_Now is the time to put your Gloucestershire or North Wiltshire country house on the market  

The prime property market in the Cotswolds is in good form, reaffirming its regional ‘hotspot’ status. The traditional drivers of the market: schooling, proximity to London (yet far enough away) and the exceptionally high quality of country living have underpinned activity. A shortage of stock relative to demand is likely to reinforce the market for the remainder of the year.

Interestingly, migration from London to other parts of the UK is currently at its highest ever level. Londoners in their 30s formed the largest cohort leaving the capital. “Affordability is likely to have helped sway the decision of some to leave London,” said Tom Bill, Head of London Residential Research at Knight Frank. “Exceptional house price growth in London in recent years will have enabled them to make the move,” he added.

Sales volumes of prime property across the region are significantly higher than in 2017. Buyers are moving locally, from London and from abroad. Pricing, remains crucial to a successful sale.  When launched at the correct level, high levels of interest are generated which creates competition and the very best sale price is reached. In today’s market there is no better way to achieve the highest possible price for our customers who are eager to sell.

^{Above: The River House - sold by Knight Frank Cirencester in June} 

Oliver Knight, Associate in Knight Frank’s Residential Research Team agrees: 'It is now over three years since the overhaul of stamp duty and the market above £1 million remains price sensitive. However there is evidence the market is adapting to the higher tax environment. Listings data from Rightmove shows that of the £1 million-plus homes listed for sale at the end of May, 28% had been reduced from their original asking price, down from a peak of 32% in November 2017. Any fall, or levelling off, of this figure suggests that valuations are becoming more aligned with current buyer sentiment.

“The data suggests the need to price realistically at the outset remains as important as ever. Homes that sell within 5% of their original asking price do so considerably faster than those where vendors have had to make bigger discounts to find a buyer.”

So what is the outlook now? While it is important not to overstate its impact, Brexit continues to create an element of uncertainty – 2018 is the time to sell, today interest rates have never been as low, job security is looking stable and the Cotswolds with its connectivity, first class schooling and excellent lifestyle choices is set to remain highly desirable. This supports our forecast for modest price growth in prime regional markets in 2018 of 1.5% and for 2% growth in 2019. 

Another point to consider is that average prices for prime urban homes have risen by 16% over the past five years whilst more subdued price growth has left rural markets looking good value. Country house price growth is therefore predicted to pick up in rural locations.

The customer is at the heart of the matter as sellers are not wholly governed by economics alone. Life moves on and the market is relative whether you sell today or tomorrow. The best outcome is whatever suits your need. Procrastinating is not going to change that and can often make the whole decision to move more agonising. Speak to a trusted agent in good time, hear what options are available and what the local market is really doing- you will be pleasantly surprised!

If you are considering buying or selling in the area contact Knight Frank’s Cirencester office to speak to a member of our team and see how we can help.