Discover the latest trends in the Devon property market, including pricing, mortgage rates, and the market’s transition to a more stable environment. Let’s dive in!
Devon Property Market Statistics
In Devon, the property market is showing positive signs. April’s monthly change is up 0.6%, year-on-year change is up 2%, average days to sell are at 54, and the average price sits at a comfortable £387,415.
National Property Market Trends
Across the UK, the average property price rose by a modest 0.2% (£890) this month. This may be lower than the usual 1.2% increase expected at this time of the year, but it’s a sign that sellers are wisely pricing their properties to attract spring buyers. Despite facing economic challenges, first-time-buyer type properties reached a new record price of £224,963 this month. With skyrocketing rent prices, it’s no wonder buying has become an attractive option for those who can secure a mortgage and deposit.
Mortgage Rates and First-Time Buyers
Speaking of mortgages, the average first-time-buyer mortgage rate for a 5-year fixed, 15% deposit mortgage has dropped to 4.46%, with the lowest rate for this mortgage type currently at 4.19%. Sales agreed numbers have bounced back to match pre-pandemic levels from March 2019, surpassing last September’s figures after a 21% drop following the mini-Budget aftershocks.
First-Time Buyer Sector Leads Recovery
The first-time-buyer sector (two bedrooms and fewer) is leading this recovery with agreed sales now 4% higher than in March 2019. Meanwhile, the second-stepper sector remains 4% behind, and the top-of-the-ladder sector lags by 3%. Sales agreed are still 18% behind last year’s extraordinary market, but we’re transitioning to a more typical level of sales activity.
New Seller Asking Prices and Market Stability
New seller asking prices rose by a mere 0.2% (£890) this month to £366,247, which is significantly lower than the average 1.2% increase for this time of the year. This cautious pricing indicates that sellers are paying attention to the economic climate and adjusting to a slower-paced housing market, reminiscent of pre-pandemic times. Though we’ve had our ups and downs, the number of sales agreed now matches the same period in 2019, defying many expectations.
Attracting Spring Buyers in the Devon Property Market
We have really noticed that sellers are shifting from the frantic multi-bid market mindset of recent years to understanding the importance of enticing spring buyers with competitive prices. This stability is definitely encouraging more sellers to enter the Devon property market, providing buyers with more options to choose from. However, buyers shouldn’t hesitate too long when they find the right home, as properties are selling twelve days faster than in 2019!
In conclusion, the April 2023 Devon property market shows a really positive trend, especially for first-time buyers. With cautious pricing, a more stable market, and dropping mortgage rates, there’s reason to be optimistic about the future of the property market.
If you’re thinking of selling your property or looking to buy a lovely new home in the Devon area, we’d be absolutely thrilled to hear from you! We promise to do everything we can to help you on your exciting property adventure.
Frequently Asked Questions
1. Q: How has the Devon property market performed in April 2023?
A: In April 2023, the Devon property market experienced positive growth. The monthly change increased by 0.6%, and the year-on-year change was up by 2%. The average days to sell were 54, and the average price of a property was £387,415.
2. Q: Is now a good time for a first time buyer?
A: Yes! April 2023 showed a particularly positive trend for first-time buyers, with a more stable market, cautious pricing, and declining mortgage rates making it an opportune time for them to enter the market.
3. Q: Are mortgage rates dropping in the current property market?
A: Mortgage rates have indeed been falling recently. For example, the average first-time-buyer mortgage rate for a 5-year fixed, 15% deposit mortgage has dropped to 4.46%, with the lowest rate for this mortgage type currently at 4.19%.
4. Q: How can I stay up-to-date on the Devon property market trends?
A: To stay informed about the Devon property market, keep an eye on local and national property news sources, subscribe to our blog, and consult with us (or your local estate agents) who have in-depth knowledge of the area. You can also keep abreast of stats from Rightmove here
5. Q: I’m considering buying or selling a property in Devon. Can you help?
A: Absolutely! We’d be delighted to assist you in your property journey, whether you’re looking to buy or sell in the Devon area. Our team is committed to providing the support and guidance you need and we’ll do everything we can to help.
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* Source of stats Rightmove, UK