- Mon 24 Jul 2017
Welcome to our latest property market review where we will look in detail as to what’s happening in the West Country and report on the first 6 months of 2017.
There are certainly some positive results to report, following on from the start of the year, the number of properties coming to the market for sale has continued at a lower rate than last year, however the volume of sales is up. The average days to find a buyer has reduced by 10 days and the price we are achieving is up to 96% of the asking price, which is good news for all sellers.
Last time I mentioned both Exeter and Plymouth were experiencing a shortage of available properties and this has continued with less properties coming to the market compared with this time last year, which is putting pressure on house prices in those areas. As a result, prices have risen in both cities, 7% in Plymouth and a staggering 12% in certain parts of Exeter although it must be said this is a generalisation and so each property must be looked at individually.
You may have read or heard a different story in the press, as some pundits have predicted a slowdown in the market but this is often taken from data across the UK and as we know this can be a very different story when looked at in detail region to region Rightmove’s house price index reported a fall in house prices from May into June of 0.4% across the country and the largest mortgage lender in the UK; Halifax are reporting a 1% drop in prices in June.
The overall outlook is still a very positive one; borrowing from mortgage companies is still very cheap. Property is still seen as a safe investment and in certain areas property investors are returning as rental yields are still strong as our available rental stock across the West country is quickly let.
I’ll continue to keep you updated of all things property and please feel free to contact us with any questions you have on the market via our website Facebook, Youtube or Twitter.
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