Welcome to the October 2023 Plymouth property market update. I am providing this update following the Bank of England’s decision to maintain interest rates at 5.25% for the second consecutive meeting. This is indeed promising news for the Plymouth Property Market, as several lenders have recently reduced their mortgage rates. Now that Halloween has passed and autumn is in full swing, let’s dive into what’s been happening on the ground.
Market Activity:
- New property instructions have seen a 12% decline compared to September 2023 and are down by 5% from October 2022.
- Sale-agreed properties have decreased by 7%, but there’s a noteworthy 9% increase in comparison to October 2022.
- The number of available properties has marginally decreased by 30 units. However, there are 21% more properties available on the market than at the same time last year.
Property Prices:
- According to data from Rightmove, the average property price in Plymouth now stands at £241,616. This reflects a 3% increase in the last 12 months and a substantial 11% rise from the 2020 peak of £217,031.
- Terraced properties dominate the Plymouth sales market, with an average price of £215,065.
Buyer Demand:
- For those contemplating a move, it’s crucial to consider buyer demand. The chart below illustrates that buyer demand in Plymouth has remained relatively stable since May 2023.
- It’s worth noting that buyers now have 21% more options than they did a year ago. This emphasizes the increasing importance of presenting your property effectively.
Buyer Demand:
- For those contemplating a move, it’s crucial to consider buyer demand. The chart above illustrates that buyer demand has remained relatively stable since May 2023.
- It’s worth noting that buyers now have 21% more options than they did a year ago. This emphasizes the increasing importance of presenting your property effectively.
So, what does all of this mean for Plymouth property sellers? Properties are still being sold, as people’s housing needs persist. However, the combination of a broader choice of properties on the market and slightly reduced buyer demand has resulted in properties taking longer to sell.
Out of the 1,461 available properties, a significant 675 have been listed for more than 12 weeks, accounting for 46% of all properties. If you find your property among these, it may be time to reconsider your approach.
The market has undoubtedly shifted, and this trend is expected to continue into the winter months. As we look ahead to 2024, here are some key points to keep in mind if you’re on the market or considering selling your property:
- Compare your property to others currently on the market and those that have recently sold.
- Evaluate the presentation of your property. Does it stand out? Seek opinions from friends regarding its online appeal.
- Be realistic with your pricing expectations. Now is not the time to overvalue your property.
The Plymouth property market is evolving, and adaptability will be key to success in this changing landscape.
If your currently on the market with another agent you might be interested in our Six Costly mistakes to Avoid when selling your property, just click on the image to get a copy.
Alternatively if your thinking of putting your property on the market soon, then you would be strongly advised to read our 13 steps guide to achieving a premium price for you home. Please click the image below to get a copy.
Thanks for reading.
Stuart Donnington
* All the data is taken from Rightmove and relates to properties within PL1 to PL6 and priced under £499,999.
