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James Baker, Head of Prime and Waterside, discusses the thriving waterside property market here in the South West, touching on one of our sales highlights of 2023 so far.
Since we launched our Waterside department back in 2001, we have seen an incredible growth of interest from buyers across all parts of the UK and abroad. This is not surprising taking into consideration the benefits of living by the water, coupled with the plethora of recreational activities available. Our expansion of offices in this time from 13 to now 22, enables us to cover every inch of the South West coastline with our specialist waterside agents on hand to help you sell or buy a waterside home throughout the region.
I am often asked, “What is an uninterrupted waterside view really worth?” and this is a particular question that is becoming increasingly difficult to answer. In the past, we may have thought that a 30% premium for the view would be added to the value of the property; However, I personally feel that we cannot add a specific percentage to the waterside premium anymore, with the potential added premium becoming more individual to each property. For example, our Truro office offered Garden Mine Cottage (pictured) to the market on 17th April 2023 with a sale being agreed on a Sunday, within a week of the property going on the market for an asking price of £2,250,000. Following that, the property exchanged contracts in just 6 working days. This not only shows that sales of this nature can be concluded swiftly, but also that there is a high demand for properties like this, with several people wanting to snap up the property because of its waterside location. Without the sea view, the price achieved for this property is likely to have been significantly less with the motivation for a lot of the interest coming directly as a result of the property’s location.
This trend of competitive offers being received for our waterside sales is occurring right across the coastline, with our offices covering Cornwall, Devon, Somerset and Dorset all reporting strong demand for our latest waterside instructions. Our recent analysis from the first four months of 2023 and our 29 sales of property over £1,000,000 in this time, shows that our agents have achieved 98.44% of the asking prices, selling over £39,000,000 worth of prime property in the West Country. Interestingly, 62% of these buyers were not in any related chain and 55% of these sales were completed with 100% cash funds.
Therefore, if you are considering selling a waterside home, contact your local Stags office to speak with one of our knowledgeable team about how we can best market your property to achieve the greatest price possible. For more information, visit stags.co.uk.
