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tomandlu

West Meon

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Just got back from a weekend of camping near West Meon - a pretty and very expensive village in Hampshire. We've been going there for years and one very noticeable feature this time around was the amount of "For Sale" signs. I assume this was/is prime banker territory (an assumption backed up by the posh/rude crowd at the very nice pub). Any idea what might be going on? The smart money cashing out, or job-losses and a dwindling pool of city buyers?

Glancing over rightmove, there does seem to be a downward trend in prices and not much activity.

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I believe that to be part of a larger trend, let me explain.

Near where I am living in Connemara, and just outside the village of Oughterard the are many what were once luxury one off homes built in the 70's. these are large 300m2 homes on 1/2 to an acre of land.

During the good times these were bought by americans, people from Dublin, people retiring from the UK. These days the now sit abandoned or with unrealistic asking prices.

Many of these houses would have fetched near to a million euros 6/5 years back. Now you would be lucky to get €150k for them as there is almost no one buying holiday homes and they are located to far from centers of work.

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Just got back from a weekend of camping near West Meon - a pretty and very expensive village in Hampshire. We've been going there for years and one very noticeable feature this time around was the amount of "For Sale" signs. I assume this was/is prime banker territory (an assumption backed up by the posh/rude crowd at the very nice pub). Any idea what might be going on? The smart money cashing out, or job-losses and a dwindling pool of city buyers?

Glancing over rightmove, there does seem to be a downward trend in prices and not much activity.

I think the same amount of property is coming onto the market but it is taking longer to sell, the for sale signs are lingering for longer.....therefore it looks like more people are selling....a freezing up property market.

Edit to say, the false reality that property is always in great demand and prices always go up and people will always have access to vast sums of money to buy it has not hit home just yet........everything will sell at a price. ;)

Edited by winkie

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Just got back from a weekend of camping near West Meon - a pretty and very expensive village in Hampshire. We've been going there for years and one very noticeable feature this time around was the amount of "For Sale" signs. I assume this was/is prime banker territory (an assumption backed up by the posh/rude crowd at the very nice pub). Any idea what might be going on? The smart money cashing out, or job-losses and a dwindling pool of city buyers?

Glancing over rightmove, there does seem to be a downward trend in prices and not much activity.

It's a small sample admittedly(10 on April sales),but volume hitting the market is at a 2 year high at 172 in April and 180 for June. whilst average sale price is close to a two year low.

On another tack,it must be costly times for Estate Agent's in those areas carrying such large volumes on their books,with so few changing hands.As a measure,there were only one hundred properties on the market in December 2011 with 17 swapping hands that month.

Edited by Sancho Panza

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there is almost no one buying holiday homes and they are located to far from centers of work.

I did wonder about this, but my impression is that they are not primarily holiday or retirement homes - Petersfield is close by, with good rail services to London, plus the A3 for a road commute wouldn't be impossible.

Ah well, I'll keep an eye on it out of curiosity, and see what happens...

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I did wonder about this, but my impression is that they are not primarily holiday or retirement homes - Petersfield is close by, with good rail services to London, plus the A3 for a road commute wouldn't be impossible.

Yup. An aunt and uncle of mine lived in Droxford from the late '40s until their deaths in the 1990s. When I was visiting regularly as a child ('80s and '90s), the population of that village consisted mainly of wealthy London commuters (either still working or recently retired), with a smattering of solicitors, doctors, lawyers etc., working in Portsmouth, Southampton or Winchester. I don't think there were many holiday homes there.

Edited by The Ayatollah Buggeri

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