The middle to lower end which is really properties under £650,000 seems to be doing well and in certain parts of the £250,000 and under sector it is really performing well and we have seen some price growth.
However the upper end is still lagging behind, highlighted recently by a property we have just sold.
The property in question was valued at £1.5m in 2008 by 4 agents and each agent over the last 4 years has tried unsuccessfully to achieve a sale. We were asked to market the house 2 years ago but our valuation was considered too low. We tried again in 2013 and at last the client decided that he would give us his business at the price we have maintained the house was worth.
So after a strong marketing campaign we have finally succeeded in selling the property at a price 45%lower than 4 agents had advised.
In a market where the media are saying house prices have gone up across the country I am seeing little sign of this in the West country in certain sectors.
We are not trying to knock fellow competitors as I am sure they will have similar experiences. The main issue is there has not been enough transactions to give good enough comparable evidence to confirm the true value of higher end properties.
We are very fortunate to be able to draw on the experience of 33 managers and staff who like myself spend time studying the markets in their towns, making accurate valuations much easier.
So without trying to be to negative yes houses are selling but accurate valuations hold the key to a successful sale.
Richard Greetham
Director
Bradleys Estate Agents
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