Are you thinking about buying or selling a home in Plymouth?
This year has seen UK house prices hit an all-time high, together with record-breaking demand for quality properties, which led to properties selling faster than ever before – many of them for over asking price.
During the past year, properties in the city had an overall average price of £227,919 (figures taken from RightMove on 15 November 2022).
The majority of sales here in the last 12 months were terraced properties, selling for an average price of £210,591. Semi-detached properties fetched an average of £260,847, with flats going for £141,955.
Sold prices in Plymouth overall were similar to the previous year and 11% more than the 2019 peak of £205,098.
So, is now a good time to move?
Here, James Clarke, director of our Lang Town & Country Land & New Homes department, talks about the challenges of the property market, as well as the positive signs ahead for buyers and sellers in 2023 – watch the video below.
How is the property market in Plymouth?
The Government’s Mini Budget in September 2022 unfortunately did us no favours in the housing market, particularly here in Plymouth.
We tend to find that whenever there is an announcement like this, it always causes instability in the market. Buyers and sellers tend to just sit and wait, to see and assess the situation.
This has been really evident with the political changes which have been happening recently, particularly with appointing a new Prime Minister, we’ve now started to see buyers coming back into the market in good numbers, and it’s the same for vendors as well.
Even though we are in November, which is traditionally a quieter month for new instructions, we are still seeing good levels of new instructions coming into the market.
How Lang Town & Country is helping buyers and sellers
At Lang Town & Country, we are blessed that we have been in the city for the best part of 30 years, so we’ve got some great hands-on experience of good and bad markets.
We’re able to steer our clients through any challenges that we are seeing in the economy and other events.
What’s in store for the Plymouth property market in 2023?
What I am expecting to see in 2023 is that we are going to return to what would be a normal, pre-pandemic market, where properties come onto the market well-presented and well-priced, and sell within a sensible timeframe.
Are we going to see properties coming to the market with multiple bids and over-asking-price offers like we’ve seen during Covid?
Probably not, but I think that all of us would probably prefer that more stable market with good transaction levels. This gives buyers and sellers the opportunity to sell their home and buy a home, but within a sensible timeframe and without that immediate pressure of having to pay over asking price to secure a property.
Is that what we want to see? Yes, it is. I think the skill of an agent is around negotiating and being able to make deals happen, and I think that in a less frantic market, which we’ve seen in recent years, that’s where good agents are really going to come into their own – to be able to steer their clients through whatever challenges the markets present us.
If you’re thinking about buying or selling a property, or would just like some advice, please contact us via the Lang Town & Country website here.
How else can I get in touch with Lang Town & Country?
Please do contact us and we’ll be more than happy to offer advice and a free valuation of your home.
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
Waterside team – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / enquiries@langtownandcountry.com
Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com
