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Sevenoaks property downturn |
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Page 1 of 3 John Morrison asks local estate agents how far the headlines about a property slump have affected Sevenoaks
Estate agents are usually a cheerful bunch, especially in a traditional property hotspot like Sevenoaks, where more than a decade of rising house prices has attracted over a dozen firms competing for business. But I caught one or two worried looks as I went round their offices in early July, asking about the current state of the market.
Turnover and prices are certainly down, but local agencies are unanimous that Sevenoaks is escaping the worst of the national downturn. “Sevenoaks seems to be one of the last to fall in value and probably will be one of the first to pick up again,” says Edward Rook of Knight Frank, which opened its office on Sevenoaks High Street earlier this year and deals in the top end of the market over £750,000. “Yes, it has felt the effects of the credit crunch because that’s a national thing and affording a mortgage is more expensive, so there has been an effect, but not as much as in other areas.” He says wealthy buyers looking for houses over £2 million are less dependent on mortgage finance, and so this sector of the market has been less affected.
“We had a house the other day priced at £2 million and it sold at £2.1 million. We had fifteen people through the door in a two week period and three people bidding on it.” Rook believes the permanent attractions of Sevenoaks – good schools, a pleasant atmosphere and a fast rail connection to London – will ensure it remains a property hotspot. “These days when a house costs a million plus, the first thing they look at is the good schools and then the location.”
But he sees a clear difference from 2006 and 2007. “Two years ago or even 18 months ago, the market was still rising. You could put a house on with a ten per cent band and it would find its level, people would come through the door and they would bid, there was still confidence in the market. Fine-tuning the price wasn’t the be-all and end-all. You would stick a property on the internet and get probably 15 or 20 enquiries straight away…those days have gone.”
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Last Updated ( Sunday, 03 August 2008 )
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