24 June 2016
Well here we are getting stuck into the summer months in Plymouth and the property market has showed some really positive signs this year of steady growth. However it has also showed some signs of a slow down and now we wait to see where we go from here.
There have a been a few factors effecting the market which none of us can do anything about.
Firstly the government have changed the Stamp Duty regulations when it comes to buying a second home or buy-to-let investment property. The number of buy-to-let transactions was at an all time high prior to the April deadline after which the buyers would have had to pay considerably more stamp duty. This led to buy-to-let enquires almost completely stopping - no surprise really.
Whilst the market was trying to get used to this area of slow down it then had to deal with the referendum.
During May and June the number of enquiries from both buyers and sellers has slowed right down as people awaited a decision. History shows that the property market doesn’t respond well to uncertainty. However as always quality, desirable properties in some of the more desirable areas have still been selling well in all price ranges. Never has “location, location, location” been more important, neither has taking the marketing advice and pricing advice given to you by your agent if you are selling.
This morning’s headlines read as follows: ‘Britain Votes Leave’: Wow! A narrow victory for Leave.
We didn’t expect that.
Nor did the markets. That’s why they’re crashing even as I type. That’s why the pound is at its lowest level since the miners’ strike. But…don’t panic – people still need to live in houses and around 60% of house moves are from those who ‘have’ to move!
This very morning we have agreed two property sales to families who need bigger homes. Let’s remember that mortgages are still at an all time low and the lenders are keen to lend.
There is still an inherent shortage of property in our lovely Ocean City and there are more people who want to buy and need homes than there are properties coming to the market…this will go some way towards keeping prices where they are. We are not expecting to see a big shift in selling prices over the next few months but we will see there will be a need for an adjustment in asking prices from their slightly ambitious pre referendum levels.
Plymouth has some fine properties and there are many reasons for people to want to live here; Plymouth ranks third for its quality of life against 20 of Britain’s largest cities.
With the wild natural backdrop of Dartmoor to the north of the city, the sea and deep harbour of Plymouth Sound to the south, and the rivers Plym and Tamar to the east and west, there really is no other city like Plymouth.
The city is on the South West Coast Path, and offers five miles of beaches within 25 miles. It is also home to Plymouth Hoe and one of the finest art deco lidos in England. The world famous Smeaton’s Tower which once stood on the Eddystone Reef 10 miles out to sea now dominates the skyline. The Hoe is a natural auditorium and has hosted many events including the Transat, British Firework Championships, Plymouth Half Marathon, Gran Fondo, SkyRide, and MTV Crashes.
Plymouth has a modern and largely pedestrianised shopping centre that includes national brands and independent retailers.
In contrast, the historic Sutton Harbour area boasts the largest concentration of cobbled streets in England with over 100 listed buildings and a good mix of specialist shops, art galleries, cafés and restaurants. This historic area of the city has the Mayflower Steps, departure point of the Pilgrims to Americaand the build up to Mayflower 400.
Plymouth Life Centre’s aquatic facilities are the largest of their kind in southern England outside of the Olympic Village.
Plymouth is surrounded by outstanding golf courses which utilise the natural landscape to create a challenging yet scenic experience for all handicappers. The superb air quality enjoyed by Plymouth and its surroundings is the final piece of the puzzle that makes Plymouth the ideal place to live and work and we believe in it and in its people.