Choosing to sell your home is a big decision.
Regardless of the financial climate, there are always factors to consider when dealing with houses for sale in Plymouth. Moving takes a lot of planning, from examining the market supply to general house prices.
In 2022, there’s more worry than ever surrounding selling. We’ve seen usual market predictors change due to Brexit and Coronavirus complications. With a cost of living crisis, many residents are tentative before selling and exploring houses for sale in Plymouth and the South West.
However, even in uncertain times, selling your home still relies on affordability, house prices, and general market supply. Are you considering a sale? The best course of action is to chat with professionals, and no one knows the South West property market better than us.
Selling And Houses For Sale In Plymouth
Don’t put off a sale if you know it’s time for your family to move. Though times seem uncertain now, many successful property deals are happening – especially in the South West and with houses for sale in Plymouth and the surrounding areas.
House Prices
Data from Rightmove suggests overall house prices in the Plymouth area were down 2% on the previous year, yet 8% higher than the peak in 2019. In general, we expect house prices across the UK to fall. Thanks to rising interest rates, higher costs of goods, and general inflation, buyers won’t be able to save as much for deposits. This might lead to people selling up for lower prices.
Affordability
One significant factor affecting property sales this year is income and the disparity between salaries and house prices.
Many UK buyers will have to stretch their budgets if they want to buy, and this is magnified by the inflated prices of the cost of living crisis. Average properties cost 9.1 times the average salary, yet in 1997 properties were only 3.5 times the average salary. We will likely see house price growth slowing by the end of the year.
Should You Sell In Plymouth?
While there are many factors to consider, selling in the last half of 2022 is still a good option. Each property transaction is unique and choosing to put your property on the market right now should weigh up all of these impacts. If in doubt, it’s always advised to monitor your finances and keep an eye on the market. Research is always the best route!
The Bottom Line
It’s easy to worry about the state of the market, but if you’re curious about selling, professional property advice is always the best route. Speaking with experienced estate agents can provide bespoke insights and advice for your family. Whether you’re looking for general advice or need help looking for houses for sale in Plymouth, we are here for you.
Want to know more? Connect with our expert local agents online here. We’re always ready to sit down and discuss your property needs.
