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Where are you from?
I was born and raised in Poole, Dorset and have worked for many years in estate agency largely in the Canford Cliffs and Sandbanks areas of Poole (both waterside markets). I moved to join Stags in Totnes about two years ago before moving here to Dartmouth. I live just outside Halwell so I enjoy my easy commute!
What surprised you about the local market?
I was surprised by how many properties are second homes and the spread of where people live around the UK who own them. I can understand how people fall in love with Dartmouth as it’s absolutely stunning here. I don’t have to sell the area as such, just explain it! i.e. living here is different to being on holiday. Dartmouth being ‘alive‘ all year round is important to buyers especially as we see more second home owners buying with a long term view to retiring to the area.
How does the market look from Stags viewpoint?
Currently, 70% of Stag’s home sales are as second homes. This is probably a typical ratio for many local estate agents whereas agencies across other parts of Devon show a different pattern with more predictable seasonal peaks and troughs in activity. The Dartmouth market can be significantly impacted by external factors such as broader macro-economic confidence e.g. Brexit, the election etc.
Many second home vendors let their homes as holiday homes. In a sluggish market, they might hold out longer for their desired price as they can still earn an income from the home. Buyers who are looking for a second home don’t have the same urgency to buy because of changed family circumstances or perhaps a new job. They too will hold out to buy the right property for them at the right price. These two pressures can slow up the market considerably particularly at certain price bands and when there’s a degree of general uncertainty.
In Dartmouth, having a sea or river view, good parking either as a garage or space at the property or nearby or being able to offer easy level-access to the centre of town can all have a disproportionate impact on price and demand and ultimately how easy they sell. These special factors don’t weigh so heavily on the local villages where you’ve seen us putting in more effort recently – there’s plenty of buyers looking for something more rural yet still within easy reach of the town and its lifestyle. That said villages with a shop, post office and pub etc will always be more popular.
There’s much interest in Kingswear – for us, it’s a hidden gem and we’d like to do more transactions - there are many bonuses for someone who wants to be close to the town but can easily ‘escape’ back across the river.
What are Stags’ unique selling points?
Stags is the longest established agent in the area with the biggest regional network and a London presence.
We have positioned ourselves as waterside specialists (e.g. offer a targeted special magazine for waterside properties). Our London office gives us direct access to many potential buyers and the wide agency network across the South West will often drive referrals to the Dartmouth office. These might be second home buyers in London looking for a place by the sea anywhere across the South West or perhaps clients of our Exeter office looking to move out of the city to the coast after retiring.
Our local knowledge and service is key to our business. Buyers often look to us to help educate them about the area. If they’re looking at using their home as a business e.g. as a holiday home, or looking to retire here, then there’s a lot we can do to help them evaluate what’s best for them. We see a high number of buyers that will want to leverage their new property as a holiday let and we can help them review if that will work well.
What do you think are the prospects for the local market?
We have had less property coming on to the market this past year because of economic uncertainty be it Brexit or the election. Some vendors are adopting a wait and see approach often because there may be no external imperative to sell or they want to hit a certain price point. This lack of supply has been a constant feature throughout the year but the buyers are still out there. Many are cash buyers and, for those that can afford it, it’s never been cheaper to borrow. The internet has created alot of market transparency so both buyers and vendors are much more savvy nowadays.
We have sold property across the whole price range this year, much of it with a waterside view. The latter tend to command higher prices and tend to sell more easily or quickly. Lack of supply is especially prevalent in the £600k - £1m range.
Why is a locally based agent important?
When properties come to the market, they may well sell without being actively promoted, as we’re often able to match them with known buyers. I would always recommend that prospective buyers get to know a local agent at an early stage so we can understand their needs and act on this when the right property appears. We have many vendors who will be persuaded to sell if we can find the right buyer and there are also vendors who are not keen to publicise their home for sale.
Whilst the personality of an agency or agent is still relevant, what matters most in today’s market are honest advice and accuracy of pricing.
For an absent buyer or vendor i.e. who lives away from the area, then a local agent’s local knowledge is very important.
Are there changes in the type of house being sold?
We are seeing a constant improvement of the housing stock in the town with refurbishment, extensions etc to maximise the available living space and bring homes more in line with modern day living trends. Gone are the days of quaint fishermens’ cottages – there’s an element of the ‘city coming to Dartmouth’. It’s all about big areas of glass to frame and maximise the view and big balconies and decks for entertaining and sociable living.
Buyers will either want to buy the ‘finished product’ in which case their expectations will be high – integrated facilities, modern living, top of the range fixtures & fittings etc – or they will be buyers looking to maximise their investment by making the property their own. That all means lots of work for local builders!
New property developments are important to the market – the anticipated Noss Marina development will provide a big boost. We were very successful last year with the sale of the Ocean Breeze development in Stoke Fleming selling all 11 apartments quickly at pretty much the guide price. This reflects our accuracy in pricing property correctly and the demand for new builds.
Tell us about the lettings side of the business?
Our lettings agency is an important part of what we offer the market. Having it located in our local office is also key - we bought out Singer & Singer a few years ago and the staff we inherited have continued working here. They have built up unrivalled local market knowledge over many years.
There’s a lot of cross referral between the sales and lettings side of our agency, which has become more important as the market changes. The local lettings market is not huge but we are the number 1, the longest established and have the largest portfolio of local properties as well as the largest team. We don’t just find tenants but offer a full management service for landlords.
First published By The Dart July 2017
