Equine hopes amid gloom

There is no doubt that 2009 will be a challenging year for the property market as a whole. However, while residential property prices may slide further, a glimmer of hope remains in the equestrian property market.

The general feeling is that the equestrian market may not be as depressed as the residential market.

Here, the decline in prices has been less marked and there is still a good demand for equestrian property at all ends of the scale.

Equine property is still scarce – very few quality equine properties with good facilities are coming forward, which helps to maintain prices.

Those looking to buy have little choice and may have to look at properties with the basic infrastructure on which to create the facilities they need.

Vendors

For vendors, the key, as with all property, is realistic pricing. Get the price right and an equestrian property will have much better prospects of selling.

As agents, it is part of our job to manage our clients' expectations.

The guide price is likely to be a compromise between our opinion and our clients' expectations, but it is vital to get the guide price right from the beginning.

The most important time when selling a property is in the first three weeks of marketing – get the guide price right and potential purchasers will be attracted to a property which is fresh on the market. Get the guide price wrong and it will be difficult to attract interest and the property will become stale, even if you subsequently reduce the price.

We don't know if the market has bottomed out yet. People are still afraid that the market may come down again and may be reluctant to buy until they are convinced that the market has reached its lowest price.

We need a couple of months of stable or slightly increased house prices to put confidence back into the property market.

In this difficult market, it is essential vendors receive the best possible service with attention to detail from an agent focused on the property in hand, with an understanding of the market and the skills to present the property straight to the target audience.

A structured, bespoke marketing strategy is required for each property to ensure the property reaches its potential market effectively.

Equestrian property comes in varying shapes and sizes:

• It could be an exquisite estate with courtyard of stables from where a string of national hunt horses are trained; or
• A paddock of one acre on which to graze the beloved family Shetland.

Encompassed under the banner of equestrian property are a multitude property types.

Should you renovate or redecorate before selling?

It may be worth obtaining planning permission for additional facilities to increase your property's value and marketability. Take advice from your agent.

As for redecorating, usually the answer is no.

If everything is clean and tidy, then painting and decorating is likely to involve spending money unnecessarily.

However, if the bedrooms are all a hideous colour, you may wish to give them a lick of magnolia.

Purchasers will certainly have their own ideas in terms of decoration.

If you are selling at the top end of the market though and your property is supposed to be top notch, then it needs to be immaculately presented to warrant a high guide price.

Are there any bargains?

We are currently experiencing unprecedented economic conditions. In the last 12 months we have lived through the highest ever average land prices and the fastest economic slowdown ever witnessed.

Although the economic slowdown has affected the rural market slower than the residential market, these conditions will ultimately lead to opportunities for some when purchasing property.

The inability of some buyers to obtain funding has resulted in the falling through of some transactions which can then be snapped up by those less reliant on funding.

Tips for buyers

If you are looking to buy an equestrian property, remember the most important consideration is the infra-structure.

Are the buildings structur-ally sound and watertight so you can move your horses into a safe, secure and warm environment?

Location, location, location – a cliché but vital when it comes to equestrian property.

The proximity to good riding, topography of the ground for fitness work and access to a good road network for travelling to competitions, are

just a few factors equestrian property purchasers should consider.

Watch out for the words ‘subject to planning' on the sales particulars.

Buyers need to explore planning thoroughly before proceeding. And make sure the property will provide you with the facilities you need.

Buying ‘ready-made' can be great if the facilities are exactly what you need, but these properties will always command a premium price.

Look for ways properties can be adapted or extended to create exactly what you require.

To conclude, now is the time to sell, as there's very little of quality available.

If you are serious about selling, and the price is right and it's fresh to the market, an equestrian property will still sell.

The initial weeks are your best time and if you don't do your property justice, then you may be stuck with it.