Prices have levelled and stabilised
Now is an excellent time to buy property, say Property Sharing Experts estate agents across the region. Chairman, Steve Moir comments:
According to figures published by home.co.uk, the average property price in Cornwall over the last 12 years has risen by 131 per cent, from £92,021 to £212,569 and 132 per cent in Devon over the same period, from £95,140 to £220,392. The majority of this hike happened between 2000 and 2005 (120 per cent and 108 per cent respectively).
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Property Sharing Experts estate agents chairman Steve Moir says now is an excellent time to buy
Using these figures, since 2005 despite prices peaking in 2007, the average price in the last seven years has risen by 5 per cent in Cornwall and by 12 per cent in Devon, representing a much more stable market than the picture that has been painted for the UK as a whole over recent years.
Indeed, Land Registry figures reveal that in 2005, the average price of property in Cornwall was £182,497 compared with £183,031 in 2012 – a marginal increase of just 0.3 per cent over the seven years. And in Devon in 2005, the average price was £184,893 compared with £188,785 in 2012 – an increase of just 2 per cent during the same period.
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So overall, prices in the two counties haven't taken a massive tumble. Indeed, they have levelled and stabilised. Granted, prices achieved for property today will not equal or exceed those in the 2006-2008 peak, which is sadly unfortunate for those who bought during that time. However, anyone who has owned their home for over a decade still stands to double their money.
The Halifax anticipates house values will remain within a margin of between plus and minus 2 per cent during 2013, ending the year at similar levels to now before slowly climbing as the economy strengthens, which means the stable pricing is likely to continue for at least another year.
The mortgage market has recently eased, driven by the Bank of England's Funding for Lending scheme, with the main benefit seen by those with a sizeable deposit of 25 per cent or more, who are now fairly active in the property market. For first time buyers and borrowers with deposits of 10 per cent and 15 per cent, getting on the property ladder is still a challenge but rates are improving.
So, with confidence improving and the country out of the recession, the base rate still at a low, the cost of borrowing more affordable and prices stable and likely to remain so for at least the next 12 months, now really is a good time to buy.
To see what property is available in your price range or to discuss putting your property on the market, contact any of the 60+ Property Sharing Experts estate agents across the region. All Property Sharing Expert estate agents work together to reach more buyers and sell more homes for clients.
Comments
by arthur19791
Friday, January 04 2013, 2:19PM
“Given today's article about Plymouth being the 5th worst city in the UK for house price drops; with the data being provided by the Nationwide Building society as opposed to a website, shows this "property expert" to be nothing more than a chancer. Typical patter from an estate agent, prices are high so it's a good time to sell; prices are low so it's a good time to buy. This is clearly an attempt at free advertising which is becoming all too common on this website.
Let's get rid of these appalling ego-trip advertisements and get back to real news stories.”
by Rick_OShay
Thursday, January 03 2013, 6:15PM
“A pink tie with a blue shirt......an early entrant for Face of Plymouth 2013?
Rick O'Shay
Zog”
by Waltersmith
Thursday, January 03 2013, 5:59PM
“The market still needs to fall 30 - 50% to stabilise and allow for increased interest rates. Like Vinnie_Gar I was paying 12.5% in the 80s and that was 3% below what a friend of mine was paying. Once interest rates go up there will be a massive shake out in the market which will be flooded with thousands of poorly constructed new builds, secondly there will be huge issue with BTLs - I cannot see landlords trying to double rents to cover the costs of increased mortgage payments - so they will default throwing thousands on to the streets. It is madness letting the Herald let people like Steve Muir talk such nonsense. I suggest the Herald has a far more balanced approach and gets someone with more realistic grasp of the economic situation in to explain what will happen”
by Vinnie_Gar
Thursday, January 03 2013, 4:44PM
“lmmfao
Too right about the interest rates. The BoE is stopping the market finding a realistic level. I suppose that's where those of us who bought in the 1980s have an advantage - we remember the double digit interest rates.
When rates return to a proper level it's going to hurt!”
by swoop4
Thursday, January 03 2013, 4:29PM
“Just walked past the offices of a well-known Tavistock- based estate agent and they looked as under-employed as the HR department in Windsor House. (OK , so perhaps that's going too far)”
by lmmfao
Thursday, January 03 2013, 1:04PM
“When interest rates return to normal, a massive amount of property will flood the market driving the prices down, as people rush to hand the keys back on properties where they cannot afford the repayments. Fact.
A few banks will probably collapse as well.”
by BS_Hater
Thursday, January 03 2013, 11:19AM
“"Prices have risen over the past 12 years but if you sell a property you bought in 2006-2007 it will probably be worth less than you paid for it"!!!!!!!!!!!!!!!
Nonsense, do these people really think that;
a. There is any such thing as a property expert (builders etc exempt).
b. Anyone needs Estate Agents at all (parasitic occupation). I can go to mouseprice or upmystreet etc and value my own home, put an advert in home seeker etc for a year or two and answer the phone myself for a fraction of their insane charges.”
by lkpflk
Thursday, January 03 2013, 11:07AM
“More lazy journalism. Guess it`s easier to cut and paste a house price ramping advert, than getting off one`s backside and go do some investigative journalism.”
by lkpflk
Thursday, January 03 2013, 11:01AM
“Shock news, estate agent says now is a good time to buy property.”
by swoop4
Thursday, January 03 2013, 9:54AM
“Another estate agent in trouble. Shame, really.”