Generally speaking all types, styles and prices of property in this area sell extremely well. Petersfield is a desirable place to live. But if I were being more specific, the majority of buyers I see are the ones looking for a non-estate, three to four bedroom home in a quiet area with a good sized garden.
And therein lies the rub, so to speak. Because Petersfield has a lot of what people might term as housing estates and very little in the way of what people think of as non-estate properties. At the end of the day, it’s a matter of perception, as all housing developments are in one form or another part of an estate, just from different eras.
As land values have risen and planning policies changed the development density has increased and the Victorian terrace or the 1930’s row of semis have become highly sought-after, generally offering more in the way of character and in the case of the latter much more outside space. Unfortunately, houses built on modern estates, while generally offering great accommodation do not tend to have generous plots.
So what do people want to pay? Well, my experience is that there is often a disparity between what buyers want and expect for their money and what they can actually afford. The price difference between a three to four bedroom semi and a three to four bedroom detached house with a good-sized garden is significant.
A three-four bedroom semi might have an asking price of between £300,000 and £500,000 but a detached four-bedroom house can command up £800,000, depending on location and style. Factor in the cost of moving with fees and stamp duty and the gap seems to widen even more. Generally speaking many of the buyers I meet are hoping their budget of say between £400,000 and £500,000 will get them a four bedroom detached house with off road parking and a large garden. Unfortunately such a budget, and it’s a big budget, won’t necessarily be enough to secure what the buyer has in mind.
Another request I often hear is for a project, something to extend and renovate as buyers think that such a home will be priced significantly lower than one that has been done up. It is true, asking prices do reflect the property’s condition, but in Petersfield all house prices are high and then you have to factor in renovation costs. So if a buyer is lucky enough to find a property with potential to extend and improve such a house is still likely to sell well and for good price. The last two such properties I sold went to sealed bids, such is the desirability of a project.
My advice for buyers is to make a list of everything they want and then go back through that list and divide it into must haves, want to haves and nice to haves, because whatever your budget, there will be compromises to be made, especially in Petersfield.