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Kevin Clarke of Stags in Honiton discusses the East Devon property market.
After an initially encouraging start to the year, the UK property market appears to be echoing the unusual climatic events of recent weeks with a sporadic cooling of overall activity.
Still, a biting wind has not been the only thing blowing in from an easterly direction. Here at Honiton Stags we have seen an increasing number of enquiries from buyers from London and the South East who are frustrated by slowing sales and faltering prices in their home neighbourhoods.
While not as changeable as the market in London, the West Country property market is not immune to the capital's influence, with a significant proportion of property sales being attributed to those migrating westwards.
With fewer pounds in their pockets, it is likely that this sector of the market will become more ‘price wary’ as the year progresses. However demand is still outstripping supply with lower levels of available property for sale outside of London. Competition for correctly-priced properties is therefore high and so for those thinking of selling in 2018 our advice would be to come to the market sooner rather than later.
The capital is not the only city exerting an influence on the market here. Looking much closer to home, Exeter has seen significant house price growth - a 16% rise in average house prices over the past three years. Perhaps more startling is that nearly half of that increase has taken place in the last 12 months. Value-conscious buyers are now looking for homes within commuting distance of Exeter and having office representation in Exeter is paying dividends for clients of Stags Honiton.
Traditionally for home movers, Easter is the first focal point in the calendar and this was conveniently early this year. As the South East adjusts to a changing property market, the London and Country Property Show at Olympia on April 17th is the perfect opportunity for Stags to promote our client’s properties to highly motivated buyers from the capital.