The picture is of the panoramic views taken from the balcony at Merry Mead, Upper Castle Road, St Mawes, which is available for sale at a realistic guide price of £3,300,000.
According to house sales data from the land registry and including our own in depth local knowledge, we at H Tiddy are delighted to announce that we sold over £22 million out of over £27 million pounds worth of property that exchanged contracts in St Mawes in 2017. H Tiddy are the most dominant agent with around an 80% market share.
Analysing the statistics further, H Tiddy sold nine properties for over £1 Million, three of which were for well over £2 Million. This increased the total average house price in the village to £1,070,250 compared to £820,941 in 2016. The market in 2017 went back to normality of being “top end” led on values compared to 2016, where the majority of our sales were in the £500 to £900,000 area. It took a little time for buyers in our upper end market to come to terms with Brexit and get over the shock of the changes in Stamp Duty Land Tax implemented on 1st April 2016. A second home buyer paying £2.5 Million for the bricks and mortar of a property now pays the government £288,750 upon completion. Due to the amounts of hard earned cash involved in paying stamp duty, this has had an impact on what buyers are prepared to pay for the property transaction. Therefore, the upper end market remained stable with its pricing, as opposed to the rest of the market that have seen reasonable increases in house price growth over the last couple years.
Interestingly, 44% of our buyers who bought a property through ourselves in St Mawes last year chose to make the complete lifestyle change and moved to the village permanently. Many of the 56% second home buyers who bought in 2017 are looking ahead to retire permanently to the village, whilst others bought their second home not only as a safe investment but also as a holiday property to enjoy for the weeks of the year they plan to visit our beautiful area. A number of our second home buyers holiday let their property to earn a reasonable yield that is usually more favourable than keeping money in a savings account and far less vulnerable than the calamities and peaks and troughs of the stock market.
Where did our buyers come from? The top county was Hampshire with an impressive 28% of our sales with Cornwall and Devon coming in equal second at 17% of our sales. Cambridgeshire, Merseyside, Warwickshire, Wiltshire, North Somerset, Essex, and Surrey all feature on our list.
By analysing these statistics helps us target the marketing of our properties. For example, we have recently featured one of our properties on the “Getsurrey” online newspaper and facebook page. Before Christmas we advertised many of our properties in The Western Morning News to capture not only the Devon market but also subscribers of the newspaper who live in Warwickshire and Somerset who might consider buying in St Mawes compared to Salcombe or Dartmouth. Many of our buyers are connected with London, many of them working there. For this reason alone, we display all our properties at the National Property Centre in Park Lane London.
Now is a very good time to sell. The market place is price sensitive, but if you are considering selling, please do not hesitate in contacting us. Our valuations are free and are carried out in the strictest confidence.