Stock levels are currently insufficient to match levels of demand from buyers and this imbalance could ultimately keep driving prices upwards, moreover, interest rates remain low and there is more choice than ever from mortgage lenders, hopefully, signs of increased confidence among buyers will eventually be reflected by renewed vendor confidence and we will see a wider range of properties being made available for sale.
With political and economic conditions remaining uncertain, there may be slower than expected house price growth in 2020 but this should bounce back once confidence and stability has returned.
Despite this uncertainty the residential market in Plymouth remains active, there are a number of significant developments currently under construction with a large number of student accommodation amongst them, to see sustained levels of growth, housing supply needs to be a focus to ensure local families have access to affordable homes in and around the city.
Plymouth has a thriving private rented sector and a growing trend in people looking to invest in Air B&B properties in and around the historic water font, investment properties are currently in strong demand from local and seasoned investors who see Plymouth as a great are to invest in for capital growth with the future development potential of the city.
If you are considering selling your property now would be a fantastic time to do so.
Paul Preen, Managing Director.