- Fri 10 Apr 2015
Working for Bradleys over the past seventeen years, I have seen the ups and downs of the Torbay property market but I am pleased to report that we are enjoying an extremely buoyant period. Activity levels in all three of our Torbay offices are returning to the levels we experienced back in 2007, when the housing market was last at its peak.
Consumer confidence is growing month on month, spurred on by far more optimistic reports of how well the economy is performing. This coupled with a mild winter has added to the extremely high numbers of new enquiries for properties within Torbay.
Bank interest rates are at a record low with mortgage rates also at a low, sparking increased activity within the buy to let sector. There are far more tenants than there are properties so a simple rule of supply and demand means that if one becomes vacant the property is re-let within a short space of time. House prices have become more realistic in the area and therefore rental yields are increasing against poor saving interest rates offering an investor a more lucrative return. There is also the chance of equity growth over the mid to long term of the investment and therefore an increasingly popular trend is developing, which is matching what we are seeing with more landlords than ever using our services.
We have seen a surge in activity from out of area buyers that are either looking to retire or re locate to The English Riviera. There are also plenty of people moving within the local area which has generated an increase in sales.
This year so far has brought an increase of activity in the upper end of the Torbay market with a number of sales on properties over £400,000. With Spring now upon us, this is the best time of year to market a property for sale and to achieve the best possible price.
Another benefit to buying in Torbay is the start of the Kingskerswell bypass that is due to be completed at the end of 2015. This will make Torbay far easier to access which may attract larger companies to invest in the local area. This should bring in more employment to the area and also attribute to an increase in local property values. A national newspaper reported in 2011 that Torbay was one of the areas that was identified as being an area of potential growth after the Highways Agency announced the go ahead for the bypass.
Torbay offers a comprehensive range of educational, recreational and sporting facilities. There are nine beaches within the bay, an international deep water marina and harbour where numerous events take place throughout the year. Within easy walking distance of the Harbourside, there are cafes, lively bars and restaurants. The bay offers mainline railway links to London Paddington, and the Cathedral City of Exeter is located within 40 minutes drive, as is the Maritime Port of Plymouth. The international airport at Exeter means the whole country and continent beyond are within easy reach.
Our three Torbay offices are fortunate to have a wealth of experienced staff providing in excess of 200 years of experience amongst them. This allows us to give correct initial advice on value and with a marketing strategy tailor made to suit each individual property designed to secure the best possible price.
I am confident with the strong spring housing market upon us, and I expect sales to keep on improving over the coming months, there isn't a better time to get your property on the market. We saw signs of this in February and March when for the first time in many years we experienced higher sales figures than new instructions coming to the market, so for the correct advice and marketing strategy be sure to contact me in the office on 01803 557155.
Bradleys Regional Manager