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The Resurgence of Crediton’s Semi-Detached Houses: A 594% Price Surge in 28 Years

In the realm of British suburban living, the semi-detached house has often been the subject of caricature, symbolizing safe yet uninspiring domesticity. Popular culture has played a significant role in this, with representations in hit TV shows and movies like the Dursleys from Harry Potter, BBC’s Outnumbered, Birds of a Feather, and the ever-awkward Alan Partridge. However, recent property trends in Crediton are painting a different picture, showcasing the semi-detached house’s resilience and appeal.

A Historical Perspective of the British Semi-Detached House

Semi-detached houses have been a staple of the British housing landscape for over 150 years, dating back to the Victorian and Edwardian eras. Interestingly, these houses were often referred to as ‘villas’ in the late 19th and early 20th centuries, highlighting their longstanding appeal. While many Europeans prefer apartment living, the British have consistently been drawn to the suburban comfort of semi-detached houses, striking a balance between proximity to neighbors and maintaining a sense of independence.

Crediton’s Semi-Detached Houses: A Smart Investment

Semi-Detached Houses Performing Well Against Other Property Types

In a comparison of property types over the past 28 years, Crediton’s semi-detached houses have experienced an astounding average price increase of 594%. This is significantly higher than the 281% increase for detached properties and the 123% rise for flats and apartments. Even terraced houses, with a 394% increase, have not kept pace with the semi-detached market.

The Financial Journey of Crediton’s Semi-Detached Houses

In 1995, a semi-detached house in Crediton was valued at approximately £54,100. Today, the average price stands at £375,300. This remarkable growth underscores the semi-detached house’s appeal to both homebuyers and investors, providing a tangible example of its solid performance in the property market.

The Enduring Appeal of Semi-Detached Houses

Semi-detached houses offer many of the benefits of detached properties but at a more affordable price point. Their design, dating back to the Victorian and Edwardian eras, provides spacious reception rooms, a cozy bedroom atmosphere, and the luxury of both front and back gardens. These features contribute to their continued popularity among British families, offering a blend of tradition, functionality, and charm.

Crediton’s Semi-Detached Market Today

A Diverse Range of Properties

Crediton boasts a variety of semi-detached properties, from charming older homes to modern builds suited to contemporary tastes. This diversity ensures that there is something to appeal to a wide range of prospective buyers.

Market Dynamics

Since 1995, 529 semi-detached homes have been sold in Crediton, accounting for 21.94% of all home sales in the area. On average, these homes take 70 days to sell in the current property market. Interestingly, detached homes in Crediton take 39 days to sell, while terraced houses take 72 days, and flats/apartments also take 39 days.

Conclusion: A Trend Worth Watching

The significant value increase of Crediton’s semi-detached houses over the past 28 years highlights their enduring appeal and solid investment potential. These homes offer a unique blend of affordability, functionality, and suburban charm, ensuring their popularity continues in the present day.

Whether you are a homeowner, a prospective buyer, or an investor in the Crediton property market, the semi-detached house represents a key segment of the market that cannot be overlooked. With a rich history and a proven track record of performance, these homes stand as a testament to the enduring dream of suburban independence.

Stay tuned to my blog for more insights and updates on the Crediton property market, and feel free to follow me and our agency on social media for additional thoughts and articles!

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The Hidden Perils of Overpricing Your Crediton Home

In an age of soundbites and sensationalism, the UK property market—particularly here in Crediton—often finds itself misconstrued by general narratives.

While we cannot ignore the challenges of increasing mortgage rates and shifting buyer preferences, it is vital to appreciate the broader context to understand what’s happening in the Crediton property landscape.

The UK housing market is currently at a crossroads, characterised by its lowest house price growth since 2012. High mortgage rates are making a significant dent in market activity, affecting everything from buyer demand to the volume of property sales.

Crediton properties are still selling but not at the rate or level they were in 2021. Therefore, correctly pricing your property for sale cannot be underestimated. Let me explain why, then the reasons behind the current state of play nationally, and finally, the exact story of what is happening now (and in the future) in Crediton.


The Importance of Correctly Setting an Asking Price for Your Crediton Home

Putting your Crediton property on the market at too high an asking price can significantly deter potential buyers and limit the number of people who come to view it.

Buyers often have a budget range in mind, and if your property is priced above comparable homes in the area, it’s likely to be filtered out of search results and go unnoticed.

Even if the property gets some attention, the inflated price can send a message that you’re not serious about selling or unwilling to negotiate. This can result in your property languishing on the market, which could necessitate future price reductions.

Over time, a stale listing may become stigmatised, leading buyers to suspect that something must be wrong with the property beyond its high price.

Thus, setting a realistic, market-aligned asking price is crucial for attracting a broad pool of qualified buyers and facilitating a quicker, more lucrative sale.


The Impact of High Mortgage Rates

High mortgage rates are putting a strain on the housing market. The latest data shows a significant fall in demand from buyers — about a third less than the average during the same period over the last five years (2018-2022).

Nationally, this year, the number of properties sold stc has been 750,113 (to the end of August). That same sales figure to the end of August 2022 was 903,799 (a 17% decrease), and to the end of August 2021, 1,020,439 (a 26.49% decrease).

Mortgage-backed sales are particularly hit hard, expected to be just over a quarter lower than last year. Cash sales are expected to be less affected, but the overall market activity remains sluggish.


Regional Disparities

An interesting aspect of the current housing market is the distinct regional disparity. Looking at the £ per square foot of the sales agreed (not completed) of the August 22 sales vs. August 23:

  • East of England: -4.85%
  • North East: -3.71%
  • South East: -2.99%
  • Wales: -2.02%
  • East Midlands: -1.72%
  • Yorkshire and The Humber: -0.85%
  • West Midlands: -0.62%
  • North West: -0.54%
  • Outer London: -0.44%
  • Inner London: -0.13%
  • South West: 2.85%
  • Scotland: 3.88%

In the East of England (as a region), house prices have fallen by just under 5% over the last year. Conversely, there’s been a 3.8% increase in house prices in Scotland.


First-time Buyers and Affordability

High mortgage rates are affecting first-time buyers disproportionately. In 2021/2, low mortgage rates made buying a Crediton home cheaper than renting, spurring a wave of first-time buyers. However, with current mortgage rates soaring above 5%, renting has now become cheaper on average than buying for a first-time buyer property in some regions.


The Role of Wage Growth

Despite the bleak outlook, there is a silver lining. Faster wage growth is making housing more affordable.

Average wage rises of 8.2% over the past year are helping to balance out the effect of higher mortgage payments on first-time buyers’ household incomes. As a result, the gap between house prices and earnings is closing, and affordability is expected to improve by 10% over 2023.


Focus on Crediton

In 2021, an average of 33 properties were coming onto the market in the Crediton area per month, whilst there was an average of 42 properties selling monthly.

In 2022, an average of 41 properties were coming onto the market in the Crediton area per month, yet there was only an average of 38 properties selling each month.

To the end of August 2023, there has been a further increase in new properties coming on the market (an average of 51 properties coming onto the market in the Crediton area per month). Yet, demand has dropped further as only an average of 32 properties have been selling per month.

Note: Crediton = EX17.


The Curse of Overvaluing and How it Could Cost You Your Dream Home

Overvaluing homes is becoming a concerning trend in Crediton, often led by estate agents more interested in listing as many properties as possible rather than making actual sales.

Overvaluing harms homeowners, tempting them with unrealistically high prices only to advise price reductions later. The problem is your dream home might have sold by then.


The Future of the Crediton Housing Market

The immediate future doesn’t hold much promise for dramatic house price growth in Crediton, nor is it expected to fall dramatically.

However, factors like an ageing population, more flexible work arrangements, a strong labour market, and high immigration rates could stir market activity in the next few years.

The UK housing market is navigating through turbulent waters with high mortgage rates and a severe slowdown in house price growth. However, faster wage growth could be a game-changer, making housing more affordable in the long term.


Conclusion

Buyers and sellers can make more informed decisions by understanding these trends and potential future shifts. The market might be under strain now, and homeowners need to be realistic with their pricing; these indicators suggest we might be heading towards a more balanced and accessible market in the coming years.


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Jargon Free Advice for First-Time Buyers

Here’s our Becky with a 3-minute easy-read on making your property buying debut in Devon a successful one.

Do you remember when you rode a bike without support for the first time?

Or when you learned to swim?

And who can forget the moment when the driving examiner turns and says ‘congratulations, you’ve passed.’

You also never forget your first love or the first home you buy. That’s why a Helmores we do all we can to make it an experience you remember fondly.

Because after all, your home is where some of your most magical memories are made. But it can be a daunting first step entering the World of estate agent speak. Fear not friends, as we’ve come up with a jargon buster to take the mystique out of buying your first place.

For the record, we don’t like or use the terms, below.

Vendor – No, it’s not a Harry Potter character. It’s the person selling a place.

The ‘applicant’ – This is you, the fresh-faced person buying the place, NOT a device for applying cream.

Sole agent – This has nothing to do with shoes or fish from Dover. It simply means the only agency selling the place.

Chain free – In theory (and in practice) any property that is sold without being involved in a chain should be an easier place to buy. This is due to fewer people, mortgage providers, agents, solicitors, and surveyors being involved.

Mortgage Offer – The confirmation you get from your mortgage provider saying you have the funds approved to buy the property. Having this in place puts you in an excellent position when making an offer.

Subject to Contract – You’ve made an offer, it’s been accepted, but there are still a few contractual hurdles to leap over first.

Conveyancing – The legal stuff that needs doing when you are buying a place. Solicitor jargon is another thing altogether.

Stamp Duty – The bad news is it’s a Government tax slapped on when you buy a home. The good news is there is relief offered to first-time buyers. Get in touch with us, and we can work out what you could be eligible for.

If you’re buying a property in Scotland, you will pay Land and Buildings Transaction Tax (LBTT) and in Wales Land Transaction Tax (LTT) instead of Stamp Duty.

Exchange – The solicitors are happy. The agents are relieved, but most importantly, you’re delighted and the transfer of contracts means it’s now VERY unlikely the home will not become yours. This is the cue for a sigh of relief and perhaps a cheeky little celebratory drink.

Completion – This is D-Day when it comes to buying your first home. It simply means all the legalities and finances have been completed successfully. You will know your ‘completion day’ in advance as you’ll need to pack, arrange removals, and get super excited.

The first evening in your new home should be memorable. We’ll provide the champagne (and take away menus), so you can take a break from unpacking and celebrate in style.

We’ve 320 years of giving people in Crediton and mid Devon straight-talking property advice.

I’m Helmores first time buyer specialist, and am on hand to answer all your questions – why not book in a 20-minute chat with me to go over any questions you have or jargon you need decoding? I also run a private Facebook Group where you can see properties up to £200,000 before they hit the open market giving you a head start on anyone else. We post all sorts of useful tips and insights into the market, mortgage deals, and the legal side of things too. Click here to join the group!

Thanks for reading!