East Devon Property Review
As we enter a new year, Kevin Clarke of Stags in Honiton discusses the East Devon property market.
2018 for Stags in Honiton was on the whole very successful with substantially more sales than in 2017, and with the average sale pricing increasing. While this doesn’t necessarily reflect the general market, it does indicate that the property market in East Devon tells a different story to other parts of the country.
Brexit is used as the excuse for many a wary buyer and seller alike, however the uncertainty has done more to reduce supply than demand. In fact, the main driving factor for market change in 2018 was the weather; the Beast from the East slowed viewings in March, while the hot weather in June and July saw a decrease in sales by 33% of those in the spring. Despite this, August – a traditionally quiet month – was one of the year’s best.
The autumn was the best quarter of 2018, demonstrating that the best time to sell your home is when it best suits you, rather than waiting for spring. Despite being known as the traditional selling period, in spring supply increases substantially with only marginal increases in demand, thus granting buyers plenty of choice.
Historically, nearly 50% of Stags buyers originate from London or the Home Counties, but was this also the case for 2018? Considerable slowing of the property market in the South East meant this figure dropped to 19%, with a much larger proportion of buyers moving from Exeter. Having capitalised on the recent increase in the city’s prices, such buyers were in search of a quieter scene in the countryside, villages and towns of East Devon.
Honiton, the market town in the centre of East Devon, continues to be a place of high demand with all of the houses and bungalows marketed by Stags in 2018 sold, many within weeks of marketing. Set on the A30 and mainline to Exeter and London, the town has a lack of new property to satisfy the increasing demand.
This busy office covers a wide range of areas and property types with sales including everything from a bungalow in Sidmouth to new homes in Lyme Regis, listed cottages and country houses. Working closely with our neighbouring offices in Bridport, Yeovil, Taunton, Wellington, Tiverton and Exeter, Stags has East Devon covered!
If you are considering a sale in 2019, we would be more than happy to have a confidential discussion about how we can help you achieve your goals – contact us today.