Spring market shows recovery

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Wednesday, February 22, 2012
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Wells Journal

While winter continues to wrap its icy tentacles around the property market it can be difficult to visualise the spring thaw, but it's coming, and before we know it the green shoots of recovery will be poking their heads above the soil of Somerset's bricks and mortar.

Spring is traditionally a time of growth in the property market and the good news in Somerset is that the county has held its value over the past couple of years.

According to the latest FindaProperty.com data, the average asking price for a home in Somerset is now £228,259, 4.6 per cent more than the overall average UK asking price.

And although this is down on last spring's Somerset average asking price of £236,575 it will be countered by a seasonal increase in price we'd expect to see again this April as demand rises with the temperature during the warmer months.

Those at the coalface of the Somerset market say despite the seasonal price dips, 2011 was still a good year.

Brian Bishop, director of top end estate agents Jackson Stops & Staff, in Taunton, says his office sold a number of impressive properties between £2 million and £4 million.

And while the top end of any market will always operate to some extent independently from the general property market, it's still heartening news for Somerset especially when the optimism spreads lower down.

And it has.

"There's been definite recognition that the middle of the market has had to come back a bit because of some of the homes on the market over the past year have been slightly overpriced," he says.

But once the prices come back down to a more normal level, the homes sell well.

All this has set the county up for a prosperous spring with sellers lining up to launch their homes into the sales market when the weather warms up in March and April, while buyers keep a close eye on what's becoming available – especially for family homes, which the county is slightly short of right now.

"We know that lots of vendors prefer to wait until the spring to sell their homes – the homes look prettier then and everyone, including both buyers and sellers, have a more uplifted frame of mind," says Brian.

And while second home buyers might hold off on taking the plunge on a home due to current uncertain economic times, families who need more space or are moving house for jobs or schools are not so easily deterred.

Turns out that Somerset's buyers and sellers are poised to come out to the property market with the spring sunshine.

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