One buyer looking to retire sold up in Surrey last year and was amazed at what they could get for their money. In their case a lovely cottage in Stonegate with a large chunk of the sale proceeds into their bank account.
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