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We are nearly halfway through the year already and the South West property market remains very resilient, with a high number of sales taking place and excellent prices being achieved.
The economic outlook has been worrying for a number of months, with interest rates rising, albeit from a very low base, and inflation increasing rapidly to levels not seen for over 30 years. The forecasts for both of these figures are for a further rise in the next few months, but all this doom and gloom has not yet stopped the West Country property market from continuing to rise.
The demand for West Country property has always been strong, but Covid and its impact is still being felt throughout our region. When the pandemic first emerged, all commentators were expecting a market downturn but, once restrictions were lifted, there was an immediate increase in activity and house prices started to rise. All of us reflected on our housing requirements and many of us that were able to move did so, choosing more space and more appealing areas to live. Clearly, the changes to the way many people work has also had an impact on the property market and, with many now working from home, this has created greater flexibility with where people can live.
Our countryside, coast, towns and cities appeal hugely and many of our locations benefit from excellent road and rail connections, meaning our buyers are not disconnecting themselves from friends and family by moving here.
This increase in buyer numbers has not been matched by an increase in supply of housing stock. Stock levels remain low across our region compared to historic levels, so demand continues to outstrip supply, leading to competition and higher prices.
All 21 Stags offices have had a very strong six months. Many properties have had a large number of viewings and subsequently received multiple offers, with asking prices regularly being exceeded.
An example of this is a wonderful country residence within the Tamar Valley that benefitted from 1.76 acres and was launched to the market at £725,000 by Stags Tavistock office. After 41 viewings and 14 offers, it sold in excess of the guide price. Another example is a beautiful Grade II Listed Devon longhouse in a secluded position within the Burn Valley in Mid Devon, benefitting from 15.03 acres and launched to the market at £1,250,000 by Stags Tiverton office. After 52 viewings and 11 offers, this wonderful property also sold in excess of its guide price.
To showcase a selection of our prime residential property sales in the West Country, as well as wonderful new instructions, Stags has produced a Prime Residential magazine, which will shortly be available from our offices and is available as a digital version online.
For more information contact your local office.