DETACHED HOMES IN NORTH DEVON SEE MASSIVE RISE IN VALUE

There has been a lot of talk locally in North Devon about house prices particularily over this last year. The market nationally and also locally has boomed, with a lack of supply and increasing demand pushing house prices to new record levels.

But what does this actually mean for house prices in North Devon? According to property portal Rightmove the average house price in north Devon is now £307,448 with sold prices up 35% on the previous 12 months, across all property types.

This is great news for home owners looking to downsize, as the difference between the home they sell and the home they buy will mean they benefit significantly from this recent boom.

Those home owners looking to move areas but at pretty much the same price will see that prices are relative to the area they are moving from, compared to the area they are moving to. They will see that the price of the house they are buying is broadly relative to the price they are selling for i.e. their house has gone up by as much as the one they are buying, so there is no major win from price increases alone.

However, those homeowners looking to upsize to a larger property will probably have had to find more cash, or increase their borrowing, in order to secure their next home. Those moving up from terraced homes to semi- detached or detached homes will have been affected the most with prices for semi’s increasing by 45% and detached homes by a huge 52%.  Terraced house prices only increased by 28%, so financially the move up to their next home is a big one.

Detached homes saw the highest increase with prices increasing 52% with the average price of a detached home now just over £418,000. The highest detached sale price was £1,700,000 and the lowest just £130,000! Demand for unique and distictive homes soared with both character and modern homes in great locations getting the lions share of buyer attention.

This is largely fueled by an increase in demand for family homes and a lack of supply of homes to buy. Property transactions were down signicantly in the last 12 months to just 1717 sold, compared to 2612 in the previous year.

The forecast for this year is mixed with some prediciting a correction in house prices to a more or lesser degree, depending on who you speak to. However, as the supply of available homes for sale still remains lower than at any time in the last decade and demand showing little signs of dropping off, its likely that price increases with continue, at least in the short term.

If you would like further information or advice about the value of your unique or distinctive home please get in touch by contacting us on 01271 410108 or email sales@matchproperty.co.uk

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