Category: Property market

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. 

Living by the sea is a dream for many homeowners, so if you’re finally picking up sticks and relocating to the coast, make sure you enjoy every moment. From childhood memories of beach days to the peace of walking by the water, there’s a special allure to coastal towns.

However, moving to the coast does come with some extra things to note. Make sure you’re ready for the move and a stress-free experience with our tips. We’ve gathered everything you need to know about moving to a coastal town to help you get prepared.

Considering to buy property near the coast in Plymouth? Keep on reading to find out more!

Maintenance Costs

When you start living by the sea, one of the main areas you’ll need to consider is the upkeep of coastal property. Due to corrosive saltwater, you’ll need to keep a close eye on your property. Often, the damage isn’t dramatic, and it’s easy to maintain over time. But, when left untreated, it can creep up on you!

Home Insurance

While the coast is a paradise, especially in the summer, it does come with a few drawbacks. Many seaside property owners find themselves having to pay higher insurance premiums. This is due to possible saltwater erosion, storms, and general wear and tear from the property’s location. To avoid this, shop around and explore different premiums to find the best price for you.

Weather

Coastal towns are unbeatable in the summer. There’s nothing like sitting by the sea on a hot day with ice cream. However, these towns can experience unpredictable weather throughout the winter and autumn months. From long storms to high winds, you’ll need to watch the forecasts to keep your coastal home protected.

Tourism

In summer, your new home will be busier than ever. When the tourist season starts, get ready for bustling streets and a lively atmosphere. If you like an exciting vibe, this will be good news. But, if you prefer peace and quiet, you may want to avoid the central areas and beach hotspots for the primary summer weeks. You’ll also have to note the traffic, as the tourist seasons can make travelling to and from work longer.

Better Mental Health

Finally, another area potential beach homeowners should note is that living by the coast can improve your mental health. The coast can provide a natural escape from life’s stresses, ideal for anyone that wants a slower pace of life or an outlet from the office. Many of us take holidays to the coast to reset during the summer, so living by the sea all year round will drastically improve your mental health. Enjoy!

The Bottom Line

Whether you’re considering a move or perhaps you already live by the coast, make sure you cherish the experience! Living by the sea has lots of benefits, and as long as you take care of your property and shop around for affordable insurance, it’s the perfect way to live.

Ready to buy property near the coast in Plymouth? Allow us to help! The Pilkington Estates team is here to provide expert advice and guidance throughout your move. Contact us here.

Inflation has recently been reported at a 30-year high, but what does this mean for anyone looking to buy and sell in 2022?

The market has been affected by lockdowns, furloughs, and more in the last few years. However, house prices have spiked nationwide as demand for property continues despite the effects of the coronavirus pandemic.

Though experts initially predicted decreased property demands, we’ve seen the opposite. Many banks previously maintained low-interest rates, which usually result in low-cost mortgages and an increase in demand.

If you’re considering a move in 2022, here’s all you’ll need to know about the rising interest rates and the possible effects on the UK property market.

All About Rising Interest Rates

In December, we saw The Bank of England become the first to increase interest rates since the start of the coronavirus pandemic. This action surprised economists and major markets, who were predicting a delay. This action was caused by the fast-spreading Omicron variant and the underlying inflation pressures that came with it.

Though inflation was reported to be at a 30-year record in December, it is expected to peak again next quarter. Experts predict a decline in the third quarter, but it won’t reach the Bank of England’s 2% target until 2023. Consumers are already dreading the estimated 50% energy cost increase in April, plus various social security contribution increases.

How Will This Affect the Property Market?

When it comes to making mortgage decisions, it’s good to understand the current interest rates. An interest rate refers to the amount of money you’re charged for the loan. While mortgage interest rates can be affected by various factors, the general economy and your personal situation will be key players in determining an interest rate.

Interest rates will always be significant when it comes to the UK property market. Since they determine how much we will pay to get a loan, they will always influence the value of homes. Lower interest rates will increase the general demand for property, increasing prices, whereas higher interest rates can send property prices down.

When it comes to property, nothing is set in stone. Though the interest rates are rising, always look at the general economic situation and get advice from a professional before making any mortgage decisions. While the interest is rising now, it could also suddenly drop, so look at the yield curve for general advice.

The Bottom Line

An increase in interest rates understandably leaves homeowners feeling nervous. No one likes the thought of increased payments and decreased activity on the property market. However, central banks do raise interest rates to lower economic activity, which slows the growth of other costs.

If you’re interested in buying or selling, we’re here to help. The Pilkington Estates team are always by your side to help you get the best deal on your future home.

Ready to start your Plymouth property journey? Contact us here to find out more.

The initial house viewings are some of the most exciting parts of the moving journey. This is the step where buying becomes real. No more online photos or listings, and now you can experience your potential home in 3D.

But many buyers feel overwhelmed when it comes to the first viewings. While this is understandable, it’s essential to be ready with the questions that matter. Asking about your needs will help you find your forever home.

If you’ve been turning up to Plymouth house viewings without questions in mind, don’t worry! We’ve gathered the most important questions, so you are ready for your next appointment.

Remember To Research

Of course, some generic questions will be appropriate in any Plymouth house viewings, but sometimes it’s best to research the area before you arrive. This will help you understand the local amenities, transport links, and crime reports. Prior research will also allow you to compare the going rates for other properties in the area, allowing you to gauge potential prices.

While property listings always include necessary information, you should make sure you conduct some of your research too. This will help you make the most out of any Plymouth house viewings.

The Top Questions to Ask at A Viewing

Here are some key factors to question when viewing a new home. Some may not sound important, but they’re good to ask for future reference.

• “What’s the water pressure like?” We all know that low water pressure is frustrating, but you should also watch out for running taps and showers as these can cause mould. It’s also important to look out for a working extractor fan too.
• “Do you know how old the roof is?” Roofs are essential to a home, but they are sometimes forgotten. You can expect an asphalt roof to last for 15-25 years, but keep an eye out for roof damage too.
• “Are the windows double glazed?” Also, check whether the doors and windows close properly. Locks are also crucial as these will be noted on your insurance premium.
• “What company is the current broadband provider?” This is thinking ahead, but it’ll let you know who provides good service in the area. You can check your phone for cell service in the location too.
• “What are the electrics like?” Look at the placement of electrical sockets in the home and see if there’s a shaver plug socket in any bathrooms.
• “How old is the boiler?” If you can, take a note of the model, make, and the last service of the boiler. This will allow you to budget for repairs – note some older models will need more maintenance.

How Long Has the Property Been On The Market?

Finally, this question is very important. Asking how long the property has been sitting on the market will reveal its desirability, and it can hint at the seller’s position. If it’s been sitting on the market for a while, the seller might be open to a lower offer. On the other hand, a new property won’t accept a low-budget offer.

You also don’t want to get stuck in a property chain, which can be frustrating if the deal falls through. If you can, work out whether the owner is trying to sell to fund the sale of another home. Ask whether they’re looking or have already found their next property. It’s essential to ask this sooner rather than later, as it can save you time down the road with Plymouth house viewings.

The Takeaway

Plymouth house viewings are exciting, but you need to ask strategic questions. These answers will help you figure out if this property is fit to be your next home. Need some assistance when buying? The team at Pilkington Estates are experienced in the local market and will always be by your side to make sure the right questions are asked.

Explore our property services in more depth here.

The pandemic has had a range of effects on society, but one of the more surprising impacts is that buyer demand is stronger than ever in the housing market.

Over the past year, we’ve seen everyone in sixteen houses changing hands, proving the property industry has been busier than ever. In fact, the last time we saw the UK housing market this busy was 2007. This is great news for anyone looking to move home, but what trends can we expect for 2022?

2021: A Busy Year For Estate Agents

Zoopla has reported that the buyer demand is stronger than ever and homes have gone up in value by approximately £40,000 in five years. In 2016 the average value was £200,000, whereas today you can expect the average UK home to cost as much as £240,000!

We’ve even seen the average UK home price raise by £15,500 in the past year. Some areas in the South West and South East have even seen a growth of approximately £22,000. This is a record amount of growth, making us excited to see what happens in 2022.

What About 2022?

The head of research at Zoopla, Grainne Gilmore, stated: “New supply will start to rise at the turn of the year as households use the holiday period to make a decision around making a move”. Naturally, the Christmas period is sometimes quieter, however, we can look forward to a springtime boom when families are ready to move.

Gilmore also stated “In typical years, the highly seasonal supply of homes being listed for sale slows in the run-up to Christmas, but rises sharply in the new year. On average, the supply of listings at the end of January runs some 50% higher than the start of December”

Buyer demand is expected to stay strong at the start of 2022, but as we progress in the year some experts predict an increase in movers who are buyers as well as sellers in the market. This could ease any constraint in supply, however, this will also depend on the amount of demand we see too. Mortgage rates are expected to remain relatively low, even with certain interest rate rises.

Is It Your Time To Move?

The UK market is set to stay relatively stable in the future, with some positive increases too. If you’re thinking about buying or selling, 2022 is set to be a good year to make a move. Whether you’re experienced in the property market or new to the industry, our team of expert agents is always ready to help.

Are you interested in a new home? Find out more about the Pilkington Estates moving process here.