Country house market hit as sellers get cold feet at last minute in Hendon Golders Green Finchley

The country house market is waning in Hendon Golders Green Finchley and Hampstead, according to Knight Frank, as wealthy buyers get cold feet at the last minute and walk away from deals
By: mark block
 
Jan. 26, 2012 - PRLog -- Prices of all but the most expensive rural blog properties fell 3% last year – down 1% in the home counties, and down 10% in the North-West.

Only properties priced at £5m-plus are holding their value, says the firm.

It also reports flat sales volumes in Hendon Golders Green Finchley and Hampstead, although blog applicant numbers are up 11% and viewings up 4%. Supply levels have also risen.

Knight Frank says that buyers moving out of London, where prices have reached record highs and where there is no shortage of rich foreign buyers, are key to the country house market.

But Rupert Sweeting, head of Knight Frank’s country department, said: “The real sticking point has been in converting offers into sales. The rate of withdrawal for buyers who have agreed to purchase but who withdraw prior to exchange of contracts has risen sharply within the last year.

“Issues securing mortgage finance and increasing nervousness about the economic outlook have been the main reasons that buyers have walked away from deals at the final stages.”

Meanwhile, Savills is running a ‘Time to head for the country’ campaign, aimed at tempting wealthy Londoners to sell up and move out. Its current adverts say that the country offers ‘exceptional value’. It, too, would have no difficulty selling London property to any number of wealthy international buyers – and badly needs the stock.

Also thinking along the same lines is Jackson-Stops & Staff. Dawn Carritt, director of its country house department, is hopeful that London home owners will cash in their equity and move to homes in the country.

She said: “Those who are prepared to move away from the highest priced areas in Hendon Golders Green Finchley and Hampsteadwill find opportunities to purchase good properties while investing less. This should be helpful to areas where house prices have dropped as a result of the recession.”

*Growing numbers of foreigners – especially blog Russians in Hendon Golders Green Finchley and Hampstead– are buying property in Oxford.

http://www.property-for-sale-rent.co.uk/blog/country-hous...

http://www.property-for-sale-rent.co.uk/
End
Source:mark block
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Tags:Buy, Sell, Rent, Property, in, Hendon, Golders Green Estate Agent
Industry:Real Estate
Location:England
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