Haverhill a hot spot!
By John Phelps on Thursday, 8th March 2001.
HAVERHILL is one of the hottest spots in Britain for fast house sales, according to a new survey.
The latest Home Report, by Bradford & Bingley Estate Agents, shows that in the Suffolk market town, which is also close to the borders of Cambridgeshire and Essex, it takes just two weeks to sell a property.
"Time taken to sell" in this context mean from when a seller puts a property on the market to the time when he agrees to sell to a buyer and solicitors are instructed to proceed.
In Haverhill, this means just two weeks -- making it the fastest spot in the East. The second fastest spots in the East are Bury St Edmunds, Gorleston and Biggleswade, where sales take three weeks.
This compares with an average of 10 weeks for the region -- and seven weeks in the region last year.
Alan Gottschalk, regional business director of the Bradford & Bingley estate agency chain, which includes an office in Haverhill, says of the town's success: "Haverhill's popularity can be ascribed to two factors -- ease of commuting to Cambridge, a major regional centre of employment, and the availability of affordable new homes."
Haverhill has also been the scene of quite a bit of house-building in recent years, with development sites currently in operation including Squires Gate, Hanchett Manor and Castle Reach.
Lower-cost homes to have come on to the market in Haverhill recently include:
* A two-bedroom terrace cottage with central heating and double glazing for £62,500, and a three-storey house with three bedrooms for £78,000. Both of these have come on to the market through Bradford & Bingley.
* Through Bairstow Eves, a three-bedroom semi in Beaufort Court for £55,995, a two-bedroom Victorian-style property with a garage in Recreation Road for £69,995 and a two-bedroom terrace house at the Castle Reach development for £77,995.
The Home Report also reveals that single people are now responsible for more than a third of all homes bought, growing proof that they do not need to wait to find their dream partner before buying a property.
And buyers are balking at making rash decisions -- hence the slowdown from seven weeks to 10.
However, in contrast, the number of buyers has increased by a third and there are now eight buyers registered for every home for sale -- compared with six buyers for every property on the market recorded in the last Home Report dated October 2000.
High demand is due to increased buyer interest throughout the country, coupled with indications that home owners are waiting to find the perfect property before putting their own on the market. Despite the increased competition for every property, buyers are not being pressurised into making a decision, which is why homes are taking longer to sell.
The report also shows that the percentage of asking price achieved against final selling price has fallen by one percentage point to 96 per cent, reflecting both buyers' desire to negotiate on price and the need to seek the expert advice of an estate agent to set a realistic selling price from the outset.
The average asking price in the East of England is £107,361.
The report predicts that the anticipated General Election will cause only a momentary hiccup in the UK's housing market if, as expected, there are no contentious measures in the Budget. Prices are not expected to increase significantly this year, with growth averaging around five per cent.
Another key finding of the report is that the market has become increasingly fragmented.
Mr Gottschalk said: "It varies from town to town and it is difficult to discern any regional -- far less national -- patterns. It could be said to resemble a patchwork quilt."
The latest Home Report, by Bradford & Bingley Estate Agents, shows that in the Suffolk market town, which is also close to the borders of Cambridgeshire and Essex, it takes just two weeks to sell a property.
"Time taken to sell" in this context mean from when a seller puts a property on the market to the time when he agrees to sell to a buyer and solicitors are instructed to proceed.
In Haverhill, this means just two weeks -- making it the fastest spot in the East. The second fastest spots in the East are Bury St Edmunds, Gorleston and Biggleswade, where sales take three weeks.
This compares with an average of 10 weeks for the region -- and seven weeks in the region last year.
Alan Gottschalk, regional business director of the Bradford & Bingley estate agency chain, which includes an office in Haverhill, says of the town's success: "Haverhill's popularity can be ascribed to two factors -- ease of commuting to Cambridge, a major regional centre of employment, and the availability of affordable new homes."
Haverhill has also been the scene of quite a bit of house-building in recent years, with development sites currently in operation including Squires Gate, Hanchett Manor and Castle Reach.
Lower-cost homes to have come on to the market in Haverhill recently include:
* A two-bedroom terrace cottage with central heating and double glazing for £62,500, and a three-storey house with three bedrooms for £78,000. Both of these have come on to the market through Bradford & Bingley.
* Through Bairstow Eves, a three-bedroom semi in Beaufort Court for £55,995, a two-bedroom Victorian-style property with a garage in Recreation Road for £69,995 and a two-bedroom terrace house at the Castle Reach development for £77,995.
The Home Report also reveals that single people are now responsible for more than a third of all homes bought, growing proof that they do not need to wait to find their dream partner before buying a property.
And buyers are balking at making rash decisions -- hence the slowdown from seven weeks to 10.
However, in contrast, the number of buyers has increased by a third and there are now eight buyers registered for every home for sale -- compared with six buyers for every property on the market recorded in the last Home Report dated October 2000.
High demand is due to increased buyer interest throughout the country, coupled with indications that home owners are waiting to find the perfect property before putting their own on the market. Despite the increased competition for every property, buyers are not being pressurised into making a decision, which is why homes are taking longer to sell.
The report also shows that the percentage of asking price achieved against final selling price has fallen by one percentage point to 96 per cent, reflecting both buyers' desire to negotiate on price and the need to seek the expert advice of an estate agent to set a realistic selling price from the outset.
The average asking price in the East of England is £107,361.
The report predicts that the anticipated General Election will cause only a momentary hiccup in the UK's housing market if, as expected, there are no contentious measures in the Budget. Prices are not expected to increase significantly this year, with growth averaging around five per cent.
Another key finding of the report is that the market has become increasingly fragmented.
Mr Gottschalk said: "It varies from town to town and it is difficult to discern any regional -- far less national -- patterns. It could be said to resemble a patchwork quilt."
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