The Plymouth property market is booming, which is fantastic news for buyers and sellers alike.
And if you’re looking to sell your home quickly, you’re in the right place!
According to a newly released Transaction Speed Index (TSI) by OnTheMarket, Britain’s Ocean City has been identified as the fastest location in the UK for property sales.
Estate agents in Plymouth report that homes are flying off the market, with an average of just 32 days from listing to being sold subject to contract (SSTC).
This remarkable pace puts Plymouth ahead of all other cities in the UK, including Newcastle-upon-Tyne, which follows closely with an average of 35 days, and Luton and Bristol, both averaging 37 days.
Plymouth’s success is particularly impressive considering last year’s fastest town, Swindon, has dropped to fifth place, with properties now taking 38 days to sell, compared to 30 days last year.
Why are Plymouth properties selling faster than anywhere else in the UK?
There are several factors which are causing properties to sell quickly in Plymouth.
Britain’s Ocean City offers a rich maritime history, not to mention the perfect blend of urban and coastal living.
Its property market benefits from a combination of affordable prices compared to other regions, desirable amenities, and a strong sense of community.
Plymouth was also recently named one of the top family-friendly cities in the UK.
Additionally, the city is seeing significant investment in infrastructure, further boosting its appeal to buyers looking for a well-connected city that still retains a unique charm.
Jason Tebb, president of OnTheMarket, provides some insights into the dynamics of fast-moving property markets like Plymouth. He explains, “With a good mix of southern and northern towns making up the fastest and slowest regions on our list, the north/south divide can’t be used to explain away varying transaction speeds.
“A combination of regional factors is coming into play including demand, available stock, number of applicants, competition and pricing.”
In Plymouth’s case, demand is currently outstripping supply, which has led to a highly competitive market. With 63% of homes in Plymouth selling within 30 days, it’s clear that the city is experiencing a significant surge in property interest.
In contrast, London, despite its global appeal, sees only 41% of its properties sell within the same timeframe.
What this means for buyers and sellers in Plymouth
For sellers in Plymouth, the current market conditions present an excellent opportunity to achieve a quick and potentially lucrative sale.
However, the high demand also means that buyers need to be prepared to act fast. With homes in Plymouth selling in just over a month on average, hesitation could result in missing out on a desired property.
Buyers should ensure their finances are in order, with pre-approved mortgages and a clear idea of what they’re looking for. Given the competition, it’s essential to be ready to make a prompt offer when the right property comes along.
Paul Preen, Managing Director of Lang Town & Country, says: “Whether you’re looking to buy or sell a property, a good estate agent will hold your hand and guide you through the entire moving process. From the moment you do the initial evaluation to the day that you hand the keys over to the new homeowner.
“It’s not just a question of coming out and providing a valuation. It’s making sure that the whole moving process is done as smoothly and as efficiently as possible, taking the stress away and giving you peace of mind.”
Here are 10 questions you need to ask your estate agent before moving.
Why choose a local estate agent to sell your Plymouth property?
In a fast-paced market like Plymouth, the role of a knowledgeable and experienced estate agent becomes even more crucial.
Familiar with the nuances of the Plymouth property market, local agents are well-positioned to advise sellers on how to make their homes stand out in a competitive environment.
Paul adds: “The current demand in Plymouth is unlike anything we’ve seen in recent years.
“Properties that are priced right and marketed effectively are receiving multiple offers within days of going on the market.
“The key is to understand what buyers are looking for and to present the property in the best possible light.”
I’m thinking about moving. What’s the next step?
If you’re thinking about selling your home, your first step should be to get it valued.
Get in touch with our Lang Town & Country team and we’ll be more than happy to offer advice and a free valuation of your property.
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
Waterside – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / enquiries@langtownandcountry.com
Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com
