- Wed 20 Jul 2022
Whether you are a seller, buyer, landlord or tenant it is always important to keep up to date with the current market trends in your area, in order to give you the best insight in to understanding your position within the housing market. This week we have researched the current market trends in Exeter and the surrounding post code area, and have a handful of knowledge to pass on to keep you up to date!
Firstly, it is always important to compare the different types of homes in your area, especially when you are looking to downsize or upsize on your next move. According to Zoopla, in the last quarter detached homes seem to be the most popular type of property with 553 transactions carried out with the average sold price being £387,500. Following on from that, 474 terraced homes were sold at an average sold price of £226,400, semi-detached homes are next with 300 sales at an average of £273,500 and finally apartments, proving to be the least popular property type in the Exeter area with 200 transactions over the last 3 months.
It is being widely reported that the market is beginning to slow down with prices not exceeding their asking price as often as we experienced in 2021, this factor could also be to do with the rise in the cost living. The increased costs in living will have a knock on impact to the housing market and because of that we see a lower number of buyers in the market, as well as buyers having to be more realistic with what they can afford.
Following on from that, now is a good time for Landlords to think about expanding their portfolio as renting seems to be more appealing with mortgage rates beginning to increase. In the Exeter area, the average asking rent is £802 with it currently taking only 9 days to let a property on average. With the cost of living prices on the up, renting could become more attractive to many people, therefore now would be the best time to get in touch with your local Bradleys agent to find out the anticipated rental yields on any properties you are interested in before making an offer.
Furthermore, according to research carried out, the top three keywords home hunters in the EX postcode are searching for are ‘sea views’, ‘annexe’ and ‘acres’ with the highest percentage of home buyers looking in Exeter being between the ages of 25-34 at 19.70% and lowest percentage of buyers being between the ages of 18-24 at 11.40%.
Bradleys Estate Agents have 30 offices covering Devon, Cornwall and Somerset with three offices based in Exeter; North Street, Cowick Street and Southernhay. There are also 6 other offices in the EX post code area. For more information on the housing market within the Exeter area be sure to get in touch with your local expert who would be more than happy to assist you with any questions that you may have. We look forward to helping you with your home moving journey.