We take a look with Roger Wilkinson at the property market in the South West. ‘At the start of 2021, some “experts” were predicting house prices of between one and five percent for the coming year.
The market had been “hot” since the end of first lockdown and everyone expected it to cool as the year progressed. By February, it had become abundantly clear that any such forecasts were wholly inaccurate and did not take into account the seismic changes in what property owners were looking for – Not only what they wanted in their home e.g. room to work, plenty of living space, big garden) but also where they actually want to live – and the already significant demand for property in Devon and Cornwall hotspots continued to gather pace.
Prices rose month on month – so much so that we have seen some addresses and particular properties increase by more than ten per cent in just a few months and there’s very little sign of a significant slow-down any time soon.
Things will, inevitably, calm at some point but the property market in this part of the West Country has changed permanently and irrevocably – and the region’s hotspots – particularly those close to the sea and coast – have passed the “tipping point” when it comes to comparison to other parts of the UK where house prices have been historically higher. Whilst this will make these locations less affordable for many, the knock-on effect to the property market across the two counties will be positive.’