
Prices plummet, but good news for some?
This time last year I thought prices in North Devon would track the national market more closely. I predicted that the market had bottomed out from the post Covid correction and prices would start to rise. This did happen when you look at the national stats overall but it wasn’t the case in North Devon.
The exceptional boom we experienced in North Devon post Covid meant that there would be a more prolonged correction in our part of the UK. I think this has been largely driven by a shift in buyer demand, the partial reversal of the trend for home working, as well as higher mortgage costs.
As we step into the beginning of 2025, North Devon’s property market presents a mixed picture for sellers. While some areas have shown resilience over the last year, others reflect the challenges of a shifting market.
For sellers, understanding the local dynamics and making informed decisions is critical to achieving a successful sale. Equally for buyers, with increased choice but more variation in pricing, understanding where the market is can reveal great opportunities when trying to select the right property to purchase.
In this market update, I delve into key statistics, provide insights for sellers and buyers and conclude with some actionable strategies for sellers to navigate the current landscape.
The Facts and Figures
The overall average house price in North Devon over the last year stands at £318,025, reflecting a 7% decrease compared to the previous year. This dip mirrors broader regional trends, but as always, the devil is in the details. Let’s break down the figures by property type:
– Detached properties: Average price of £430,168
– Semi-detached properties: Average price of £297,288
– Terraced properties: Average price of £238,168
Although a negative 7% fall in prices is not great news it could be lucky for some as some areas and types of homes fair better than others.
The majority of properties sold in North Devon fall into the detached category, commanding a premium price point probably performing better than other property types.
However, terraced and semi-detached homes remain essential segments of the market, appealing to first-time buyers and investors.
Key Town Insights
Barnstaple
Barnstaple, as the key town in North Devon, saw house prices averaging £274,940 over the last year, with trends relatively stable compared to the previous year. The breakdown is as follows:
– Terraced properties: Average price of £216,077
– Semi-detached properties: Average price of £268,174
– Detached properties: Average price of £384,779
For sellers, Barnstaple’s stability offers reassurance, especially in a market that’s seen broader declines. Terraced properties dominate sales, making competitive pricing critical for sellers in this category.
Bideford
In Bideford, house prices averaged £234,679, reflecting a 7% decrease compared to the previous year. Here’s how the numbers stack up:
– Terraced properties: Average price of £207,036
– Semi-detached properties: Average price of £246,879
– Detached properties**: Average price of £352,931
Bideford’s terraced properties remain the most active segment, but the town’s market has faced headwinds, requiring sellers to adopt a strategic approach to stand out.
Coastal Hotspots
North Devon’s coastal areas continue to be a highlight, with properties in Instow and Woolacombe showing remarkable resilience against changing tides.
Instow
Instow’s house prices have seen a 4% increase over the last year, with an overall average of £563,286. The breakdown by property type includes:
– Detached properties: Average price of £672,667
– Semi-detached properties: Average price of £690,000
– Flats: Average price of £302,500
The demand for Instow’s coastal charm continues to drive prices upward, making it a bright spot in the market.
Woolacombe
Woolacombe’s market saw a 6% decline, with an overall average house price of £638,902. Property types sold include:
– Detached properties: Average price of £753,205
– Flats: Average price of £550,000
Despite the dip, last year and the year before, Woolacombe remains a high-value, high demand market, particularly for buyers seeking luxury coastal properties.
Opportunities for Buyers
Increased choice has its own challenges and with many sellers not yet aligned to the market from a pricing point of view know what the right price is, can be challenging. Most buyers will find they get quite well tuned to the market as they watch the better presented and priced homes sell quickly. Those properties left over will need careful negotiation to avoid over paying and reluctant sellers may simply not be willing to agree sales where the market levels are, meaning buyers will feel frustrated in not being able to secure a property at a price that is realistic.
For many buyers it will be a case of, if at first you don’t succeed…move onto the next one.
Current Challenges for Sellers
Longer Time on Market
According to Rightmove, 474 properties priced above £500,000 in North Devon have been on the market for over 12 weeks, with an average time of 218 days. This highlights the importance of setting realistic expectations and adopting proactive strategies to attract buyers.
Properties going stale due to lack of strategy and proactive pricing updates has been a feature of the market in 2024. Many sellers I have spoken with are reporting very low viewing numbers with some attracting no viewings at all, for months at a time.
National vs. Local Trends
While national headlines report annual house price increases of 4.7% (according to Nationwide) and a record average price of £298,083, North Devon’s market reflects a more nuanced reality.
Local sellers should focus on regional data and avoid being swayed by broader national trends that may not align with North Devon’s specific conditions. A post covid correction in pricing has clearly occurred but as sellers begin to grasp the reality of this it should largely work through the market by the Spring.
Strategic Solutions for Sellers
1. Accurate Pricing is Key
In a market where buyers have abundant options, pricing your home competitively is crucial. Work with a local expert to analyse comparable sales and set a realistic price that reflects current market conditions. Overpricing can lead to stagnation, while strategic pricing can generate more interest and potentially attract multiple offers.
2. Enhance Presentation and Staging
First impressions matter. Whether your property is a detached home in Instow or a terraced house in Barnstaple, proper home staging can make a world of difference.
Focus on:
– Decluttering: Create a clean, spacious feel.
– Neutral Decor: Allow buyers to envision themselves in the space.
– Curb Appeal: Invest in landscaping and exterior maintenance to attract buyers from the outset.
3. Leverage Lifestyle Marketing
Highlight what makes your property unique and how it fits the lifestyle aspirations of potential buyers. Is it proximity to beaches, schools, or transport links? Emphasize these selling points in your marketing materials and online listings.
4. Use High-Quality Marketing
With buyers relying heavily on online property searches, high-quality photography, video, and engaging descriptions are non-negotiable. Consider using drone footage or lifestyle videos to showcase your property’s best features.
5. Refresh Your Listing
If your property has been on the market for a while, it’s time for a refresh. Update the photos, revise the description, and consider hosting an ‘Open House’ to attract new interest. Staying active and visible in the market is key.
6. Stay Flexible
In a challenging market, flexibility can be your greatest asset. Be open to negotiating on terms, such as moving dates or including certain furnishings. Flexibility can make your property more appealing to potential buyers.
Adapting to Succeed
The North Devon property market in 2025 presents both challenges and opportunities for sellers. While overall prices have softened, certain areas and property types continue to perform well. By focusing on accurate pricing, exceptional presentation, and targeted marketing, you can position your home for great success.
Selling in today’s market requires a proactive, solutions-based approach. At the heart of every successful sale is an understanding of what buyers want and a willingness to adapt to market conditions. With the right strategy, you can achieve a sale that meets your goals, even in a competitive landscape.
For more information about your individual needs feel free to contact us for a chat, we are always happy to help. Call our friendly team on 01271 410108 or email nic@matchproperty.co.uk