Your trusted update from Plymouth’s local property experts 🏡
- Market resilience despite distractions: Despite the summer heatwave, England’s World Cup run, and a change in Prime Minister, the Plymouth property market remained stable, supported by improving consumer confidence and the Bank of England holding interest rates at 3.75%.
- Buyer confidence is improving: Consumer confidence rose significantly in July, contributing to a more positive local mood and helping maintain activity in the housing market during what is typically a quieter summer period.
- Sales market showing signs of recovery: Although property sales over the past year remain around 15% lower than the previous 12 months, market activity has improved steadily since April following a slowdown earlier in the year.
- Properties are selling more quickly: The supply of homes for sale has increased month by month since April, while the average time to agree a sale has fallen consistently, reaching just 26 days in June, indicating healthy demand.
- House prices remain relatively strong: Plymouth’s average property value has risen by 2% year-on-year to £237,969, outperforming the wider South West region, where prices fell by 0.4%, and demonstrating resilience despite wider market challenges.
📊 Whether you’re buying, selling or investing, understanding your local market is key to making informed decisions.
📖 Read the full report here 👇
