The regular readers among you may recall that around six months ago I had
one of our landlords come into the office to discuss rising house prices in
Exeter. I like to keep my clients up to
date with current market trends so I decided to send him an update on the
figures.
At the time,
property values in Exeter had been increased by around £227 per week over the
previous 12 months, which is pretty impressive growth. Since then however (over the last six months),
I’m afraid to say prices have been dropping by a staggering £441.7 per week! It seems that 2015 has been hitting Exeter
property rather hard so far, with prices dropping by around £336.9 per week over
the last three months, is this related to the impending election, our wonderful
English weather or perhaps it is just the standard rise and fall of the
property market.
That being said, it is not all doom
and gloom. When we look back over a
longer period, say 12 months, prices have still increased by around £163 per
week, so if you bought in early 2014, you should be in profit, if you bought
around mid-2014, do not get disheartened, if prices go the same way as they
have over the past few years they should bounce back up by around the middle of
this year.
It is also important to remember that if you are letting out your
property for the long term, prices will continually rise and fall, the key is figuring
out the best times to buy and sell. If
you are looking to buy or sell a property in Exeter or would just like advice
on the rental market, please pop in and see us in our South Street office.
Regards, Jon
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