The Wealthy At Home And Away

The buyers at the premium end of the market both within the UK and from abroad have remained persistent in their searching for the idyllic British country house or tropical hide-away. Currency fluctuations play a huge part in their search and are one reason why some of the fabulously rich from the Gulf States arrived on British shores this Summer.

Although some buyers may have been disappointed by the lack of stock available in the UK due to prospective sellers remaining uncertain of market conditions, there are signs that this is set to change. Many potential vendors are in consultation with premium agents and making preparations to enter the market place with houses for sale. Many professional photographers have been contracted to feature country house gardens as summer is the optimum time to portray the grounds. This indicates an increase in stock for the season ahead undoubtedly leading to excited buying from the waiting purchasers. However, estate agents need to be aware of price sensitivity and carefully negotiate the gap between buyer and vendor expectations.

Another encouraging sign is the fact that many wealthy families are now taking extended holidays; two to three weeks in comparison to the one to two weeks during 2009. Of course this did mean a slowing down during the traditionally quiet summer holidays but depicts optimism for the future and points to continued interest in the international market where the wealthy want to find the ideal holiday home.

If we examine the success of the Hamptons International estate agents and especially their focus in the International sector it certainly does point to interest from UK buyers. The last remaining property of a development west of Florence consisting of nine units was swiftly bought by a UK family. They also found that homes in the traditional popular locations such as Tuscany did not receive any waning interest and they are not slowing down in their marketing of any projects. They recently showcased two Portuguese developments on the Algarve on the Silver Coast which will be launching in the UK soon. Interestingly, when they initially launched the Ritz Carlton resort in Tamuda Bay on the North Morocco coast where 25 percent was on offer – the entire amount sold out within days! The UK launch will be announced soon for the remaining percentage of the project.

As the top end of both the market at home and abroad entangle over the premium stock, it bodes well for the future of the market. Indeed, once people become accustomed to the new ‘ normal’ market conditions it will continue to entice overseas investment: it is with this investment, British buyers often purchase their ideal holiday home.

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