9
Jan
2011 - A Tunnel Odyssey
2011 was a property year in two parts, the second half of the
year changing considerably at a parochial level for Grayshott,
Hindhead, Haslemere and Liphook areas due to the opening of the A3
Tunnel. The year was, as predicted, dominated by tight mortgage
conditions and in part the marketplace trying to test pricing
levels beyond purchasers expectations.
As the Tunnel opened in late July we immediately experienced a
new selection of house hunters for whom the south Guildford
villages had been their hunting ground. These applicants had
originally started looking in villages such as Elstead, Godalming,
Witley and Chiddingfold and now realised that an extra 10 minutes
on the A3 gives them a far better choice of property, together with
a considerable discount over the areas they had been previously
looking in.
The other main advantage the Tunnel brought to the market was that
the established dividing line of the Hindhead Crossroads was now
opened up to those buyers moving in an East-West direction. In the
past there had been serious reluctance for those in Haslemere to
consider Hindhead and Grayshott due to the awful traffic jams on
the Hindhead Road. We are now starting to see Haslemere commuter
purchasers buying in Grayshott and the surrounds as the access to
Haslemere station becomes much less congested.
Mortgage constraint continues to be an important part of the house
buying process and it is always a surprise to us when purchasers
and vendors alike assume that they will be able to obtain a
mortgage easily, “as they have always done in the
past”. The rules of this game have now changed and the
mortgage world is not what it was; we continue to advise all
parties to speak to their bank or building society prior to setting
out on the house buying trail if financing is part of the
purchase.
2012 will bring us a year of limited growth. We disagree with the
predictions of the Royal Institution of Chartered Surveyors who
predict a 3% fall in the market during this year. We however agree
that the number of sales will probably increase but this will be
based upon asking prices being relevant rather than excessive and
the assumption that a full-blown Euro crisis will pass us by.
Andrew Meehan. Keats Grayshott Ltd