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Latest News March 2010

Appleby Petfield have received recognition for services provided for reinstatement works after devastating fire damage to Wadhurst Country Services in an article in the December edition of the South East Farmer www.southeastfarmer.net (pages 43-47).

Appleby Petfield provided planning, design and contact administration services for reinstatement of this business after severe fire damage to create the significantly updated and improved premises. We worked in conjunction with the loss adjusters and a private building control company.

Appleby Petfield also received acknowledgement for work carried out to date on a proposed leisure project at Hounslow Heath, west London, in the Horticulture week magazine reference www.hortweek.com/channel/Landscape/article/929350/landscape-development-echos-Northala-Fields-mooted-Hounslow-Heath/

State of the Market

As the snows and rain have left (for now at least) and Christmas is a faded memory spring is upon us.

Recent national surveys show a fall in property prices for February 2010 after almost a year of continuous increase. Locally opinion is divided. There is little acceptance of price rises and a feeling the countrywide market figures are not reflective of any part of the country. As for falls, again little evidence locally but the cold wet weather has limited sellers and purchasers alike entering the market place.

As with many parts of the country Agents are suffering severely from a lack of supply of properties which itself is needed to create demand. A lack of supply may indeed be forcing up prices but values are still price sensitive. Some Sellers are being more bullish about asking prices and this will slow demand.

As 2010 is an election year this fact will play on the minds of potential Buyers and Sellers alike in their property decisions particularly as a potential Conservative administrations have confirmed that they would scrap the HIPs scheme (with the exception of the EPC).

The loss of the £175,000 stamp duty threshold will have a limited effect locally. There may well still be some pressure on properties at the lower threshold but the primary effect on value is the £250,000 threshold.

This tends to drag down property values of between £250,000 and £265,000 and as such acts as a deterrent for Sellers coming into the market place, who see values being capped at the threshold level.

Property buyers may also be wary of potential interest rate rises later in the year although the likelihood of this is directly related to inflationary pressure which is set to rise at least in the short term.

The property markets are certainly more buoyant in the coastal towns particularly with properties at the lower end of the market by comparison compared to inland towns locally.

General uncertainty as to the year ahead is creating a reluctance for potential buyers to enter the market place. of demand as a way of encouraging movement within the market.