The balmy days of summer are upon us, and there’s a distinct buzz in Devon’s property market. Buyers and sellers are out and about, taking in the beautiful Devon countryside while scouting for their next dream home or investment. We’ve seen a wee bit of a shake-up with interest rates lately, but that hasn’t dimmed the vibrancy of our local property market.
Interestingly, the buyer demand over the past fortnight has seen a healthy 6% jump, putting it ahead of the same period from the pre-COVID market in 2019. So, while we’re all savouring our Devon cream teas and enjoying the summer sun, it seems there’s a flurry of activity unfolding in our property market.
A Healthy Pace: Sales Activity in Perspective
While the buyers are out in full force, properties going to sale agreed have taken a small dip down by just 6% compared to the same time of year pre pandemic 2019. But fret not, this is quite typical, much like that occasional summer rain during a barbecue. We see it as a breather, a chance to regroup and refocus, and certainly not a reason for concern.
Navigating with Confidence: Understanding Your Mortgage
Mortgages, the crucial yet complex element of the property market, have had a bit of a shuffle recently. The average rate for a 5-year fixed 85% Loan-to-Value mortgage has hiked from 4.56% to 5.20%. But look at the bright side; it’s prompted more potential buyers to reassess their affordability. After all, forearmed is forewarned, right? And with mortgage enquires up 53% it seems like buyers are doing exactly that!
A Delicate Balance: Discussing Pricing Trends
Now, let’s chat about pricing. This June, we’ve seen a slight easing of the average asking price for new sellers, down by just £82. This levelling off, landing at £372,812, is the first we’ve seen in a while – since 2017 to be precise. We all know how the media loves a good drama story, especially when it comes to property pricing, but it’s crucial to maintain a balanced perspective. Yes, asking prices have seen a very minor adjustment, but let’s view it as what it really is: a subtle signal towards market stability. Far from being a cause for concern, it’s a reassuring indicator for both buyers and sellers that the market is finding its balance and that has to be a good thing.
Embracing Adaptability: Seller Strategy Tips
For our sellers, this is a perfect opportunity to embrace the market’s rhythm. We’re seeing two seller groups emerge: those keeping their price expectations high, and those in tune with the current market beat, pricing competitively. Here’s a friendly tip: those sellers opting for the latter are often more successful in attracting suitable buyers quickly.
Your Property is a Home: It’s Not All Numbers
It’s essential to remember that property buying or selling is more than just about the numbers. It’s a journey, a story that unfolds in its unique way. Yes, there will be plot twists, but remember it’s a home, a sanctury, a roof over your head.
The property market, like life, has its highs and lows. Resilience, patience, and a sprinkle of optimism are key to navigating this journey. Whether you’re a buyer or a seller, rest assured we’re here with you every step of the way.
If you have a home to sell, or would like us to help you find your dream home, we’d love to hear from you!