Local Estate Agency Barton Wyatt updates us on the local property market
Senior Partner of Barton Wyatt, Rupert Wyatt, keeps us up-to-date on how the property market in Virginia Water is performing today and what we can expect leading into 2010:
“The market on Wentworth has been stable through the last 6 months and demand for good quality houses in good quality locations has been consistent. Prices have taken a dip from the peak of late 2007 although it is difficult to gauge exactly by how much as the houses we are dealing with are generally unique and individual on the Wentworth Estate and there is still demand for family homes and lets in the Virginia Water area.
Looking forward I expect the market to return with some gusto in the Autumn, we’ve already seen a number of foreign purchasers coming to invest in the Surrey market largely because of the devaluation of the pound and the fall in property prices, the combination of which makes UK property look cheap.
As always we have a steady flow of young families migrating from London for the better quality of life, choice of schools and golf courses! Wentworth has always been a natural choice in Surrey for business people looking to leave London for the family but continue to work in the city taking advantage our vicinity to central London and Heathrow etc.
We are pleased to say that there’s no question we’re over the worst; the bottom of the market would appear to have been at the end of 2008, beginning of 2009. And as the market stabilises we may see a 10% price increase across 2010 and 2011.
We have a very healthy lettings market in the Virginia Water area largely because of the schools Tasis and ACS providing us with a lot of blue chip corporate lets, however, with some withdrawals from US companies, demand is slightly down which is reflected in the achievable rents being down by 15 – 20%. Once again quality and location rules the roost in property always letting first and avoiding voids.”
If you are looking to buy or sell property in the local area contact Barton Wyatt, estate agents and market specialists, on 0134 484 3000 or visit the website at www.bartonwyatt.co.uk. Alternatively drop in to speak to us at The Estate Office, 2 Station Approach, Virginia Water, Surrey. GU25 4DL.