Here is ourAutumn 2020 Property Market update for north Devon
To recap since the market was reopened on the 13th of May there has been there has been a big influx of buyer demand with people now looking to make their move.
Over the summer the market was strong and sales were up across all price ranges, but what is the market doing right now and what is likely to happen in the coming months?
To give us an insight let’s look at the data for the last year.
So across north Devon the average property price is now £260,000, that a whopping increase of 43% since 2019 and an 18% increase on the peak of 2015.
By far the best selling properties have been of detached houses now with an average price around £345,000
And the price per square foot is around £400.
According to Rightmove house prices in North Devon are up 5.2% this year
In total 1388 properties have actually sold in the last year with the most expensive being in Croyde with a sale price of £2,000,000
Unsurprsingly, the coastal areas dominate house sales in the premium property market. Since the market reopened in May the premium market, those properties priced over £500,000, has seen 168 sales agreed.
With an average asking price at £713,000.
The EX39 postcode has seen the highest number of premium sales agreed with 47 in the last year and an average asking price of £624,000.
Closely followed by EX31 with 33 sales agreed and an average asking price of £720,000
And so what is likely for the rest of the year and into next year?
The overall expectation is that thanks to low interest rates, pent up demand after the lockdown and the current stamp duty holiday until next March, there hasn’t been a better time to buy for sometime and buyer demand will stay strong.
Prices are likely to stay strong as the demand is expected to continue to out strip supply in this area. With buyers keen to agree sales on properties before the end of the year so that they can guarantee they benefit from the stamp duty holiday, the market is expected to stay busy right up to Christmas. January is also expected to get off to a flying start.
The stamp duty holiday offers great savings for buyers with a saving of £2500 on a property purchase of £250,000 and for those premium buyers on a £500,000 purchase that’s a saving of £15,000.
With interest rates still at an historic low of 0.1% it’s a great time for buyers to borrow but the mortgage markets have tightened with 10% deposits now unlikely, buyers will need to find at least a 15% deposit right now.
With strong demand from buyers and unmatched supply, it looks like it will continue to be a sellers market for some time and a great time to get a quick sale and move on with your plans.
We hope you have found this information useful and if you have any queries at all as always just get in touch on 01271 410108 or you can email us at firstname.lastname@example.org.