Too often home owners’ approach conversations with agents without sound knowledge about what their house is worth. So what has been going on in and around Plymouth over the last 12 months?
The average price of homes sold in Plymouth over the last 12 months was £180,195. That’s set against the national average of £216,750. So Plymouth is a comparatively inexpensive place to buy property. Indeed, the City has one of the smallest gaps between average house price and average salary for a UK city. Plymouth achieved prices are 4.75% up on average compared with the previous 12 months. This compares to a national increase of some 8.3%.
But anyone who lives in Plymouth knows that the local property market is an amalgamation of sub-markets, and to get the true picture it is necessary to analyse each sub-market.
So top of the pops in terms of average achieved selling price is PL3 (£226,022), followed by PL6 (£196,354) and PL4 (£166,831). More affordable areas include PL2 (£165,622), PL1 (£159,380) and PL5 (£134,136).
However, to gain a true insight, it is important to consider how achieved sale prices have changed over the last 12 months… and that reveals an interesting picture. PL3 is again top performer with average achieved prices rising 17.3% over the last 12 months, followed by PL4 (up 5.8%). At the other end is PL5 (up 0.3%) and PL1 (down 13.9%).
So what are the factors that have influenced Plymouth property prices, causing such a spread of performance across the local market? Local prices regularly fluctuate. A rally in prices can often be followed by a period of stagnation with homebuyers and investors recognising that the local market has become overheated and no longer represents the value that it once did. Conversely an area which appears to have stalled often presents buying opportunities.
Too often home buyers, home owners and buy to let investors do not equip themselves with the facts. In a rapidly rising market it is too easy to apply a crude regional template to assess pricing, when actually there are far more nuanced local factors to consider. These often apply down to a local street level.
As with all investments, buying and selling property is largely to do with analysis, timing and predicting or pre-empting those opportunities and market turning points before the crowd. At Martin & Co (Plymouth) we pride ourselves on the level of rigour that we apply to our analysis. For a considered and honest appraisal of your property or potential investments please feel free to call us on 01752 255 255 or visit us in our offices on Mutley Plain.