Yesterday I spent the day visiting estate agents on behalf of clients and I detected the first signs of real optimism returning to the market. One agent actually secured five sales during the day- something which would have been unheard of a few months ago. In recent weeks the media have reported an increase in the number of buyer inquiries and a narrowing of the gap between asking and sale prices across the country — so it’s not surprising that some analysts suggest that the worst may be behind us.

However the wider economic picture is still uncertain. Interest rates will go up eventually so overextending yourself to buy a property which is not going to be your home for many years to come is  definitely to be avoided. However as reported in the Times this week, there are ways in which you can take advantage of this new mood of optimism and survive a situation where prices may take longer to rise. Here’s my take on what they had to say.

• Buy off plan.

Buying a property before it has been built is one potential way of buying an appreciating asset but don’t forget prices go down as well as up. As a long term investment however it’s a sensible move. They are not as easy to find in the current market however. Make sure that the developer is covered by the National Housebuilding Council and go for a family home and not a city centre flat.

• Buy land

Land prices have fallen more sharply than property prices on the whole and there are more plots available than there were. You could speculate on land without planning permission in the hope that it would be granted eventually. Less risky is buying land with planning permission and taking advantage of the availability of cheaper skilled labour whilst developers are less busy. But be prepared to pay more for land which is a likely development in the future (up to twice the asking price for plots in villages which do not yet have planning permission, in my recent experience.) You can always sit on the land and off load it in the future when prices have risen again.

• Buy near improving transport links

This is relevant only in areas where there is huge investment in new infrastructure. If you live in my patch, face facts…. you’ll  need a car.  But some villages and towns are better connected and have better facilities. It’s all about location.

• Buy at auction

If you have the means to buy at auction you can pick up a property requiring work for less than you would from a high street agent and you have the opportunity to add value. But gointo it with your eyes open. 

• Get planning permission

This is a sensible option if your property is looking a bit tired or in need of renovation as it helps prospective buyers visualise what they could do and they don’t need to go through the hassle of applying for planning permission themselves. If your property is in tip top condition it simply isn’t worth it unless you have a garden large enough to build a house on.

• Extend your lease or buy the freehold

Now is the time to do this because the amount you pay to extend a lease is determined by the value of the property. Lower house prices means it’s cheaper to extend the lease. This can increase marketability even if it doesn’t increase the value of your property all that much. Buying the freehold of the building where your leasehold property is located will allow you more flexibility to improve the look of the common parts and potentially improve your own property.

Whatever you decide to do in the current market thinking long term is the most sensible option.

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Recently I heard from a lady who had made an enforced move from the heart of the country to a market town. Like me she is a country girl at heart and had found the whole process somewhat stressful. The decision wasn’t really hers. It was to allow her husband an easier commute to work, to find more affordable property and for the sake of her growing children who wanted to be where the action was. I sympathised………having been in a similar position a few years ago. It made me think about the way I advise clients who come to me yearning for the country life but who may not be prepared for the reality. For downshifters in particular it’s important to identify the reasons behind a desire to move to the country. Clients almost always mention living a simpler life, consuming less and a sense of community among their reasons. Many of these can be served equally well (if not better) in a market town rather than at the bottom of a muddy lane. So I thought I’d give you  ten reasons why moving to a market town may be a very good thing.

• Market towns were the ancient hubs of rural life and many occupy a beautiful setting, close to a river or perched on a hill. If you want to live in a pretty place, look no further.
• Inevitably market towns have developed and expanded over time and often as a result of one particular trade. In the case of my own town of Bradford on Avon it was the cloth trade. As a result there is a greater variety of period housing from large merchant’s villas to artisan’s cottages. On the whole you get more choice for your money than you would buying in a village.
• Usually they are well served by specialist shops and markets - and you can walk there. How great is that?
• Your children can get to a good school, take part in any number of extra-curricular activities and see their friends without you spending your life in the car.
• Not only are market towns full of numerous opportunities to take part in leisure activities, you’ll have the time to do them because you won’t be commuting for hours every week.
• Public transport links are usually good so getting anywhere is easier.
• Many market towns still have a great sense of community so if this is important to you, don’t worry that you’ll become anonymous once you’re surrounded by larger numbers.
• You may not be in the middle of a field but you are still close to countryside. My walk to the shops is through a wood two minutes away from my front door and in fifteen minutes I can be in splendid isolation.
• You’ll be surrounded by a sense of history.
• Most facilities are easily accessible - doctor, vet, dentist - which is great, however old you are and really cuts down on stress.

Of course every market town has its own distinctive character. Some have been eroded by ill-considered development or the town centre may resemble that of any number of others but there are still hundreds of gems out there. My friend has settled rather well to town life. As she says herself  “we may like to think that our heart resides in the country. It doesn’t mean that our body has to accompany it”.

For relocation help and advice click here