autumn 2010 ascot sales insightautumn 2010 ascot sales insight knight frank james heron office head,...
TRANSCRIPT
autumn 2010
Ascot SALES INSIGHTKnight Frank
James HeronOffice Head, Knight Frank Ascot+44 (0)1344 624 732
James Heron, head of Knight Frank's Ascot office brings you an update on the
important Autumn market and discusses what the market might have in store later
in the year.
How has the market performed so far this year?
The market has performed extremely well this year. In essence, if a property is of high quality, in a good location
and priced sensibly, the sellers can expect a great deal of interest. It is also worth noting that many buyers are
looking for an opportunity to add capital value to their next purchase. As an example, we were recently instructed
on three properties adjoining Ascot racecourse, all of which needed refurbishing. In the space of just a few
weeks, we generated a huge number of viewings, all three properties went under offer with back up buyers
waiting in the wings.
Who’s buying in Ascot?
Our buyers come from all over the world, particularly in the higher price ranges. In the last couple of years we
have been contacted by a lot of Russians and people moving from London because of the strong market there.
What attracts people to the area?
Ascot is a warm and lively town with plenty of shops and restaurants. The centre offers everything from jazz bars
and fine dining to boutiques and health spas, while Windsor Castle lies just six miles away. The world-renowned
Wentworth golf club is a short drive away and boasts three superb courses, as well as tennis courts and a health
club. Equestrians can ride in Windsor Great Park and polo players enjoy using Guards Polo Club. Easy access to
the M3, M4, and M25 mean driving to London takes just 45 minutes outside of the rush hour, while trains to
London Waterloo from Sunningdale and Ascot take around 55 minutes.
House prices have been increasing, do you think the trend will continue?
House prices have increased a little over the year but there is a subtle change. Where over inflated prices have
been quoted by a number of agents, they are now realising that there needs to be a correction in guide prices in
order for them to stand a fighting chance of selling.
Have tastes changed noticeably since the recession?
Buyers have become increasingly discerning and price-sensitive. Value, quality and location are of the utmost
importance.
How do you think the market will fare in the coming months?
We expect the market to be relatively subdued, but exceptional houses priced correctly have every chance of
achieving close to the guide price.
Are there any planned developments in the pipeline?
The Dorchester Group have just opened the prestigeous Coworth Park Hotel with Michelin Star restaurant
situated between Ascot and Wentworth Club.
Table 1
Market activity, AscotLast 3 months, year-on-year change
New instructions
Sales agreed and exchanged
33%
63%
Ascot at a glance
Page 1 of 2
"Exceptional
properties priced
correctly and
marketed with
passion and vigour
will attract
strong interest."
Figure 1
What do our buyers want to spend?New applicants, last 12 months
Figure 2
And what is coming to the market?New instructions last 12 months
15%
1%10%21%
18%
35%
< £500k £500k to £750k
£750k to £1m £1m to £1.5m
£1.5m to £3m £3m +
17%13%
4%29%
20%
17%
< £500k £500k to £750k
£750k to £1m £1m to £1.5m
£1.5m to £3m £3m +
New applicants
Viewings
-11%
-13%
autumn 2010
Ascot SALES INSIGHTKnight Frank
60
70
80
90
100
110
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep30
40
50
60
70
80
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep0
1
2
3
4
5
< £500k £500kto £1m
£1m to£2m
£2m to£3m
£3m to£4m
£4m to£5m
£5m +
Charting the market
Figure 4
Days to sale from instructionPrime country property, last 12 months
Your properties, our people
Figure 3
Price change by price bandPrime country property, last 3 months (%)
Figure 5
Average % of guide price achievedPrime country property, last 12 months (%)
Close to Windsor Great Park
Guide price: £875,000
Winkfield, Berkshire
For sale5 bedrooms
Ground floor apartment in former Hunting Lodge
Guide price: £820,000
Ascot, Berkshire
For sale2 bedrooms
Close to the centre of Sunningdale
Guide price: £2,295,000
Sunningdale, Berkshire
For sale7 bedrooms
Impressive family home
Guide price: £2,995,000
Ascot, Berkshire
For sale6 bedrooms
Belvedere Tower in sylvan setting
Guide price: £1,600,000
Frimley Green, Surrey
sold5 bedrooms
Push the boat out!
Guide price: £4,250,000
Bray, Berkshire
sold5 bedrooms
James Heron
Partner
Martin Burrow
Partner
Ben Jeffries
Finance Consultant
Sandie
Pennicotte-Henrie
Office Manager
Marion Grainger
Sales Support
Knight Frank Ascot+44 (0)1344 624 732
59 High Street
Ascot SL5 7HP
KnightFrank.co.uk
If you have any queries or would like to obtain additional information on the UK or international housing markets please contact: Liam Bailey, Head of Residential Research, +44 (0)20 7861 5133, [email protected]
© Knight Frank LLP 2009 - This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal
responsibility can be accepted by Knight Frank Residential Research or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the
view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Residential Research. Knight Frank LLP is a limited liability
partnership registered in England with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8AN
Page 2 of 2