Driven by record low mortgage rates (remember them?), bolstered by a Stamp Duty Holiday and boosted by a so called “race for space” – with out-of-area buyers competing with local home movers, property prices here in the Greater Exeter Area escalated rapidly to record highs.
So, where are they now? Well, the good news (for some) is that prices in many areas have pretty much stayed the same over the course of this year, as demand remains high and supply of fresh stock to market continues to be stunted. Indeed, in some instances we are seeing sales being agreed well in excess of 2021 prices.
However, the problem for many homeowners – particularly those with low fixed-rate mortgages which have, or are about to, come to an end – is the cost of borrowing at today’s markedly increased rates.
As a result, already counting the cost of living “crisis” – dropping Netflix and sacrificing the odd takeaway, or two, may not be enough to make-up the eyewatering monthly repayments some may be facing.
So, what can we expect from the 2024 Greater Exeter Area property market? Well, thankfully, there is every reason to think that the area will remain a sought-after location for buyers across all price ranges AND mortgage rates look unlikely to rise any further – albeit those rates are well above the level “enjoyed” in the pandemic property boom . By the same token , however, they don’t look like falling much any time soon. With a General Election looming, for those who may be looking to sell in the New Year , it’s worth thinking about bringing those plans forward – or, at least, start thinking about “getting your ducks in a row” – if you are to avoid the buyer stagnation that often occurs in the months leading up to election day.
Whatever you reasons for thinking of selling (if, indeed, you are thinking about selling at all) then please get in touch with Wilkinson Grant & Co – Call us now on 01392 427500 and we will be happy to give you informal advice on how best to achieve the best possible outcome.
WILKINSON GRANT & CO.
“when it matters most”