The Plymouth property market remains busy, with strong buyer demand and higher stock levels than last year. However, competition is fierce—34% of listings have had price reductions, and homes priced correctly from the start are selling in around a month, compared with three months for those needing reductions.
Chris Whitaker, Managing Director at Martin & Co Plymouth, notes:
“Buyers remain motivated, but they are spoilt for choice.”
Nationally, asking prices have dipped 1.3% this month, and annual house price growth has slowed to +1.3%. In Plymouth, prices remain steady, but buyers are cautious and quick to reject overpriced homes.
Market Highlights
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Buyers are active in sought-after areas like the Barbican, Mannamead, and Plymstock.
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Mortgage rates have improved, with the average two-year fixed down to 4.49%, saving buyers over £100 a month.
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Stamp duty is weighing on larger homes, with 83% of movers now paying an average bill of £2,500.
Outlook
With rate cuts improving affordability and demand still strong, the autumn market looks positive. Sellers who launch at the right price and present well are best placed to achieve a quick, successful sale.
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