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A bargain village is  headache for seller

AN entire Welsh village, which has been on the market for the past three years, just won’t sell, even though it’s going for the same price as a London flat.

The hamlet of Aberllefenni, south of Gwynedd, near Machynlleth, was put up for grabs by estate agent Dafydd Hardy for £1.5m, back in August 2016 .

Sixteen homes and cottages, along with dozens of acres of agricultural land, are included the sale. But it seems as though no buyers are tempted to make the plunge, reports WalesOnline .

Since then, it has been reduced in price by £250,000, because sellers blame the uncertainty around Brexit as a reason why it won’t go.

At £1.25million, it is currently valued at the same sum as a plush two-bed apartment in Knightsbridge in west London.

“The main problem is the lack of confidence in the market ever since the referendum took place,” said Mr Hardy. who has five offices covering Gwynedd, Anglesey, and Conwy.

“We’ve had a lot of interest, and we’ve even come close to selling them a few times. But the political goalposts keep getting moved, and no one knows what’s going to happen in the future.”

But because the properties are already tenanted, any potential landlords will have to consider potential changes to things like the EPC ratings levels. which govern energy efficiency.

“It could be that, but properties of a certain banding might end up being deemed unlettable until they’re brought up to spec,” said Mr Hardy. “That means installing new boilers and upgrading heating systems.

“That means a lot of prospective buyers will be waiting until long after the December General Election before deciding whether or not to take a punt.

“In fact, I think people will have to wait until a good six months, when the economy finally starts to calm down, and confidence returns to the market.”

Mr Hardy added: “It could be that properties of a certain banding might end up being deemed unlettable until they’re brought up to spec. That means installing new boilers and upgrading heating systems.

“It could keep a lot of prospective buyers waiting until long after the General Election before deciding whether or not to take a punt.

“We’re in a challenging climate, but we just have to find different ways of marketing the properties.”

He added, ruefully: “There’s definitely a buyer out there… somewhere!”

 

 

 

 

 

 

 

 

Short URL: http://www.canarianweekly.com/?p=51141

Posted by on Nov 29 2019. Filed under World News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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