Highly respected property professional, Partner at Barton Wyatt, the multi award-winning estate agency in Virginia Water and Surrey NAEA Chair, James Wyatt, reflects on the UK property market in 2014 and shares his predictions for the next 12 months:

“I’ve been fascinated by the exploits of the little Philae lander in recent weeks as it headed towards Comet 67P ten years after leaving Earth. The news that the spacecraft, which is the size of a washing machine, had landed was truly stratospheric. We then discovered that it bounced around a few times before settling on Comet 67P and ended up in a rather awkward position with a very uncertain future.

There is some hope that with the Rosetta spacecraft keeping a watchful eye over Philae as it circles overhead there may be good news to come. And when a ray of sunlight falls on the lander the future will start to look brighter.

The UK property market has had a rather similar experience this year with a few tremulous bounces along the way, a rather uncertain landing in many parts of the country, an uncomfortable, nervous government and then, with their ever watchful eye, the Bank of England observing the situation from above.

Never before have I seen a market which has twisted and changed through the year – a year that has seen so many significant world changes including Ebola, ISIS and a rapidly falling oil price.  In the UK, we have the unusual situation of decreasing inflation with a very fragile economic situation, despite the government’s pronouncements that our economy is the strongest in Europe.  This is factually true but with a weak economic outlook compared with the rest of Europe’s poor economic outlook that isn’t saying much.

Interest rates will remain at the historically low level of 0.5% throughout 2015 and the money markets are awash with cash to lend to property buyers.  Unfortunately, the mortgage market review earlier on this year overstepped the mark and whilst initially there was much back slapping that the MMR had cooled the market, it is now clear that the measures are actually choking the market.

On the horizon, we have a general election and this will be key to the property market in 2015.  A straightforward Conservative government will lead to a housing boom.  The prospect of five years of Tory policies would be a mouth-watering prospect to homeowners and property investors alike.

A Conservative / Lib Dem coalition would lead to more of the same as we have now whereas a dominant Labour government or a Labour / Lib Dem coalition would lead to rapidly declining house prices throughout the country and economic gloom.

The proposed mansion tax by the Lib Dems & Labour is largely a South East of England issue, where those parties have little to lose in terms of parliamentary seats and can therefore be taken simply to be a political gesture.

Would it happen? I very much doubt it – the cost of a full revaluation would be horrendous and perhaps unthinkable in these times of tightening belts.  Nevertheless, the talk of this tax is enough to create severe disquiet in this part of the country.

Agents throughout the Home Counties are seeing huge levels of enquiries, with numbers of people looking to buy double what they were a year ago or even six months ago and levels of stock are reasonably healthy too.  Many agents in the Home Counties are reporting good levels of business, unusual at this time of year and in many instances this is due to pent up demand and otherwise down to those wanting to lock into excellent mortgage deals to tide them through the next three to five years.

2015 is simply too hard to call – it ALL depends on the election, but given a Conservative government, it is not difficult to see double digit price growth in the Home Counties which might even continue on the same level into 2016, whereas London will continue its slowdown in price acceleration.

If there is a Labour government, all bets are off and price growth might in fact be negative.

So, who knows what will happen?  Keep an eye on little Philae – it may be a better indicator of the property market than any of us property professionals!”

For more details contact Barton Wyatt on 01344 843 000 or visit www.bartonwyatt.co.uk.  James can be found tweeting at @James_Wyatt. 

• Prime plot of land in North Surrey being fought over priced at just £250,000
• Land prices in the Virginia Water area have doubled in last decade (Barton Wyatt)
• Land prices in the South East grew by 11.2% in the year to Q1 2014 (Savills)

A building plothas gone on sale in the super prime North Surrey village of Virginia Water and it’s causing quite a stir. Located in the exclusive St Ann’s Park, this is the cheapest plot to be seen since the 1990’s reports appointed selling agent Barton Wyatt and is bucking all upwards land price trends seen in the area.

In this corner Surrey which is swamped with Royals, Hollywood A-listers, sportsmen and oligarchs this small but potentially rewarding piece of land is being sold by well-known property developers Octagon.

Octagon purchased the land back in 1998 during the creation of the 81 home St Ann’s Park gated community. Since then this small piece of surplus land has been lying dormant until now when Octagon have decided to place it on the open market and only for the relatively small sum of £250,000.

James Wyatt, Virginia Water resident and Partner of Barton Wyatt comments,

“It’s rather amusing really. We are used to selling multi-million pound homes and suddenly we’re being inundated with buyers vying for this £250,000 plot. It already has planning permission to build a two bedroom bungalow but my best guess is that the successful buyer will submit a further application to Waverley County Runnymede Borough Council to build something a little more substantial. I wouldn’t be surprised that after a period of time we won’t be selling just a plot but a 3 or 4 bedroom house!”

Barton Wyatt report that land prices in the vicinity have doubled in the past ten years. This is ahead of figures quoted by the UK Land Directory who suggested an eight-fold rise over the past 20 years; however Virginia Water, which encompasses the multi-millionaire playground of the Wentworth Estate, is always going to buck the trend.

Knight Frank has stated that the value of land suitable for development in England and Wales increased by 2% in the first half of 2014.  However they also revealed that in London, where pressure on land is at its greatest, land values recorded double-digit growth since the second quarter of 2013. In prime parts of London, development land went up by 18.9% while across Greater London prices rose by 14.2%.

Savills concur with this sentiment stating that strong demand for a limited pool of sites continues to drive land price growth.  National greenfield development land values, excluding London, increased by 7.5% in the year to March 2014. Urban land values grew by 6.4% over the same period.  Savills said that the South East’s continuing buoyancy in the housing market has driven greenfield land value growth across the region suggesting that prices grew by 11.2% in the year to Q1 2014.

So for any buyers who are looking for a fabulous development opportunity which is also the bargain of the century, talk to the sales team at Barton Wyatt on 01344 843 000 or visit their website on www.bartonwyatt.co.uk.

Leading Surrey Estate Agent, Barton Wyatt scoops Best Surrey Estate Agent in the highly acclaimed International Property Awards.  This is the ninth year running that Barton Wyatt have been awarded for being top of their game.

Gathered at the London Marriott Grosvenor House Hotel on Friday October 24^th and sponsored by Rolls-Royce and Gaggenau, the UK Property Awards attracted entries from hundreds of companies across the length and breadth of the UK. Winning entrants were presented with either a ‘Highly Commended’ or ’5-Star’ award.

Partner James Wyatt comments:

“This is the eighth year that we have been awarded 5 stars for being the Best Surrey Estate Agent.  We are extremely delighted to receive this award again and it makes all the hard work and effort that the team put in really rewarding. It is always motivating for the company and our staff to be recognised for their achievements over the last year.

Barton Wyatt also lifted a highly commended award for their newly redesigned website.

Wyatt says:

“Having a stand-out website is essential in estate agency today and implementing a new site takes a considerable amount of time and energy from a great number of people.  We were keen to give ourselves an entirely new, forward thinking look and this meant starting from scratch, making the site look fresh, more appealing and easier to use.  Being highly commended for the new site makes me feel that it was definitely a worthwhile exercise.”

The International Property Awards are open to residential and commercial property professionals from around the globe.  They celebrate the highest levels of achievement by companies operating in all sectors of the property and real estate industry. An International Property Award is a world-renowned mark of excellence.

For more information contact Barton Wyatt on 01344 843 000, visit http://www.bartonwyatt.co.uk or drop in to speak to your award-winning local agents at The Estate Office, 2 Station Approach, Virginia Water, Surrey.

• Circa 40 homes being knocked down and replaced on the Wentworth Estate today
• Property prices in Wentworth & Virginia Water up 25% since 2008 (Barton Wyatt)
• Global millionaires to rise 53%, reaching 53.2 million by 2019 (Credit Suisse)

This £6,000,000 house – St Anthony – might look the epitome of classic luxury living in Surrey but sadly it no longer cuts the mustard.  The Georgian colonial house, built almost 100 years ago by W.G. Tarrant, was cutting edge in its time, designed by the son of renowned architect Sir Edward Lutyens. Both inside and out, the house is fascinating with a delightful balustrade balcony over grand columns and the gardens, designed by a leading landscape architect, truly outstanding.

Robert Lutyens was known as a moderniser and was greatly influenced by contemporary trends.  He famously collaborated with his father on Middleton Park for Lady Jersey, (the former Mrs Cary Grant and Chaplin’s muse as the blind flower girl in Limelight) and, under his influence, the house he designed for her was the first in England to have an en-suite bathroom in every bedroom.

Unsurprisingly his talents led him to the Wentworth Estate where W.G. Tarrant was busy crafting a cutting edge private estate for London gents.  Here they could escape the City at the weekend, play a spot of golf and all in the shadow of Windsor Castle and The Great Park where you might get the chance to spot a Royal.

Built in the 1930s, St Anthony would have been marketed as ‘timeless’ but the reality is, in today’s modern world, that there is no such thing as timeless when it comes to property. The house has remained in the same family for 45 years but with the ageing owners recently passing, the house has come onto the market with leading prime local estate agent, Barton Wyatt.

Partner of Barton Wyatt, James Wyatt comments on the prospects for St Anthony:

“The emotional side of me would like this grand old country home to remain as it is and get a massive internal makeover but the realistic part of me knows that this is unlikely to happen.  The renovation cost might be cheaper but a bulldozer and a rebuild will make the new owner, most likely a developer, a great deal more money if they play their cards right.”

The highly coveted land of the Wentworth Estate has around 800 houses dotted alongside the three world-class golf courses.  The entire estate covers over 1,750 acres of land and today there are approximately 40 plots where old style houses are being erased and replaced with new majestic mansions, likely to become homes for Kings, Queens and Oligarchs alike.

Wentworth however is heavily covenanted and this ensures no infilling can take place on what is locally known as ‘The Island’.  Plots that 20 years ago sold for £1m now go for £5m and the houses which sit upon them are being pulled down to make way for yet more brilliantly white, marble, almost castle-like homes that boast as many as 3,000 square meters.

These replacement houses will typically include amazing entertainment spaces, indoor and outdoor swimming pools, multi gyms, heated drives, huge underground parking areas, lavish en-suites, out of sight kitchens and the very, very best in luxury fittings.  No-one cuts corners when fitting out a home for a billionaire.

Wyatt comments:

“When you consider that a house of 3,000 square meters will be home to just a handful of people it can make your eyes water but it is a sign of the times for the super rich. House prices in Virginia Water and Wentworth have risen by 25% since the original crash in 2008 and my estimation is that they will continue to soar for quite some time.”

James mulls: “With statistics such as Credit Suisse revealing that the number of global millionaires is on the rise – they suggest that the figure is set to increase by 53% in the next 5 years – why wouldn’t you erase and replace? A multi-millionaire, British, Chinese, Middle Eastern or Russian, will want to buy it.  But I guarantee that by 2030 it will be dismantled again and become a project for another generation.”

For more information on St Anthony or other land plots available in Wentworth contact Barton Wyatt on 01344 843 000 or visit www.bartonwyatt.co.uk