Island Life Magazine Ltd October/November 2009 | Page 18

life

PROPERTY

PROPERTY

with Sam Biles

Being creative in the property market
THERE is a lot of conflicting talk around

properties they are selling, but on the

re-focused his search and he is making

at the moment about increased activity

client’s objectives. It works well where

offers.

leading to recovery in the market on one

sellers are seeking to sell an Island

hand and on the other about 'W-shaped

home and to move to the mainland. If

going down the route of 'Multi-Listing',

recessions’ with a further punishing

the margins are sufficient then they can

as they do in the United States (where all

time for the property market – and

sometimes take a smaller Island property

agents list all agents' properties and share

estate agents. There are many positive

in part exchange. Thus having turned

commissions), recent months have seen

signs around: - many more viewings,

themselves into largely cash buyers they

unprecedented co-operation between

sellers being prepared to take offers and

can buy on the mainland, and either

agents, who have together co-operated

agents beginning to lose that grey pallor

sell the smaller Island property with less

in setting up the ever-more-popular

which has dogged some of them for the

urgency, or retain it as a second home.

Wight Agents site, a local property portal,

last 18 months. One encouraging and

Sadly, whilst there were once savings in

and HIP Isle of Wight to deliver Home

simple indicator has been the number

Stamp Duty – which was only payable on

Information Packs.

of copies of the property newspaper

the cash difference – this loophole was

which disappear from outside our door

closed some years ago.

in Cowes. In the depths of gloom winter

Focusing on buyer's objectives rather

Whilst I cannot see Island Estate Agents

Whether the green shoots have really
taken hold enough to weather a frosty
winter, or whether the proposed national

we took delivery of a dozen each week

than simply their budget can also help.

economies (or to use the 'C-word' –

on a Tuesday. Half of these remained

One buyer I recently met spent last year

cuts! ) are likely to lead to a second, if

untouched and went for re-cycling. In

trying to buy flats in Cowes and this year

less dramatic, fall in prices and volumes

recent weeks, however, our increased

looking at houses in the town when he

of sales is a debate for other pundits.

supply of twice this amount per week has

still seemed to prefer flats. On digging a

If we can continue to be creative and

often disappeared in a day!

little deeper it transpired that the reason

to lubricate the wheels of the property

he had stopped looking for flats was

market then people will s till be able to

common. A seller seeking to downsize

that all the modern blocks which he had

move home and the Island's agents,

may take a buyer's smaller property

looked at had a ban on pets. I was able

solicitors and removal companies will

in part exchange, with a cash sum for

to point out that flats in sub-divided

continue to provide their much-needed

the difference. Agents can create these

Victorian and Edwardian houses rarely

services to the community.

situations by focusing not just on the

had bans on pets. The client has now

Part-exchanges are becoming more

www.creasey-biles-king.co.uk
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