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Plymouth rental housing among UK’s most in-demand after 10% increase

Terraced houses in Plymouth

Recent research has shown that rental demand is slowly increasing across most UK cities during the third quarter of 2021. Plymouth is among the many major cities, proving that the demand for urban areas is starting to rise once again. Statistics taken from the Barrows and Forrester Rental Demand Index showcase the changes in rental demand across the nation and provide an average score for each city. 

Read on to explore the changes in rental demand over the last quarter of 2021.

Why is rental demand increasing?

As we slowly return to the workplace and lockdown measures keep easing, many are making returns to populated cities. This is a slow and steady return, so it might not seem that Plymouth is suddenly busy, but the statistics show it will be soon!

Plymouth has seen a 10.8% increase in rental demand between the second (Q2) and third (Q3)  quarters of 2021. This increase sits slightly higher than the average UK increase of 9.9% between the quarters. This is great news for those who miss the hustle and bustle of the city centre. 

However, compared to last year’s 2020 Q2 data, the rental demand in Plymouth has actually decreased by 0.4%. This isn’t a large decrease at all, yet it may signal some are still tentative about moving into densely populated areas again. 

What does this mean for Plymouth?

An increase in rental demand for Plymouth is an overall good sign. With tourism and commerce down due to the pandemic, an increase in traffic and population will boost the local economy and bring more life to the city! 

Since Plymouth has the 9th highest increase in demand, we can expect to see this rental demand increase as the year ends as more tenants want a new location to work from and a breath of fresh air. With remote work and work from home measures continuing, renters have more mobility than ever! 

The Plymouth housing market will see an increase in city-based homes in particular. This is good news as the market slowly starts to stabilize after a difficult period. During the lockdowns, many landlords were forced to decrease rental incomes to secure a tenant, however, an increase in demand should bring these rental prices back to their past price. 

Plymouth market outpacing London

Plymouth was in the top 10 UK cities with an increase in rental demands, but what about the other cities?

Cardiff and Glasgow saw the largest quarterly changes with a 22.1% increase. This impressive statistic was followed by Bristol (21.9%), Edinburgh (21.5%), Cambridge (19.6), and Manchester (14.8%). Newcastle and Southampton also sit above Plymouth with an 11.2% and 10.9% increase. London reported an 8.0% increase, perhaps signalling many workers want to move elsewhere after years of busy city life. 

On the other hand, at the bottom of the table, Belfast only saw a 1.7% increase and Newport saw a -5.2% decrease since the last quarter.

Takeaway

An increase in rental demand is a good sign for investors looking for buy to let Plymouth properties. With more interest in the area, we can expect to see this trend slowly rise as we approach the end of the year. Many tenants are expected to secure properties ahead of 2022 in time for a fresh start and new location. 

Contact us now for a free consultation on buy to let properties in and around Plymouth!

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How technology is taking the property market by storm

Photo drone in flight

As time goes on, technology gets more and more impressive. New tech is popping up in every industry, and this includes real estate too. But, is technology making it easier to sell?

We’ve investigated the effect new technology is having on the property market and high-quality real estate marketing so you don’t have to! Find out how the increase in technology is helping sellers with their Plymouth house marketing in this article.

Read on to find out more!

Continue reading How technology is taking the property market by storm
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I want to sell my house in Plymouth: What can I do to achieve the highest possible price?

Achieving a high price for your home may sound daunting, but here at Pilkington Estates, we know the best ways to get a great asking price and the most important steps to focus on when selling. So, if you’re wondering “How do I sell my house in Plymouth?” read on, we have some helpful tips for you!

What’s the housing market like in Plymouth?

The general trend for house prices in Plymouth has been a constant rise over the last ten years. The cost of an average home has gone from approximately £138,000 in 2011 to around £194,000 in early 2021. This 40% means that first-time buyers were paying around £171,000 in January 2021, while people who previously owned occupied houses paid an average of £214,000.

Plymouth’s property prices vary based on their location. For example, seaview properties are always in demand, but recent trends show areas in the north and around the PL6 postcode (as well as Peverell and St. Jude) are also very popular. The amount of residential property in Plymouth has remained stable, on average 32 new builds appear per year over the past decade – this means demand remains high.

Present your property well

When selling your home, promotion is key, but so is presentation! A good estate agent will be on hand to guide you through this process. They’ll also be able to tailor your house to what buyers in the local area want. Make sure to follow the agent’s specific tips on presenting your property in the interior and exterior for the best chance at getting a high price.

Here at Pilkington Estates we know what buyers in the Plymouth area want, and we know the best ways to market your property. From high-quality photography, videography and even interior and exterior drone shots, our team is on hand to capture your home at its best.

Get rid of clutter!

It’s true that removing clutter can optimize your space and can make it look larger and clearer. Creating space can increase the value of your property and can result in a higher sale price. Some experts suggest extending your home or even doing a loft conversion, if sellers have the time and funds. However, if you aren’t able to do this, it’s important to maximise the amount of space you have in your property.

When decluttering, remove any unnecessary items and go through the property room by room to analyse what can go. Offering a clear home to potential buyers will help them visualise the space and will often raise the price.

Be a proactive promoter

Getting your listing out there for potential buyers to see is important. The more people know about your house, the higher the chance of finding a buyer. Use your family, friends and social media to market your home. Also, it can be helpful to familiarize yourself with the local market to know what potential buyers want from your home.

At Pilkington Estates, we offer a social media package to help promote your home. Our Facebook page has over 6,800 followers and our Instagram has nearly 1000 followers too, giving us an impressive reach in the local Plymouth area. The social media packages we offer help promote your property to get a higher sale price. The package is managed by social media specialists to ensure that every property is presented to the highest standard.

Review how helpful you can be

This tip is an essential one, but not every homeowner likes to hear it. When selling your home and making it look as good as possible, evaluate how helpful you’re being, or if a professional should be hired to help. This applies to last minute DIY work to help the house sell, often we want to get the house all patched up before making a sale, but if you’re not an expert in these fixes it’s best to let an expert help.

The Takeaway

There’s no one guide to selling a house that will fit every property, however, when going for the highest price possible make sure to follow these tips to catch the attention of local buyers.

If you’re looking to sell your property in the Plymouth area, contact us here to get involved with our services.

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Reduced stamp duty for house buyers until the end of September

The stamp duty holiday is over, but you still don’t have to pay stamp duty for the first £250,000 of the house price before 1 October. Since 1 July, buyers have to pay stamp duty again for any part of the purchase price above this threshold. Here’s what’s happening to stamp duty and how to find a stamp duty calculator.

What are the changes happening on October 1st?

Until October 1st 2021 stamp duty will be at the following rates:

£0-£250,000: 0%

£250,001-£925,000:  5%

£925,001-£1,500,000: 10%

£1,500,000 and more:  12%

On the 1st of October, this is when they are due to go back to normal.

£0-£125,000: 0%

£125,001-£250,000: 2%

£250,001-£925,000: 9%

£1,500,000 and more: 12%

If you want to know how much you’ll have to pay, visit our Stamp Duty Land Tax calculator. This stamp duty calculator is an accurate way to calculate stamp duty on any potential properties.

Why was there a stamp duty holiday?

The stamp duty holiday was started in July 2020 as a response to the COVID-19 pandemic. The tax holiday was to help boost the property market and to help buyers whose finances were affected by Covid, since there was a potential saving of up to £15,000 on buying a home.

It wasn’t just for buyers though, landlords and second-home buyers were also able to take advantage of the tax holiday. However, these groups still had to pay an extra 3% of stamp duty that they were charged under the initial rules.

Has this holiday caused house prices to go up?

It’s safe to say that the stamp duty holiday has stimulated the housing market. Statistics show that UK house prices have increased 13.4% in the year to June – the fastest pace seen since November 2004. It was also reported that estate agents saw an increase of interest in March, as sellers and buyers wanted to catch the deal before it was scheduled to finish. This increase in interest saw the tax holiday extended up until July the 1st.

Other reasons house prices have been increasing are low supply, the race for space, accidental savings and low interest rates. 

Is there any other help for first time buyers?

First-time buyers will not have to pay any stamp duty on property purchases of up to £300,000 from July in a policy designed to help more first-time buyers to secure a home. A new government guarantee scheme is also seeing high street lenders starting to offer mortgages to borrowers with a deposit of just 5%.

This new scheme is available to any buyers purchasing a home of up to £600,000 unless it is a second home, a buy-to-let property or (in some cases) a new build.

Stamp duty may be coming back on July 1st, but you can still take advantage of the lower rates until October 1st.

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The 10 Best Coastal Properties for Sale in Plymouth

Are you drawn to coastal life? Has the sea always been your favourite place to visit? Would a sea view complete your dream home? Look no further, we’ve rounded up the 10 best properties for sale in Plymouth that are situated near the shore. Properties for sale in Plymouth with sea views are like gold dust, so make sure to catch one now!

Citadel Road, Plymouth

Located a short walk away from the coast, this 1 bed flat for sale in central Plymouth is a great option for those who love the sea. This is an ideal property for anyone who loves the historic Plymouth waterfront and wants a modern finish in their home.

Westlight Way, Plymouth

Only 1.5 miles away from the Barbican landing stage and the Plymouth Mount Batten Ferry Landing, this three-bedroom home is perfect for those who want space by the coast. This family home also gets an abundance of natural light daily, keeping life by the sea bright and sunny.

Fegen Road, Plymouth

Situated next to Kiln Bay, this second floor flat boasts two double bedrooms and a fresh family bathroom. The apartment also has a well-looked after communal garden area that connects to the estuary, perfect for anyone wanting to live by the water.

Essa Road, Saltash

With five bedrooms, three bathrooms and one reception this terraced house is perfect for any growing family. Built in 1888 and currently undergoing a full refurbishment, this property is being elegantly re-designed for the modern family’s needs. This property is only 0.5 miles away from the waterfront, allowing sea lovers to visit the front daily. Not only that, but Saltash station is 0.3 miles too.

Coltness Road, Plymouth

Though more inland than other properties on this list, this six-bed detached house is still great for those who want to move to the coast. Only 2.6 miles from Plymouth Mount Batten Ferry Landing and 2.8 miles from Newton Ferrers Ferry Landing, the sea is easily accessible whilst also giving you the benefit of being near Polston Park.

Stillman Street, Plymouth

Situated right near the iconic Plymouth waterfront, this two-bedroom flat is perfect for those that love the coast and the inner city bustle. This flat is also 0.3 miles from the Plymouth (Barbican) landing stage and 0.6 miles from Plymouth Mount Batten Ferry Landing. This home also comes with an allocated parking space and easy access to public transport in the Plymouth area.

Stenlake Terrace, Plymouth

This double bedroom family home is a great option for those settling down in the Plymouth area. Situated next to Riverview Plym, this home is only a mile away from Ferry landing stages and the coast. The home is also a short walk from local schools and amenities in the area, leaving you connected to the local community.

North Road East, Plymouth

Located in the city centre, this six-bed end terraced house is a turn of the century property that’s been reconfigured for modern needs. It now offers three two-bed apartments while still holding the original features throughout. This property is located by the University of Plymouth, but is less than a mile away from the sea! A great space for students to enjoy the coast.

Shaugh Prior, Plymouth

If you want a combination of rural living and the sea, this property in Shaugh Prior is a great option. Only a six-mile drive from Plymouth, the sea view is easily accessible from home here. While coastal life can be embraced, this luxury property also can offer a quiet time too. With five bedrooms and a detached style, this is a perfect option for a growing family.

Plymouth Road, Plymouth

This three-bedroom semi-detached house is another great family home available by the coast. With one bathroom and two receptions, this option has space for children. Only 3.1 miles away from the Plymouth station and Plymouth (Barbican) Landing Stage, the sea is easily accessible for those who want coastal life.

If any of these coastal properties interest you, or you want to find a sea view home in Plymouth, contact us here at Pilkington Estates.

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First-time buyers in Plymouth could get up to 50% off

The government’s First Homes initiative will enable first-time buyers in England to apply for discounts of up to 50% on a new-build property. This could give keen buyers discounts of up to £100,000, but the scheme has also caused property experts to predict a “scramble”. Demand for the new “cut-price” homes is expected to exceed supply, and possibly even adding more fuel to the house price boom.

This is great news for any first-time buyers in Plymouth, allowing younger buyers to get on the property ladder whilst staying in their local areas. New build homes in Plymouth could be bought at lower prices if applications to the First Homes scheme are accepted, exciting news for anyone in the market for their first home.

Here to benefit communities and first-time buyers

The scheme is aimed at any first-time buyers in the location where the properties are built. Many of these locals are expected to be key workers, like NHS staff and other frontline workers (e.g., delivery drivers and supermarket staff). The First Homes scheme aims to get young buyers onto the property ladder through homes discounted at least 30% of the true market price. Some local authorities will be able to give a Karger discount (of about 40% to 50%), however, this will only be done “if they can demonstrate a need for this.”

This initial price cut will benefit communities in the long term, as the discounted price will be passed on with the next sale of the property to more future first-time buyers. This will mean the chosen homes will always be sold below market value, allowing the scheme to benefit “local communities, key workers, and families for generations to come.” The goal is to support local people who struggle to find affordable market prices in their area. Instead of moving away, these first-time buyers are now able to stay in their communities.

Bringing ownership back

Due to years of house prices rising, many younger buyers have put homeownership out of their minds. The current housing boom, fed by stamp duty tax breaks, has caused double-digit annual price growth and subsequently leaving more first-time buyers left behind. Applicants who can afford to buy a First Home without a mortgage will not be eligible, the government is making sure the homes go to local communities and don’t get bought up as investments.

The First Homes initiative is targeted at first-time buyers only, if a household has a combined annual income of £80,000 (or more than £90,000 in Greater London), applicants won’t be accepted. Some local councils will be able to set some of their requirements, these could be prioritizing key workers or locals. 

Price caps will also be enforced, this means that after the discount has been applied, the buyer won’t be required to pay more than £250,000 (or £420,000 in Greater London). Councils will be able to make the case for imposing lower price caps in individual circumstances, however.

Friday the 4th of June saw the initial First Homes properties on the market in the opening phase. These were situated in Bolsover, Derbyshire. More homes will be available to first-time buyers through the scheme as time passes. A further 1,500 homes are expected to come on the market in the autumn, and then another goal is to have “at least 10,000 homes a year being delivered in the years ahead, and more if there is demand”.

Housing secretary Robert Jenrick stated, “First Homes will offer a realistic and affordable route into homeownership for even more people who want to own their own home.”

Looking for a new home in Plymouth? Let us know your thoughts on the new First Home initiative!

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Area Profile: Stoke

Stoke, Plymouth could be your next home, but what are the perks to living in this area? Also known by its historical name Stoke Damerel, this suburb has caught home buyers’ eyes due to its affordability, good schools and of course location near the beach.

What are the schools like in Stoke?

Schools in the area are deemed good by Ofsted, making it a great area to raise a family by the coast. There is a range of primaries including Stoke Damerel, Morice Town and College Road all situated in the residential areas. Stoke Damerel primary holds approximately 320 students between the ages of 4 to 11. Stoke also boasts an Ofsted “outstanding” community college, as well as the Devonport High School for Boys which educates pupils from all over Plymouth and areas of west Devon and east Cornwall.

How connected is Stoke?

Worried about transport? You shouldn’t be, Stoke is only an hour’s drive away from Exeter or St Austell and local buses are always running to keep you mobile. The local train station is Devonport station, which is run by Great Western Railways, and you can reach Exeter in an hour and a half for a single fare of £10.60. Plymouth Bus also provides a quick link from Stoke into the center, great for those who want to visit the city.

What makes Stoke unique?

Stoke was historically part of Devonport, England before 1914. However, Plymouth and Devonport ended up joining Stonehouse and the area took the name of Plymouth. Stoke ended up being one of the inner suburbs of this area! When walking around the town, you’ll notice various private houses dating back to the Victorian and Georgian eras, hinting at Stoke’s rich past. The local parish church is also a notable landmark for its architecture and historical connections.

What facilities does Stoke have?

Stoke Village is also home to over 50 small businesses and unique shops on their high street. This is a great place to grab some good, financial services, get your hair cut or have a pint. This historic high-street has most services alongside 8 pubs and restaurants. Free parking is available to ensure you can enjoy the local facilities at a low cost.

Stoke is near the Plymouth Life Centre, a complex with one of the largest aquatic facilities in Southern England (second to the Olympic Village) and it also houses one of the newest wheelchair rugby teams in the UK called the West Country Hawks. This is a great place to get active through swimming, going to the gym and even taking on a climbing wall. There’s also the Barbican, another popular area for shopping, good food and art galleries – all on the gorgeous waterfront.

If getting active isn’t always your thing, you can take a five-minute bus trip to the Royal William Yard. This area used to be an old naval victualling yard but has been developed and regenerated into a waterfront bar and restaurant area. This is a great place to rewind and socialise in a contemporary setting. Not only that, but once a month a food market and an open-air cinema is hosted.

What are the house prices like in Stoke?

Are you looking for property for sale in Stoke, Plymouth? House prices generally vary between £350,000 to £500,000 for large detached, with smaller detached houses selling for £200,000 to £350,000. Semi-detached properties often go for £200,000 to £425,000 and historical town houses for £225,000 to £370,000. Terraces can command between £100,000 and £270,000. Popular streets of Stoke are Millbridge and Wilton Street as these terraces were first built to house dockers and have a historical charm.

So, are you interested in Stoke? Let us know your thoughts on the area!

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Area Profile: Glenholt

If you’re drawn to Plymouth for its coastal charm, but don’t want to be living in a busy area, try Glenholt. This quiet neighbourhood on the northern boundary of Plymouth has a greener landscape than Plymouth centre, however it’s only 4 miles away from the city, giving residents the flexibility to enjoy some peace and quiet and pop into the shops as they please – it’s the best of both worlds here. Glenholt is a friendly community that likes to enjoy life and the natural beauty of the area. Here’s all you need to know if you’re looking for property for sale in Glenholt.

Is Glenholt well connected?

There are good transport links to Glenholt if you have a car, as the A386 runs along the neighbourhood’s western side. This is good for anyone who needs to commute to work. Plymouth airport is a stone’s throw away on the south of Glenholt, however this base ceased operations in December 2011. Buses are available to take you into the city, these are frequent, and the journey only takes 40 minutes. The George Junction Park and Ride is also situated just outside of Glenholt, allowing residents to visit Plymouth, Derriford Hospital and Milehouse for a small fee.

What facilities does Glenholt have?

If you don’t fancy heading to Plymouth centre and want to enjoy the peace in Glenholt, there are still shops and amenities at your doorstep. Glenholt boasts a large superstore, a small local center, and various other shops (such as a post office and electronics stores) in the northern area of the neighbourhood. Glenholt doesn’t have any schools in the neighbourhood, however there are primary schools in nearby Woolwell or Estover.

What are Glenholt’s attractions?

The main highlight of Glenholt is its natural beauty. This neighbourhood is by the gorgeous Tamar Valley and Dartmoor National Park, the perfect location for anyone who loves the great outdoors or walking. Dartmoor National Park is only two miles away and offers a range of activities, from short walks, lengthy trails or guided walks – you can find it all. There are 368 square miles of woodland waiting to be explored. Residents also visit the Tamar Valley often; the river Tamar divides Devon from Cornwall, and you can discover this history in the museum. If museums don’t take your fancy, there’s also pleasant walks and interactive historical exhibits.

Beaches are also a key feature when living in Glenholt, a short journey, and you can visit Plymouth’s coastline to bask in natural beauty and unwind. There’s nothing more calming than living by the coast. A reason many of Glenholt’s residents decided this neighbourhood.

What are the house prices like in Glenholt?

If you’re looking for property for sale in Glenholt, Plymouth, here’s all you need to know. Over the last year properties in Glenholt had an average price of £321,250 and the majority of sales were detached (selling for an average of £341,667). Semi-detached houses sold for £260,000 on average and overall sales in the neighbourhood were 15% up since 2016.

Glenholt is an ideal place to relax with friends and live life at a slower pace, surrounded by Plymouth’s natural beauty. Are you interested in this area? Tell us why!