GOOD properties are selling fast and it's a seller's market for some, according to James Wyatt, Senior Partner of Surrey estate agency Barton Wyatt.
He said: “In the Surrey area where we operate, properties in prime locations and well presented homes are selling incredibly fast. On the flip side of that, properties with potential to develop and add value to are also top of the buyers’ wish lists.
“Our main area of business is in the niche Surrey mansions sector, catering for the Wentworth Estate and Virginia Water, where business is still booming. Virginia Water has a lot to offer a wealthy city or even International commuter with a family and it is this type of person who purchases a £3million-plus property without batting an eyelid, one such purchaser recently got out his cheque book for a £2million home, it was that simple.
“However, for the majority of people looking for more modest accommodation in the area, they are simply struggling to find suitable homes on the market.”
James added: “Possible vendors have been saying that they'll wait for the election, they'll wait for the Budget... these have now passed. After the abolishment of HIPs we did experience a wave of properties coming onto the market but it's still not enough.
“We are in the middle of a glorious summer, a prime time to show off your home to potential buyers, yet the excuses keep coming. It really has to be said that now is an excellent time to sell your home, buyers are crying out for more good stock and it has been proven that it is taking less time for people to sell their homes as a result."
Meanwhile, in the last year (July 09 to July 10) the average amount of time that houses are on the market has fallen by just under 20% according to the Time On The Market Survey for Surrey.
Three-bedroom properties have seen the greatest reduction in time spent on the market with a 23% decrease, four-bedroom homes followed closely in second with 18%. It would seem that out of all the property types, terraced houses are quickest to sell with only 111 days spent on the market, followed by semi-detached at 115 and then detached at 121 days.
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