A Somerset estate agent described the huge demand for housing in Bruton, which shows no signs of slowing down as townspeople move to the countryside.
Bruton, a population of 3,000, was named last month by property website Rightmove as the best campaign hotspot for homebuyers in the UK.
The city has seen a whopping 122 percent increase in the number of agreed home sales over the past year.
Rightmove has reported a shift in demand from cities to the countryside and the coast over the past 12 months.
Cathy Morris-Adams is the managing partner of Lodestone Property, which has offices in Bruton, Wells and Shaftesbury. The real estate agent has been busy in January and February of last year, riding the post-election and post-Brexit summit.
When the lockdown went into effect they continued to work from home and the minute the lockdown eased it was ‘completely crazy’.
Ms Morris-Adams said: “It was really very busy and prices continued to rise with this mass exodus from cities, especially London.”
To get news like this delivered straight to your inbox, click here.
Lodestone sales increased “dramatically” last year as home prices continued to rise.
The average value of a property in Bruton has increased by 5.94% over the past 12 months, according to Zoopla.
Ms Morris-Adams said: ‘This year we thought it would probably calm down a bit, but because of the other lockdown people are now even more frustrated in the cities, especially in London, and they are absolutely desperate to get out.
“What we have this year is a shortage of houses. A lot of people sold last year to take advantage of the good prices and therefore the prices are increasing now. They are really a little crazy.
The foreclosure, the increase in homeworking and stamp holidays have prompted city dwellers to seek larger homes and green space.
Londoners bought 27.6 billion goods outside the city last year, the Times reported, with the number of buyers leaving London peaking in four years, according to Hamptons International.
Ms Morris-Adams pointed out that it was not just Bruton’s popularity that created the demand for property, but the effect of the foreclosure on London families, especially those with children who can now work from home.
She said, “They never want to go through this again. It had a huge effect on a lot of people.
As a result, Lodestone properties with home offices or gardens have been very popular, as such features are what many townhouses lack.
Read more related articles
Ms. Morris-Adams noted that many seeking home buyers may not necessarily be familiar with the area, but have opted for the southwest.
Françoise Jackson, branch manager of Lodestone’s office in Bruton, described buyers who will often express their desire to move to Bruton in particular, because that is “all they have heard of”.
She said: “They just read about ‘New Notting Hill’ and they want to come. There is a huge demand, and everyone wants to go out in town, but the supply is not there.
“Then they realize that there isn’t much to sell in Bruton and it’s a lot more expensive than most Somerset, so we can also guide them and say, we think this village might be right for you, or it’s your perfect home. It may be a little further.
Lodestone offices refer to each other and therefore may cover areas between offices, selling properties in Bath, South Bristol and South Petherton.
Ms Morris-Adams said: “We go out of the area a bit because we work differently from other officers. So when we talk to these London buyers, we guide them to different parts of Somerset. “
Those who sell themselves to Bruton seem to do so for various circumstantial reasons; moving abroad, downsizing or wanting more space for the family.
Lodestone sells and rents properties and their listings have also been “phenomenally busy”.
Ms Jackson said of rentals: “Most of these properties don’t even reach Rightmove because they have huge lists of people anyway.”
Read more related articles
The excessive imbalance between supply and demand for Bruton property has created a difficult situation for some looking to sell their home as they are unsure if they will be able to buy or even rent something else nearby.
Although many have already rented looking for something else, this has become increasingly difficult with the “real rental shortage”.
Ms. Jackson said, “There are a lot of frustrated people who want to sell, who want to have good prices, but they can’t.
“No matter how flexible they are, they know very well when they look at the availability of rentals, they are not guaranteed and they can see that there is very little to buy which puts some people off.”
Ms Morris-Adams described it as “really difficult” trying to accommodate the “large number” of people, some of whom had been on their books since before the pandemic.
She said: “This desire for Bruton in particular has been going on for years.
“Somerset as a whole is incredibly popular and I don’t see that changing.
“It’s really hard for us because we just have people ringing the bell all day, and they’re serious about buying, but there’s nothing.
Ms Jackson agreed they didn’t expect to see a drop in demand in the near future, as most homes continue to see a number of “never seen before” viewings.
She said: “We have staff who have worked in the industry locally for 30 years and they say this is the busiest they have ever seen.”
Do you have a tip or a story to tell? Email me via rebecca.cook@reachplc.com to get in touch.
More about this article: Read More
Source: www.somersetlive.co.uk
This notice was published: 2021-04-21 11:04:39
