At 8.5%, average annual price growth in the South West is stronger than the UK average. Growth is currently at its strongest level in over four years and considerably higher than the -0.2% recorded this time a year ago. Rightmove report average asking prices rose 0.6% month on month across the region in January, one of only two regions to see a rise. Properties are also selling more quickly than a year ago.
Annual price growth has strengthened across the UK in recent months
Most active housing markets across Devon and Cornwall
At £278,391 the average price of a property in the South West is £21,852 more expensive than a year ago and activity across the market is robust. On average 3.7% of private properties are sold each year, with turnover across East Devon over 4%. More than 10,900 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
Properties for sale in the South West region of the UK
Spreyton, Devon, 4 bedrooms
This bright and spacious four-bedroom detached house has a double garage and good-sized gardens with beautiful countryside views. Situated in an idyllic village location, the home is only a short walk from the nearest primary school and has good links to Okehampton, Crediton and Exeter.
This modern family home has a bespoke breakfast-kitchen with separate utility, a living room that opens to the dining room, a study, a family bathroom and one en-suite bathroom.
Bideford, Devon, 9 bedrooms
With unbeatable views of the River Torridge, this substantial five-bedroom, waterfront home boasts an attached four-bedroom annexe and grounds of approximately 4.5 acres, which includes pasture paddocks suitable for equestrian use.
This character property further benefits from a river beach, a large workshop, a boat house, a slipway onto the river, two moorings, a tennis court, a castellated gun emplacement and direct access onto the coastal path.
Chagford, Devon, 8 bedrooms
This 16th-century, Grade II Listed, former hotel benefits from eight en-suite bedrooms, plus a detached three-bedroom cottage with lovely gardens and views, all found near Chagford in the heart of the beautiful Dartmoor National Park.
The accommodation includes four spacious reception rooms, plus a commercial style kitchen with an attached utility room. The original house has many fantastic character features including grand fireplaces, exposed beams and beautiful doors.
If you would like guidance on buying or selling your home with the best agent in your area, find your local Guild Member today.