The Plymouth property market remains very strong but is starting to “calm down” after a record-breaking start to 2022.
UK asking prices are at an all-time high ahead of what promises to be a hugely busy spring selling season.
According to Rightmove, asking prices jumped by £5,760 in March, to reach £354,564.
This is the first time the national average has breached the £350,000 mark. It also represents the largest increase at this time of year since March 2004.
Why do asking prices keep going up?
The increase in housing prices is largely due to buyer demand being so high.
So, if you’re thinking about selling, now is the perfect time to put your home on the market.
Your first step should be to get it valued. Get in touch with Lang Town & Country here for a free valuation.
What’s happening in the Plymouth property market?
Plymouth remains a hugely desirable location for house hunters.
During the past year, properties in the city had an overall average price of £224,496.
The majority of sales here in the last 12 months were terraced properties, selling for an average price of £199,974.
Semi-detached properties fetched an average of £233,802, with flats going for £152,769.
Sold prices in Plymouth overall were some 7% up on the previous year and 15% more than the 2019 peak of £203,518.
Paul Preen, Managing Director at Lang Town & Country, says: “There is still strong demand from buyers for correctly-priced properties.
“The beginning of 2022 started off really strong but the last few weeks have started to see the market calming down and prices starting to level.
“Six months ago we saw numerous purchasers chasing whatever came to the market.
“In most cases, properties then were selling for over the asking price. That doesn’t seem to be happening as much any more.”
Is now a good time to rent in Plymouth?
Plymouth’s rental market was extremely busy last year and shows no signs of slowing down in 2022.
Letting agents in Plymouth report that more tenants are actively looking than there is available stock.
Richard Rabin, Director at Lang Town & Country, said: “Rental prices in Plymouth remain high.
“There is currently huge demand from people wishing to rent quality properties in the city and surrounding areas.
“We are currently caught in a supply/demand scenario that I cannot see changing for the foreseeable future.
“This is due to the lack of rental supply and the continuing demand from renters either moving for their jobs, or people selling and not being able to find anything to buy.
“As always, rental properties should be maintained to their best standard not only to achieve the best rental figure, but also attract the right tenant for the property.”
If you’re thinking about becoming a landlord, here’s why you should choose Lang Town & Country.
