Paul Jarman, Savills head of residential sales for the Western and Southern regions.
Despite political uncertainties and concerns, the region has experienced fairly strong residential markets during the first half of the year.
Within the price bracket from £350,000 - £750,000, where we do most of our business regionally, we did see a temporary slow down in activity in the weeks around the election but not to the degree that the Capital experienced. And we have seen strength and consistency return. We now anticipate deferred demand from the pre-election period flowing back into the market. In fact many of our offices can currently see the number of houses they have sold this year at the same level or ahead of the same period last year.
We have also seen some stand out high value transactions including a property in Cornwall, where the sale was agreed in excess of £5million. A number of other properties are close to exchanging contracts at between £4million and £7.5million, including some prime Bath townhouses.
Sentiment among buyers is generally positive and as we move into the summer months, we expect this to continue. The ongoing challenge remains in the most sought after locations in the region that demand exceeds supply; there is just not enough property on the market to satisfy the appetite of motivated buyers.
Looking ahead, with greater certainty over the political landscape, we expect the market to remain buoyant for the remainder of the year. London property appears fully valued relative to the rest of the country and already property in the West, particularly those urban houses within the commuter zones, have increased more in value over the past year than properties in the Capital . These factors should lead to an improvement in buyer enquires and transaction levels across the West. Already some of the would be sellers who have been adopting a “wait and see “ approach pre election are now looking to sell their homes.