Britain’s property market may be showing signs of slowing down, but activity in Plymouth remains strong.
According to the results of the latest Royal Institution of Chartered Surveyors (RICS) UK Residential Survey, there has been a renewed deterioration in sales market activity.
Property prices across the UK continued to slow in June 2023 and many estate agents surveyed by RICS believe further falls could be on the cards in the coming months.
Simon Rubinsohn, RICS’ Chief Economist, comments: “The latest increase in interest rates and the impact this has already had on mortgage rates is clearly visible in the key RICS metrics regarding buyer enquiries, sales and prices which have all retreated over the past month.
“Inevitably in this environment, activity levels are likely to remain relatively subdued. However, an important message coming back from RICS agents is around ensuring prices are set with an eye on the market conditions of today, rather than the recent past; when this is done, sales are taking place.
“It is also worth bearing in mind that house prices are only very modestly down on their recent highs and well above where they stood prior to the onset of the pandemic.
“Further declines are possible but need to be seen in the context of the previous strength in the market. Additional questions included in the latest survey also provide some support for the notion that, on balance, properties with better energy efficiency credentials are holding their value better than some others”.
What’s happening in the Plymouth property market?
Despite declining transactions nationwide, estate agents in Plymouth – including Lang Town & Country – report that the city’s housing market is “as buoyant as it has been for a number of years”.
Paul Preen, Managing Director of Lang Town & Country, says: “It’s true there has been a lot of uncertainty this year, with rising interest rates, economic crisis and the cost of living.
“But there are certainly people out there still looking to buy, and the sales figures that we’ve produced so far this year have been very positive and completely against the grain of what the media are telling us.
“If you are thinking about selling or buying a property, it’s crucial that you choose the right estate agent.”
Choosing the right Plymouth estate agent
Last year, Lang Town & Country was the best selling estate agent in Plymouth for the fourth year running.
Statistics from Zoopla show that we sold 316 properties in 2022 – over 50 more than the next best selling agent in Plymouth.
Paul adds: “The housing market is as buoyant as I’ve seen it for a number of years. What I would say is that the current market is very price-sensitive currently.
“There are certain aspects of the current market that take me back to the year 2008, where the pricing of a property is critical. You have to get your asking price right at the first attempt to attract the correct buyers.
“Using our expertise and experience in the local property market, we can help you do just that.”
“If you want any further information, please do contact your local Lang Town & Country office, and our teams will be more than happy to discuss with you how things are at this current time.”
How do I get in touch with Lang Town & Country?
If you’re thinking about selling your home, your first step should be to get it valued.
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 Office – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / enquiries@langtownandcountry.com
Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com
