Latest Cotswold market update from Tom Hayman-Joyce
As the spring market is revving up Tom Hayman-Joyce shares his insights on the health and prospects for the Cotswold property market.
The Cotswolds is a most exceptional and sought after part of the country and as not all markets do, it operates on its own set of drivers.
The strongest driver at the moment is the lack of property available to buy in the market. Compared with many other areas of the country the Cotswold market has never suffered from an oversupply of property, not even in the depths of the last recession. The Cotswold market normally operates on a balanced or lack of supply basis, and so far this year, the lack of supply is more acute. This has kept a gentle upward pressure on prices and maintained confidence in the market. Good sensibly priced houses are still selling in competition and often well above their guide prices.
Confidence is another key driver and this is fed by many phenomena - positive media reports, schools with outstanding Ofsted reports, celebrities moving to the area, new fashionable venues and events, fast trains to London, dinner party chat, landmark property sales, continued growth in the property market, to name a few. At the moment all of these factors are in play in building and supporting the local property market.
Another positive driver for 2018 is the lack of a large national event to create uncertainty in the market. In 2017 we had the snap General Election, in 2016 the EU Referendum, in 2015 the General Election and in 2014 the Scottish Independence Referendum, all which slowed the traditionally active spring and early summer market.
Looking forward, I expect the market will continue to be positive throughout 2018 and in to 2019, with gentle upward pressure on prices especially on Hayman-Joyce's core market, which is good quality property in the Cotswold rural, village and market towns.
In any market, an expert and experienced agent, pricing correctly, anticipating problems and solving them with exceptional negotiation skills will pay dividends. We love adding value and there's no better indicator in today's world than recommendation and positive reviews.
If you would like to discuss the market in more detail and how it is impacting your property in particular, please call Tom Hayman-Joyce on 01608 651188.