We continue our series of interview with prominent estate agents from around the UK by speaking to Clive Robinson, owner of Robinson's Portfolio in Bury St Edmunds
Could you please give us a brief introduction to your company and the area in which you operate?
I have over twenty years of experience in property, and founded Robinson's Portfolio in 1998. We have one branch in Bury St Edmunds and sell properties within a 15 mile radius of the town centre.
What types of properties do you sell?
We sell a wide range of homes, from cottages and barn conversions to farms and listed properties. Our residential sales business falls in to two categories - individual and character, and our core price range is from £300,000 to £900,000. We also provide a special service that caters for elderly, disabled and executor sales, which accounts for about 10% of our business.
What are market conditions currently like in your area?
The residential sales market here is very buoyant. In the last six months we have certainly seen an upturn, with the recession moving further in to the distance and the economy growing. The property market in general can be quite seasonal, with May, June and July being three of the busiest months of the year and December and January a little quieter. Supply is an issue to a degree, but it isn't causing the market to falter.
Who buys properties in Bury St Edmunds?
Around 75% of our buyers are locals, and tend to be people upsizing, downsizing or moving to be closer to the best schools. The remaining 25% are from further afield, with quite a big draw coming from London. Aside from the odd local with a nest egg, we don't see too much activity from investors here, as the town doesn't have things like modern apartment blocks, which are usually the prime target for buy-to-let investments. We also don't have many transactions involving first-time buyers.
What are the main attractions of Bury St Edmunds for homebuyers?
Bury St Edmunds is an ancient settlement that is known as the jewel in the crown of Norfolk. It's a very charming place - in the town centre we have an older demographic, while the outskirts of the town are very popular with young families. Bury St Edmunds is also a great place from which to explore Norfolk and beyond - we are located just an hour from the Heritage Coast and two hours from the North Norfolk Coast. London is also easily accessible, with trains to Kings Cross taking around an hour and forty minutes.
What do you expect to see happen in the local market during the remainder of the year?
I think we will continue to see the market settling down. GDP is steady, the new affordability checks on mortgage applications are having an effect and Mark Carney has the right ideas about cooling the market. Many years ago, properties in Bury St Edmunds sold for consistent prices year-on-year, but despite the recent upturn we're still a distance away from that now.