Propery slow down's effect on Sidmouth sellers

THE effects of a slow down in the UK property market are being felt in Sidmouth, say estate agents in the town.

This week it emerged that fewer homes in the South West are being sold since records began. Figures from the Royal Institute of Chartered Surveyors say that estate agents nationally are selling less than one property a week, the lowest since the survey began in 1978.

A fall in house prices nationwide is exemplified by one Salcombe Regis 6 bedroom home. The grade two-listed former rectory with swimming pool and sea views came on the market for £3m and has seen its price slashed by £1.15m.

However Colin Moorhouse, of Redferns, in High Street said Sidmouth's core type of resident makes the town unique in the current climate.

"Prices have dropped over the country considerably but the for sale prices in Sidmouth haven't actually taken much of a dive. That is because we are an end product, very often buyers that come here are selling more expensive properties from outside the area. They want to come here and won't go to other places just because they are cheaper. They are attracted by the quality and beauty of the locality."

"Prices are holding up in that sense because the buyers are still determined to live in Sidmouth to retire."

"Problems come when people who look to retire here can't sell their own properties, so the crunch is having an affect on people who don't need mortgages."

"Undoubtedly the number of sales has decreased enormously but we are still putting them up and are carrying out a good number of viewings for those who wish to sell."

"People that are looking now are generally fairly serious but are being very cautious."

"We don't get many first time buyers but that is because there aren't that many first time houses here. In places like Manstone, small or council converted properties are available but they price up to £200,000 and there isn't really that many of them. If a first time buyer wanted one, they would have a hard job getting a mortgage."

Difficulties in buying and selling have seen more properties available to rent. Mr Moorhouse added: "We have 20 properties to rent while this time last year we had four."

Mike Dibble, local sales director for Bradleys, has a positive outlook on the current situation and believes negative press is inhibiting potential buyers.

He said: "The public need confidence to go out and buy and the press doesn't enthuse them to go out and do that.... There are mortgages out there, granted they deposits on them are higher."

"Things have been down over the past two months but we are anticipating a strong end to the year."

"The right properties at the right prices are selling and we have cash buyers waiting in rented properties waiting for the right house to come on the market.