Purchasers were not prepared to commit to a purchase and vendors were equally unprepared to engineer a sale by reducing their price. Activity therefore ground to a halt.
Knight Frank now reports that the gloom appears to have lifted and the stalemate has ended.
In the last three weeks in St George’s Hill there have been two notable sales, firstly Highclere, a contemporary new build house of in excess of 14,000 square feet in 1 acre off a guide price of £7.25million. The other sale was concluded privately and both of the purchasers were international.
Tim Garbett, head of North Surrey sales, said: "In terms of activity the last three months have seen a complete reversal on the news of a year ago. The overseas purchasers have all been waiting in the wings over the last few months but none of them have actually committed to a purchase until recently. This news has boosted confidence locally and we are finding that all the private estates in this area, such as the Crown Estate in Oxshott and Burwood Park in Walton on Thames, have had a knock on effect and sales have tripled."
The Wentworth Estate has had a similar reaction and this was led by a private sale in July. Following this Knight Frank sold Virginia Gate, an attractive new build property which carried a guide price of £8million. In turn several other properties have sold including Connaught House, a stunning new house constructed by Rectory Homes which carried a guide price of £5.5million.
Have your say on this story using the comment section below