A Quick Look at the Property Market in Exeter
21st September 2018 posted in Buyers
The property market in Exeter, like most of the country, has had its share of ups and downs over the last decade or so. But it currently sits in a relatively strong position.
Housing prices are at an all time high, whilst the number of properties being sold remains stable. There are also a few new-builds on the market. So there’s plenty of activity. Lots of buyers are interested in Exeter property.
This blog takes a quick look at the housing market in Exeter. Quick note - all stats are pulled from the official Land Registry App.
Housing Prices over the Last Five Years
Housing prices over the last five years have increased practically everywhere. It was an inevitable upturn following the financial crash of 2008.
Exeter is no different to anywhere else in the UK. In July 2013, the average cost of a property in Exeter was around £201,039. Five years later, that figure was £256,442. This marks an increase of approximately 25.5 percent in that time. It is worth noting, however, that this is lower than the overall average for England - where the increase in this time period was approximately 33 percent.
New Builds Are Far More Expensive Than Existing Properties
Exeter is lucky enough to have had some investment in new build properties. And residents are lucky in that they can choose whether to live in a new build, or a home that was built years ago.
But if it’s the former they want, they’ll have to pay a little extra. On average, as of April 2018, a new build property in Exeter cost £403,263. An existing property, on the other hand, cost an average of £236,981. So there’s quite a significant difference.
Prices Heavily Depend on Property Type
As you would expect, the price of a property is typically dependant on the type of house it is - whether it’s a flat, terrace, detached or semi-detached.
Generally speaking, a flat will be cheapest whilst a detached home will be the most expensive. But this is not a strict rule. Both semi-detached and detached properties are, on average, more expensive than the average figure - at £282,156 and £452,136 respectively. Flats come in at £162,595, whilst terraces average around £237,880.
So if you’re looking to buy a new home in Exeter, your budget will probably shape the type of place you can afford.
Total Sales Peak at Different Times for New Builds vs Existing Properties
As mentioned earlier, the amount of houses being bought is quite high. In the year between May 2017 and April 2018, more than 2,000 properties were bought in Exeter.
At an average of 170 every month. Most of these, as you would expect, were existing properties (1,811) as opposed to new builds (223). The highest selling month was different for each type. New builds were purchased at a year high of 48 in June, whereas the best performing month for existing homes was August 2017, when 187 were bought.
If you’re interested in buying a house in Exeter, then allow Hunters to help.
We have a local branch, with a team of people that has plenty of experience in the area. You can give them a call on 01392 340130.