Explore the latest insights into the Crediton property market for March 2024, comparing local trends...

Regular followers of ours will know that we like to monitor the local and national property markets, enabling us to provide valuable insights to homeowners and landlords in Crediton and wider surrounding areas. Identifying trends, opportunities, and challenges within the market ensures you and us are always one step ahead!

February 2024, the UK Property Market Overview

The UK property market has seen a continuation of the solid start in the first month of the year. Therefore, in this article, we want to see if that national trend mirrors or differs from the local market in Crediton.

In the first nine weeks of 2024 (up to the 3rd March 2024), the UK property market recorded 200,823 homes sold subject to contract (stc). This figure is 11.5% higher than the first nine weeks of 2023, where only 180,748 properties were sold stc.

It gets even more interesting when we compare it with two other time frames. Firstly, the average for 2017/18/19 combined for the first nine weeks is 185,192 properties. Secondly, for the first nine weeks of 2020, when we were experiencing the ‘Boris Bounce’, the number of house sales was 206,956, which is only 3% more than this year!

What About National House Prices?

The average price of the property sold stc in the first nine weeks of 2023 was £343,690 with an average of £325/sq.ft.

In 2024, the average sale agreed price was almost identical at £348,414, yet the average pound per square foot was slightly higher at £335/sq.ft.

Such a surge in the property market demands a deeper analysis to understand the underlying factors and what they might mean for local markets, such as Crediton.

Key Reasons Why the UK Property Market is Doing So Well

  • Decrease in Mortgage Rates: A key driver for the heightened activity within the property mortgage industry is the drop in mortgage rates. This change has made property ownership more accessible to a broader population, increasing property sales.
  • Increase in Salaries: The escalation in average earnings has been pivotal, too. With increased income, people are more likely to invest in property, which is considered a stable and profitable investment.
  • Increase in Rents: The average rent in the last two years in the UK has gone from £1,405 per calendar month to £1,797 per calendar month, making it cheaper to buy than rent on many occasions.
  • Low Unemployment Figures: A robust employment market coupled with low unemployment figures has boosted confidence among individuals, prompting them to undertake significant life choices like purchasing a house.
  • Other Influences: Additional elements also contribute, including shifts in demographic trends, changes in housing preferences following the pandemic, and government policies that might have encouraged the buying of properties.

Crediton’s Property Market: A Comparison

Now, we turn our attention to Crediton. Understanding that local markets can behave differently from national trends is vital. (when we say Crediton we are taking about all of the EX17 postcode sector).

In the first nine weeks of 2023 in the Crediton area, there were 63 sales agreed (sold stc), and in comparison, in the first nine weeks of 2024, there were 66 sales agreed in the Crediton area (sold stc).

This is a 4.7% increase in Crediton home sales year-to-date.

So, it is slightly lower than the national picture, yet it is still very early in the year so things could change. Before diving deeper into this, we wanted to see what had happened in the first nine weeks of the year in the Crediton property market in 2024 and how it compared to 2023.

The average price of the property agreed on a sale (i.e. sold stc) in the first nine weeks of 2023 in Crediton was £367,794 with an average of £317/sq.ft.

In 2024, the average sale agreed price on the properties sold (stc) in the first nine weeks was £398,576, with an average of £317/sq.ft.

The Future of the Crediton Property Market

Looking ahead, the UK property market is buzzing with potential in 2024. However, for those of us in the Crediton area (as we mentioned, Crediton refers to the broader EX17 postcode sector), understanding our unique market is key. It’s not just about following national trends, it’s about knowing how these trends interact locally.

The Crediton property market is constantly changing, and while national trends provide a useful backdrop, the real story is often in the local details. So, as we go through 2024, staying informed and ready to adapt is crucial for success in whatever your property plans are.

Interested in staying up-to-date with the Crediton property market? We regularly share insights and updates to our community. To never miss out, get in touch, and we’ll ensure you receive all our latest content! 01363 777999 or rob@helmores.com

If you have a comment about the property market we’d love you to post it below!

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