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Will soaring Plymouth property market continue in 2022?

Houses

Rising demand and house prices in 2021 saw Plymouth experience one of the busiest market places in living memory.

Estate agents in Plymouth and the surrounding areas reported record numbers of homes selling for above their asking price.

It’s no different in the lettings sector, where more and more people are seeing property as a long-term investment.

Here, we look at what’s in store for buyers, sellers, renters and landlords in 2022.

I’m thinking of moving in 2022. What can I expect?

The average sale price of a home in Plymouth over the last 12 months is £219,468. According to Dataloft, that is some 9% higher than the previous year.

Estate agents in Plymouth think this figure is actually closer to 12%. In the PL3 postcode alone, properties have increased by a huge 15%.

Matt Minett, Land & New Homes manager, says: “Plymouth and the surrounding areas saw one of the busiest market places in living memory in 2021.

“Among the main factors behind this was the Stamp Duty Land Tax (SDLT) holiday.

“More than a million people saved money on buying a property since the scheme was announced in July 2020.

“Even after the holiday finished, house-hunters’ demand for quality homes in Plymouth remained high.

“We also saw people wanting or needing to work from home. And there was an increase in demand from buyers moving to the South West for a different lifestyle in light of the Covid-19 pandemic.

“Plymouth and the surrounding areas have seen huge uplifts in buyer activity this year. The city has become more desirable to buyers who:

  • Wish to work from home – people from outside Plymouth moving to the city to work from home while also having the benefits of a train station and Exeter Airport, which is less than 50 miles away.
  • Want a different lifestyle – those who want to be close to the moors and/or the sea.
  • Are interested in investing – people who want to invest in short-term holiday lets or rented accommodation to make the most of good rental yields.
  • Are already local – the majority of buyers are those who already live in the area.

“This year, Rightmove has predicted the market to increase by a further 5% nationwide. That includes slightly higher increases in the South West.

“This is despite a sharp increase in inflation and Bank of England base rate rise last December.

“The fundamentals in the market are supply and demand. The lack of houses on the market means that property prices will likely continue to increase throughout the year. We also expect each new instruction to have multiple viewings and offers.

“If you’re thinking about selling your home, your first step should be to get it valued. Fill in our form here and we’ll be in touch to give you a free valuation.

“And if you’re a first-time buyer, we’ve also put together this handy guide containing all the questions you should ask before you purchase a property.”

I want to become a landlord in Plymouth. Is now a good time?

The Plymouth rental market was extremely busy last year and shows no signs of slowing down in 2022.

Even at this early stage, we’re seeing huge demand for quality properties in the city and surrounding areas.

And letting agents in Plymouth report more tenants actively looking than there is available stock.

The average rent achieved for properties let in Plymouth over the last year was £696 pcm. According to Dataloft, this reflects a 7% rise on the previous 12-month period.

Richard Rabin, Director at Lang Town & Country,  said: “I would say that 2021 was the busiest year I have ever seen for lettings.

“Things quietened down approaching Christmas, but the first few days of the New Year have seen a flying start.

“I expect the same for 2022, with rental prices remaining high and a strong demand from people wishing to rent.

“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.

“Previously, we were achieving £575 pcm for a typical one-bedroom apartment. Now, we’re looking at rents up to £650 pcm for the same property.

“The same applies when we look at the larger high-end properties. Only 18 months ago a typical four-bedroom detached was £1,250 pcm. We are now achieving rents around £1,500 to 1,600pcm.

“If you’re thinking about becoming a landlord, here’s why you should choose Lang Town & Country.”

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