Island Life Magazine Ltd December 2008/January 2009 - Page 18

life PROPERTY LOCATION, LOCATION, LOCATION MYTH OR MANTRA? By Sam Biles MRICS FAAV - Creasey Biles & King - T: 01983 282222 Houses are bought and sold and people move home for many reasons - though there do not appear to be as many reasons at the moment as there should be! Sometimes the reason is a family one, the birth of a new baby, teenagers moving out, or a death or divorce. Sometimes the trigger is financial - inheritance enabling a more expensive or larger house to be acquired or redundancy, necessitating a smaller, less-expensive property. Often the reason is indeed location driven, older people moving closer to their grown-up children/ 18 grandchildren, or where there are more services and closer shops; moving closer to a desirable school/catchment area or moving to take up a new job. The Isle of Wight is a more location-driven property market than many. This is because buyers moving to the Island have to take a very conscious decision to do so. it can be quite a step to place yourself on this side of the Solent. Consequently we find that most of our mainland buyers have made a definite decision to move here rather than just loosely thinking about a move to 'somewhere in the south of England'. This may seem obvious but it is something which has a knock on effect upon values and should be taken into account by your agent when marketing your property. The mainland market can be less location-driven; many couples decide to move out of London to the Home Counties when they start a family, it is the commute time that matters most to them and they often consider moving to a variety of locations from Surrey to Hertfordshire not so much for where they are but because of the accessibility to London. Particularly at the top end of the market, we tend to find that property buyers of houses above £1 million have a strong Isle of Wight connection. Either they have a home or second home here already; they may have been born here or have been holidaying on the Island for many years. It is rare that someone buys without any previous experience of the Island - it is the location that drives their purchase. Within the Island location has an effect upon local values. This is not surprising as it is the age-old ‘supply and demand’ effect. People who want to travel or commute to the mainland want to be near the ferries - particularly in Cowes where buyers often say ' I must be within 5-10 minutes walk of the Red Jet'. Parents are very focused on distance/time for the school run and this definitely boosts values of, say, family homes within 15-20 minutes of Ryde School. Conversely some less-good locations which were in high demand at the top of the property boom are often where it has now become hugely problematical to sell property and where values have been much affected. Put simply, when the prices in the best locations were too high for buyers, they had to compromise and buy in the secondary locations, thereby inflating the values in those locations. Now with less demand, there are hardly any buyers for the secondary locations and the sellers there are finding it hard to adjust their expectations down to a level where sales can once more take place. LOCATION is a major trigger for property sales, LOCATION drives most property purchases and LO CATION has a major effect on value. LOCATION, LOCATION, LOCATION – mantra, not myth, whatever the market. The Island's new funky radio station www.wightfm.com