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The Future of Crediton House Prices

Helmores House prices in the next 5 years

Navigating the Changing Market

In the ever-changing landscape of the Crediton property market, predicting future house price trends can be akin to navigating a labyrinth. The past two years have witnessed unprecedented upheaval, primarily due to fluctuating interest rates that significantly impacted household finances, reminiscent of the challenges not faced since 2008.

The average rates for fixed-rate mortgages have dramatically risen, notably from late 2021. This hike in the Bank of England base rates has led to a substantial increase in monthly mortgage payments, consequently affecting people’s ability to purchase new homes.

Signs of Stabilisation

However, the Crediton property market has begun to show signs of stabilisation.

Recently, there’s been a pause in the rise of the Bank’s base interest rate, maintaining the same rate for two consecutive months after a consistent increase since late 2021. This stability is mirrored in the mortgage sector, with lenders offering more competitive rates.

Market Predictions: A Tricky Business

As an agent who likes to analyse the Crediton property market, I have found it difficult to predict the market trends.

The initial forecasts by many pundits at the start of the year saw them predicting a significant decline in property prices. Savills were expecting a drop of 10% in 2023, whilst Jones Lang LaSalle predicted a 6% drop. Yet, looking at the press in the last few weeks, these opinions have been adjusted, with recent data indicating a less drastic reduction than anticipated. This trend suggests a potential levelling out of house prices soon.

Crediton House Prices: A Closer Look

Current Trends

Crediton house prices are 0.32% lower than December 2022.

The average home in Mid Devon was £318,762 in December, and the last set of figures for August showed that it had slightly decreased to £317,739.

Overall, these statistics look very good considering the dark clouds at the start of the year, yet four months of statistics are still left before the year ends. In measuring house prices, the Land Registry is often seen as the definitive measure of local property market house prices. The issue is the time lag in the data.

Predictive Insights

However, the Land Registry house price index can be predicted with very high certainty. The key to this forward-looking perspective lies in the sale agreed (i.e., when a property becomes sold stc) pound per square foot figures.

A meticulous examination of both the £/sq.ft at sale agreed and the Land Registry Index data over the last five years by Denton House Research reveals a robust 90.5% positive relationship between the national £/sq.ft at sale agreed and the eventual national Land Registry Index four or five months later.

For homebuyers and sellers, this insight is groundbreaking. It means that the pulse of the property market can be gauged in advance, allowing for strategic decisions well before the official figures roll in, giving them a substantial edge in the property market.

Therefore, whilst UK house prices are currently 0.236% higher from December 2022 to August 2023, the £/sq.ft data suggests they will end the year between 0.5% and 1.3% lower.

Looking Ahead: 2024 and Beyond

Predictions for 2024 and 2025

What about 2024 and 2025 in Crediton? To judge that, we must look at the national picture first.

The first half of 2024 will see continued treading water of house prices (when some months there will be a slight increase and other months where they will dip slightly). By the end of December 2024, the net effect will show national house prices around 2% to 3% lower.

Then, in 2025, there should be a slow and steady increase in average national house prices between 2% and 3%, with more normal rises of 4% to 6% a year by 2027/8.

Market Confidence Indicators

Another key indicator of market confidence is the surveyor sentiment, which, although still cautious, shows signs of improvement despite the lower number of property transactions predicted for the current year compared to pre-pandemic levels.

This resilience is partly attributed to homeowners managing the increased financial strain of rising interest rates better than expected, with minimal cases of forced sales or repossessions. Financial institutions have played a role, offering flexible mortgage options and extended terms.

Another factor contributing to this resilience is the financial buffer created by savings accumulated during the pandemic. These savings have allowed many to continue their purchase plans or meet increased mortgage payments. A robust employment market and rising wages have also helped mitigate the mortgage debt burden.

The landscape for first-time buyers also appears promising, with their numbers potentially recovering more rapidly than home-movers. This trend is partly fuelled by financial support from the Bank of Mum and Dad, a contrast to home-movers who might be constrained by higher rates and larger mortgages.

The Rental Market Outlook

Challenges Ahead

The rental market, however, faces continued challenges.

Some doom-mongers have pointed their finger at the buy-to-let market as signs of an impending house price crash as buy-to-let landlords are reportedly ‘dumping’ their rental portfolios on the property market.

The number of landlords selling their portfolios has indeed increased. On average, 96,700 rentals are sold by UK buy-to-let landlords yearly; the tax year ending April 2023 that had risen to 153,000 UK rental properties. Many have picked up on this in the press as an indication of a massive landlord exodus. However, it must be remembered that there are 4.6 million private rental properties in the UK, so these disposals only represent 3.32% of all the rental properties. Also, whilst fewer landlords are expanding their portfolio, buy-to-let purchases (looking at the stamp duty statistics) show that they are only 22% lower than the long-term average. Interestingly, 144,000 properties were bought for buy-to-let in the tax year ending April 2023. So overall, it’s not the exodus the newspapers are saying!

Therefore, with the number of buy-to-let properties available to rent remaining roughly the same as last year but demand increasing, that has created upward pressure on rents. This situation is exacerbated by landlords’ increased mortgage costs, resulting in the need for even higher rents (as I have discussed many times in my recent articles).

Crediton House Prices in 2028

An Educated Guess

So, where will Crediton house prices be in 2028?

Subject to no further black swan events getting out of control (e.g., energy prices, Ukraine, Taiwan or the Middle East, etc.), Crediton house prices will be between 13% and 16% higher by the middle of 2028.

This is an educated guess, yet the Crediton property market is navigating through a period of adjustment marked by gradual stabilisation and cautious optimism. While challenges remain, particularly in the rental sector, the overall outlook for the Crediton property market suggests a slow but steady recovery, with variations in different parts of the town and a shift in buyer behaviour. As the property market adapts, potential buyers and investors must remain attuned to these evolving dynamics to make informed decisions.

Your Thoughts Matter

Join the Discussion

As we look ahead to the future of the Crediton property market, I’d like to hear your thoughts. Do you agree or disagree with my perspectives? Please share your views in the comments—every opinion is valuable and contributes to our understanding. Also, don’t forget to check out my previous articles on Crediton property market growth for more insights. Your engagement and feedback are what make these discussions genuinely insightful.

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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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Crediton’s Housing Market: An in-depth analysis of where Crediton people are moving

The consensus among economists and the wider public is clear: the remarkable ascent of Crediton’s property prices over the previous twelve years has reached its peak.

Major national publications splash headlines filled with pessimism about the UK housing market, citing issues such as buyer affordability caused by challenges with average salary growth not keeping up with inflation, higher interest rates also hitting buyer affordability, and the hangover of the pandemic making recruiting people hard work. However, these gloomy projections don’t seem to resonate with the fact that Crediton’s property market activity in the past year closely mirrors that of 2017/18/19.

This divergence might hint at the age-old notion:

‘bad news sells newspapers’.

To provide a clearer picture, let’s delve deeper into Crediton’s property market nuances, focusing on the demographics of movers and their motivations.

During the past year most of the property sales in Crediton were terraced properties, selling for an average price of £234,520. Detached properties sold for an average of £487,790, with semi-detached properties fetching £286,450.

A closer look at Crediton’s homeowner sector in the last 12 months of housing data reveals the following…

  • 94 Crediton households moved within the same ownership sector, implying they sold their home to purchase another.
  • 22 Crediton households ended and exited home ownership (i.e., moved in with family, moved to a care home or sadly passed away).
  • 24 Crediton households shifted from owning to private renting.
  • 2 Crediton households moved from home ownership to social housing (i.e., Council Housing or Housing Association).
  • 50 Crediton households shifted from private renting to homeownership.
  • 51 new Crediton homeowner households emerged, transitioning from residing with family or friends to buying their first property without experiencing the private rental sector.

Despite the relentless doom and gloom portrayed in the media about the property market, it’s heartening to witness a robust influx of Crediton first-time buyers securing their own homes.

Remarkably, 51 of these newcomers have moved from family or friends into homeownership, showcasing the enduring spirit of people wanting to buy their home. Additionally, 50 households have transitioned from the private rented sector, demonstrating a genuine aspiration among tenants to achieve homeownership.

This trend underscores the resilience and adaptability of aspiring homeowners amidst challenging times.

But what does this data spell out for Crediton’s buy-to-let landlords?

On the surface, with 50 households moving from private rentals to homeownership and 24 moving the other way, there seems to be a slight contraction in the private sector.

Yet, what I don’t mention is the number of new rental households. I do not have the Crediton statistics for those yet, but we can look to the national statistics.

Whilst the number of British landlords, according to capital gains tax receipts, selling up has increased by around 45% in the last year compared to pre-pandemic levels, the number of landlords buying buy-to-let is only 19% down.

There are new rental properties being created, whilst at lower than previous years, it is still growing nationally by 177,000 households a year.

So where are the opportunities for Crediton landlords?

A golden opportunity for Crediton’s property investors lies in the 22 properties that went up for sale last year due to owners passing.

Often, these homes, maintained over several decades by older owners, feature high-capital improvements like double-glazing or central heating. However, they might lack contemporary aesthetics, having outdated decor or out-of-style fixtures from the 1980s.

Such properties often come at lower prices because many buyers overlook their potential due to dated appearances. A smart investment in renovations could lead to handsome profits on resale.

It’s imperative to put things in perspective.

Regardless of global events – whether it’s post Brexit, post Pandemic, potential political shifts in the US or China, interest rates or stock market dynamics – Crediton’s property market remains robust in the mid to long-term framework.

Even as we witness minor value corrections in the upcoming 12 to 18 months, history has shown that property prices bounce back, often with greater momentum.

This underscores the timeless advice to those venturing into the property market, be it first-time buyers, landlords, or homeowners: property is a marathon, not a sprint.

Commitment to the long haul invariably yields rewards, a philosophy that can be applied universally don’t you think?

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Crediton’s Property Market Pulse:Deciphering the Latter Half of 2023

Stepping into the world of the property market is akin to stepping into a rhythm. The beats of buying and selling, supply and demand form the underlying tempo.

Crediton, a town rich in history and character, is no exception. As we venture into the last quarter of 2023, it’s crucial to understand the current property market’s tempo and how it might influence your property decisions.

A Refresher on Market Dynamics

For the uninitiated or those who need a memory jog, Crediton’s property dynamics hinge primarily on the proportion of properties tagged as “Sold STC” and “Under Offer” with the total properties on the market, e.g. if there are 40 properties sold stc and 100 properties available/for sale, then 40 as a percentage of 100 is 40%.

This isn’t just a number game; it’s a barometer of market sentiment:

  • Extreme Buyers’ Market (0%-20%)
  • Buyers’ Market (21%-29%)
  • Balanced Market (30%-40%)
  • Sellers’ Market (41%-49%)
  • Hot Sellers’ Market (50%-59%)
  • Extreme Sellers’ Market (60%+)

The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.

Current Crediton Property Market Snapshot

To fathom where Crediton’s property market stands now, let’s incorporate our most recent findings:

The statistics have been sourced from the website ‘The Advisory’, which has calculated the market state for many years. I wanted to share them from the summer of 2018 to today so you can see for yourself.

What are the Statistics for the Crediton area for the Last 5 Years?


In June 2023, we were at 55% in the Crediton area. In July, that remained at 55%; in August, it dropped to 51%, and as we enter September, it has dropped to 43%.

Based on the patterns exhibited in this table, it’s evident that the Crediton area has veered from a hot sellers’ market in the spring and early summer of 2023, not unexpectedly into a sellers’ market as we go into the autumn.

Implications & Considerations for Crediton’s Homeowners

This new data prompts us to take stock and ponder:

For Sellers: Are we transitioning into a market where you must be more strategic, flexible, or patient? Should you brace yourself for longer marketing periods? Realistic pricing is even more vital than ever. Remember, in 2022, 92.9% of Crediton properties that came onto the market had a sale agreed on them. As explained in last week’s article, year to date, that is running at 63.5%.

For Buyers: What challenges and opportunities lie ahead? Some properties will still have bidding wars, yet will you have the luxury of choice and time with others?

Broader Economic Picture: External influences, from inflation and interest rate repercussions to global economic trends, all cast shadows on the local property market. How might these larger forces be influencing Crediton’s property scene?

The Local Pulse: Infrastructure projects, school ratings, transport links, and even Crediton’s cultural events can make certain areas more desirable. Are there upcoming local developments that could be game-changers?

Delving Deeper: Strategies and Tactics

Given the market’s temperature, here are more granular insights:

Sellers: Innovative marketing—like specialised social media campaigns, virtual/video tours or interactive property listings—could make a difference in a cooling market. Emphasising unique property attributes, whether a south-facing garden or proximity to popular schools, can elevate a listing.

Buyers: Again, there is more than one market. If you are looking for the type of property everyone is looking for, the competition will heat up. Therefore, it is worth having mortgage pre-approvals in place and also being open to widening your search radius. Alternatively, buyers can wield more power in negotiations in a less competitive market, from price to property extras.

Dual Role of Buyer-Seller: A pivotal 81% of sellers also wear the buyer’s hat. This duality presents its challenges and advantages, where a victory on one side might mean a compromise on the other.

Final Thoughts on the Crediton Property Market

As we leave 2023 going into 2024, with its twists and turns, the Crediton property market offers both challenges and opportunities for Crediton’s home buyers and sellers. Understanding the market nuances is paramount if you are a Crediton first-time buyer, a seasoned property buy-to-let investor, or someone looking to relocate.

Stay informed, stay adaptable, and remember that, as always, your home-moving journey is as much about the voyage as the destination.

What are your thoughts on Crediton’s evolving property scene? Do you foresee any other trends or shifts? Engage with us—your local insights and experiences enrich this ongoing dialogue.

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The Devon Property Market: A Resilient Performer Amidst Economic Challenges

I’ve always found the property market to be a barometer of economic health, reflecting the ebbs and flows of financial stability and consumer confidence. As we navigate through the current economic landscape, marked by inflationary pressures and interest rate hikes, it’s crucial to understand how these factors are impacting the property market. In this article, I’ll delve into the latest data from Rightmove’s House Price Index, with a particular focus on the South West property market, which has shown resilience amidst these challenges.

The National Picture: A Market Feeling the Pinch

The latest House Price Index from Rightmove reveals that the average price of property coming to market has fallen by 0.2% this month. This slight dip is marginally below the 0% norm for this time of year, suggesting that new sellers are adjusting their price expectations in response to rising mortgage costs and increasing buyer affordability constraints.

The Bank of England’s recent Base Rate rises, aimed at combating stickier-than-expected inflation, are starting to have an impact. The number of sales agreed is now 12% behind 2019’s more normal market, contrasting with the surprisingly strong first five months of 2023. However, buyer demand remains resilient, being 3% higher than 2019, with agents reporting that right-priced homes are still attracting motivated buyers due to a shortage of property for sale compared to historic norms.

The Devon Difference: Bucking the Trend?

In contrast to the national picture, the South West property market, has shown a slight uptick. The monthly change in prices is up by 0.2%, and the year-on-year increase stands at 1.4%. The average days to sell a property is 54, indicating a relatively healthy market.

I think this resilience in the South West market can be attributed to several factors. The region’s appeal, with its stunning landscapes and quality of life, continues to attract buyers. Furthermore, the market has been buoyed by a shortage of quality property for sale, which has kept demand high and prices stable.

The Impact of Interest Rates

The average interest rate on a mortgage tracker for a five-year fixed, 85% Loan-To-Value mortgage is now 5.69%, up by 0.49% compared to last month. This increase has led some movers to pause their plans until there is more certainty that mortgage rates have stabilised.

However, in Devon, the impact of these interest rate rises may be somewhat mitigated. The region’s property market has a high proportion of buyers with larger deposits and lower mortgage requirements, which can help cushion the impact of rising interest rates.

The Importance of Pricing Right

The fact is, properties that need a reduction in asking price are more than 10% less likely to find a buyer than those that are priced right at the outset. This is particularly relevant in the current market conditions, where initial over-pricing can significantly reduce the chances of a sale.

In Devon, where the market is showing resilience, it’s even more critical for sellers to price their properties correctly. With motivated buyers still active in the market, a property priced in line with local market conditions is likely to attract interest and secure a sale.

Looking Ahead

While the property market faces challenges from inflation and higher mortgage rates, the Devon market’s resilience provides some optimism. The continuing demand from motivated buyers, coupled with a shortage of quality properties for sale, suggests that the market will remain robust.

However, sellers must be mindful of the changing economic landscape and price their properties correctly to attract buyers.

In conclusion, while the national property market is feeling the pinch from economic challenges, the South West market is bucking the trend. The coming months will undoubtedly bring more changes, but the resilience shown so far suggests that the local property market is well-placed to weather the storm.

What are your thoughts on the property market? How do you see it evolving in the coming months? I’d love to hear your views in the comments!

Stats and graphic source: Rightmove

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A Devon Summer: Home Sellers, Buyers, and the Great British Market

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!

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Renters Reform Bill: Will It Transform The UK’s Rental Landscape?

Renters' Reform Bill

In the world of property letting, change is afoot. The Renters’ Reform Bill, a piece of legislation that has been brewing longer than a pot of your grandmother’s strongest tea, is set to shake up the private rented sector in England. But don’t worry because at Helmores we’re here to guide you through these changes!

An End to ‘No Fault’ Evictions

First, let’s tackle the elephant in the room – or rather, the tenant in the property. The bill proposes to abolish Section 21, the ‘no-fault evictions’ clause. This is a bit like cancelling a subscription without giving a reason – convenient for some, but a cause for concern for others. While tenants might cheer at the prospect of greater security, critics raise concerns about the potential loophole of Section 8, which allows eviction when a tenant breaches their agreement. It’s a bit like swapping a sledgehammer for a jackhammer – different tools, but both can cause a headache.

Landlords’ Protections and Responsibilities

The bill isn’t all about tenants’ rights. It acknowledges the difficulties landlords often face. The proposed legislation aims to streamline the process for landlords to recover properties under certain circumstances. But along with these eased restrictions come added responsibilities. Landlords will be expected to adhere to the Decent Homes Standard for the first time, improving the quality of housing across the private rented sector.

Speeding Up the Dispute Resolution

To ensure a smoother resolution of disputes, a new Ombudsman system is proposed. Promising quicker and cheaper solutions to disagreements, it’s expected to offer a fairer way to settle differences between landlords and tenants.

Digital Transformation of Property Management

The bill also introduces the idea of a new online property portal, a sort of ‘one-stop-shop’ for landlords, tenants, and local councils. This system is intended to guide landlords through their obligations while helping tenants make informed decisions about their tenancy agreements.

Inclusive Tenancies

An inclusive and fair renting experience forms the heart of the Renters’ Reform Bill. It proposes making it illegal for landlords to have blanket bans on tenants in receipt of benefits or with children, a shift that could open up more rental opportunities.

Pets in Rental Properties

Now, let’s talk about pets. The bill proposes that tenants should be allowed pets by default, unless the landlord can provide a valid reason against it. For pet-loving tenants, this is like Christmas come early. But before you rush out to adopt a St. Bernard, remember that with great pets come great responsibilities. Any damage caused by your furry (or scaly, we don’t discriminate) friend will likely be your responsibility to repair.

For landlords, the prospect of pets in their properties can be as appealing as a fox in a henhouse. There’s potential for damage, noise, and even insurance implications. But remember, a responsible pet owner can be a landlord’s best friend, often taking great care of the property and staying for longer periods.

What Next?

While the Renters’ Reform Bill has been introduced to Parliament, it is yet to pass into law. The bill’s journey through Parliament will be watched closely by landlords and tenants alike. It’s a bit like trying a new recipe – it’s got a lot of ingredients but we’re not quite sure how it’s going to taste. As it stands, the proposed legislation promises a reshaping of the rental market landscape in Crediton and the wider country, with potential benefits and challenges for all parties involved. But, in the world of property lettings, it’s always best to expect the unexpected!

Stay tuned to our Facebook Page for the latest updates on the Renters’ Reform Bill and its impact on the rental community in Crediton and across the UK.

For more information on The Renters’ Reform Bill check out the Government’s website here

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April 2023 Devon Property Market Update: A Fresh Perspective on the Housing Market

Devon Property Market Update Spring 2023 Helmores

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

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.

If you liked this post you also might like to read this one How the UK Property Market Went Boom & Bust in 2008

* Source of stats Rightmove, UK

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Awesome Virtual Tours: Harness the Power of Matterport to Showcase Your Home

Virtual Tours, the future of property showcasing! Sell faster, attract more buyers, and maximise your home's potential.

Welcome to the World of Matterport 3d Immersive Virtual Tours!

Are you looking for a unique and effective way to showcase your home to prospective buyers? Well, we’ve got some fantastic news for you! Matterport virtual tours have revolutionised the way people experience property viewings. In this blog post, we’ll dive into the world of Matterport and show you how it can help you sell your property faster and at a higher price. So, buckle up and let’s explore the power of virtual tours together.

Stand Out from the Crowd

In the competitive world of property selling, Matterport virtual tours are a game-changer. They provide a realistic and immersive experience for potential buyers, setting your property apart from the rest. Trust us, high-quality 3D virtual tours will make your home the talk of the town (or at least the online property market)!

Reach a Wider Audience

By offering a virtual tour of your property, you’re giving potential buyers the opportunity to explore your home from anywhere in the world. This means you can attract interest from a larger pool of buyers, both locally and internationally. So, say hello to your new global fan base!

Save Time and Resources

With Matterport tours, you can save time and effort by reducing the number of unnecessary in-person viewings. Potential buyers can virtually explore your property and fall in love with it before they even step foot inside. Talk about efficiency!

Allow Potential Buyers to Explore at Their Own Pace

Matterport virtual tours give prospective buyers the freedom to explore your property at their own pace. They can take their sweet time discovering the unique features of your home without feeling rushed or pressured. It’s a win-win situation for everyone involved!

Provide a Safer and More Convenient Experience

In the challenging times of Covid Matterport tours were an absolute godsend! For buyers still social distancing for whatever reason, they offer a safer and more convenient way to explore properties without risking their well-being.

Why Choose an Agent Who Produces Matterport Virtual Tours

Selecting an agent who specialises in creating Matterport virtual tours is a smart move for property sellers who want to stay ahead of the curve. Here at Helmores, we share that belief and are committed to staying at the forefront of property marketing trends. We include a Matterport virtual tour for every property we sell, not as a gimmick to get your business, but because we genuinely believe in its power to revolutionise the property selling experience. So, when you choose Helmores, you’re choosing a partner that embraces innovation for your success.

Try It For Yourself

Ready to see what all the fuss is about? Check out these examples of Matterport virtual tours and explore these stunning properties from the comfort of your own device:

We’d love to hear your thoughts on the Matterport experience! Let us know what you think in the comments below.


So, there you have it! Matterport virtual tours are a fantastic way to showcase your property and attract potential buyers. By leveraging this cutting-edge technology, you can make your property stand out in the competitive market and reach a wider audience. And with Helmores by your side, you can rest assured that you’ll receive top-notch service and expertise in creating immersive virtual tours for your property.

Frequently Asked Questions

What is a Matterport virtual tour?A Matterport virtual tour is an immersive 3D experience that allows potential buyers to explore a property online as if they were physically present, created using Matterport’s cutting-edge technology and specialised cameras.
How does a Matterport tour benefit property sellers?Matterport tours help property sellers stand out from the competition, reach a wider audience, save time and resources, and provide a safer and more convenient experience for potential buyers.
Why should I choose an agent who specialises in Matterport virtual tours?An agent with expertise in Matterport technology can provide a seamless and professional experience, enhance your property’s online presence, and use advanced analytics to target the right buyers.
How much does a Matterport virtual tour cost?The cost of creating a Matterport tour varies depending on the size of the property and the agent’s pricing. However, the investment can lead to faster sales and higher offers. At Helmores, we offer a tour as part of our standard marketing package but every agent will differ so it’s worth checking.
Can Matterport tours replace in-person viewings?While Matterport tours provide an immersive experience, they should be used as a supplement to in-person viewings to give buyers a comprehensive understanding of the property.
How secure is my property’s information on the Matterport platform?Matterport takes data privacy seriously and ensures that your property’s information is secure and protected.
Can Matterport tours be integrated into my property’s online listing?Absolutely yes! Matterport tours are added to Rightmove, and all other portals, our website into your property’s online listing, enhancing its appeal to potential buyers.
Are Matterport tours suitable for all types of properties?Matterport tours can be created for a wide range of property types, not just homes! They can even do commercial, and unique or unconventional too such as hotels, warehouses etc.
How long does it take to create a Matterport virtual tour?The time required to create a Matterport tour depends on the size and complexity of the property, but it typically takes a few hours to capture the necessary images and data but we take care of all
Can I share my Matterport virtual tour on social media?Yes, Matterport virtual tours can be easily shared on social media platforms, allowing you to reach an even wider audience of potential buyers.
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A History Lesson: How the UK Property Market Went Boom & Bust in 2008

Property Market Crash

Today, we’re going to take a fun and casual trip down memory lane to the year 2008. You remember 2008, right? The year when financial markets around the world had a bit of a meltdown, and the UK property market was no exception. So grab a cuppa, sit back, and let’s take a look at why the UK property market crashed in 2008. Fear not, we’re going to keep things light and easy to understand, just like we do here at Helmores!

The Bubble

Before we dive into the details, let’s quickly discuss what a “bubble” is. A bubble is a situation where the price of an asset (like houses) increases rapidly, far beyond its true value. Eventually, this bubble bursts, leading to a rapid decrease in prices. Think of it as inflating a balloon until it pops – that’s a bubble!

Now that we’re all on the same page, let’s explore the factors that led to the UK property market crash in 2008.

10 Key Factors That Popped the UK Property Bubble:

  1. Loose lending practices: Banks and other lenders were practically giving money away, with little regard for borrowers’ ability to repay their loans.
  2. Low-interest rates: The Bank of England maintained low-interest rates, making it cheaper for people to borrow money and buy houses.
  3. Excess liquidity: There was too much money floating around, chasing too few assets (like houses), which drove up prices.
  4. Relaxed regulation: Financial institutions were not closely monitored, which allowed them to engage in risky lending practices.
  5. Speculation: Investors were buying houses not as homes but as investment opportunities, hoping to flip them quickly for a profit.
  6. Buy-to-let frenzy: People were buying properties to rent them out, further fuelling the housing bubble.
  7. Media hype: The media played a significant role in convincing people that property prices would never go down.
  8. Fear of missing out (FOMO): Everyone wanted to get in on the property market before prices skyrocketed even further.
  9. High levels of personal debt: The UK population was accumulating huge amounts of debt, which made them more vulnerable to economic shocks.
  10. Global financial crisis: The US subprime mortgage crisis in 2007-2008 spread globally, leading to a domino effect that eventually hit the UK property market.

The Crash:

As we now know, this bubble couldn’t last forever. In 2008, the UK property market finally crashed. The global financial crisis, triggered by the US subprime mortgage crisis, led to a sudden and severe tightening of credit conditions. Banks stopped lending as freely, and people found it harder to get mortgages. This, in turn, led to a sharp decline in property prices, as buyers dried up and sellers struggled to offload their properties. At its worst, the UK property market fell by around 20%.

The Aftermath:

The UK property market crash of 2008 had severe consequences for homeowners, investors, and the broader economy. Many people found themselves in negative equity, meaning their homes were worth less than the mortgages they had taken out. Some were even forced into foreclosure, losing their homes entirely. The knock-on effects were felt throughout the economy, with rising unemployment and a deep recession that took years to recover from.

But fear not! As we’ve seen over time (and as our experience at Helmores can attest), house prices soon bounced back. Negative equity isn’t necessarily a problem unless you have to sell your home. As long as you can afford your mortgage payments and don’t need to move, you can ride out the storm until the market recovers. And that’s precisely what many homeowners did.

By the early 2010s, the UK property market began to recover, and prices started to rise again. Homeowners who were patient and held onto their properties eventually saw the value of their homes increase, allowing them to move on from the negative equity situation.

Frequently Asked Questions
Q: Was the UK property market crash of 2008 unique?
A: While the circumstances leading to the crash were specific to the UK, similar property market crashes occurred in other countries, such as the US and Spain.
Q: How long did it take for the UK property market to recover?
A: It took a few years for the market to fully recover. By the early 2010s, house prices began to rise again, and the market regained its strength.
Q: What lessons can we learn from the 2008 property market crash?
A: The crash taught us the importance of responsible lending, tighter regulations, and the need for a more cautious approach to property investment.
Q: Can another property market crash like 2008 happen again?
A: It’s difficult to predict, but the financial industry has learned many lessons from the 2008 crash. Stricter regulations and more responsible lending practices have been put in place to help prevent a similar situation from happening in the future.
Q: How can Helmores Estate Agency help me navigate the property market?
A: At Helmores, we pride ourselves on our expert knowledge, transparency, and personalised service. We can guide you through the process of buying or selling a property, helping you make well-informed decisions based on your individual needs and the current market conditions.


The UK property market crash of 2008 was undoubtedly a wild ride. But as the years have passed and the market has recovered, we’ve learned valuable lessons about responsible lending, financial regulations, and the importance of a measured approach to property investment. Here at Helmores we’ve seen the market change many times over the years and we’ve got the experience to help you navigate the ever-changing property market with confidence and ease. So whether you’re a first-time buyer, a seasoned investor, or simply curious about the market, don’t hesitate to get in touch with me and our friendly team at Helmores 🙂