In recent years, the Plymouth housing market has been on an upward trend, with prices steadily increasing. This trend looks set to continue into 2022, with experts predicting that the average price of a home in Plymouth will rise by 5%. This is good news for those looking to sell their property, as they can expect to achieve a higher price than in previous years. However, it is worth bearing in mind that the market is still relatively slow, so it may take longer to sell your property than in other areas of the country.
Several factors are driving this price increase in Plymouth. Some of these factors include:
Plymouth is becoming increasingly popular as a place to live: This is due to its excellent location, with good transport links to the rest of the country, and its proximity to the beautiful Devon countryside. Additionally, Plymouth has a lot to offer in terms of amenities and leisure activities. As more people are looking to live in Plymouth, housing demand is increasing, pushing prices up.
The lack of available housing: There is a shortage of properties on the market, which is driving up competition and resulting in higher prices. This is particularly true for family homes, as there are fewer of these available.
Investors are buying up properties in Plymouth: Due to the city’s strong growth prospects, investors are increasingly looking to buy property in Plymouth. This is contributing to the rise in prices, as they are willing to pay more for a property than an average buyer.
Plymouth is an excellent place to live, work and raise a family. The city offers a great lifestyle, with good schools, a variety of amenities and beautiful countryside nearby. These factors are all contributing to the rise in prices in the Plymouth housing market.
If you’re thinking of buying a property in Plymouth, it’s important to be aware of the trends so that you can budget accordingly. Here’s an overview of the Plymouth housing market trends for 2022 so that you can make an informed decision about your purchase.
Plymouth UK Housing Market Trends For 2022
By March 2022, the average house prices in Plymouth were up by 10.9% for the year. The average house price in Plymouth is now £218,470. Plymouth has seen a strong housing market recovery since the economic downturn of 2008.
The Plymouth housing market is expected to be strong in 2022, with prices continuing to rise. The following are some of the key trends that are expected to shape the Plymouth housing market in 2022:
- Continued growth in prices: Plymouth is expected to see continued price growth in the coming year. This is driven by strong economic conditions, low-interest rates, and high demand from buyers.
- Rise in the number of sales: The number of sales is also expected to increase in Plymouth in 2022. This is being driven by the strong market conditions and the low-interest rates.
- Strong demand from buyers: There is strong demand from buyers in Plymouth, driven by the low-interest rates and the strong economy.
- Active investor market: Investors are expected to be active in Plymouth in the coming year as they seek to take advantage of the strong capital growth prospects.
- First-time buyers active in the market: First-time buyers are also expected to be active in the Plymouth housing market as they seek to take advantage of the low deposit requirements and the Help to Buy scheme.
These trends will lead to a strong housing market in Plymouth in the coming year. If you are in the market to buy or sell a property in Plymouth, be aware of these trends to make the best decisions for your needs.
Working with a local Plymouth conveyancing solicitor will ensure you have the most up-to-date market knowledge to help you make informed decisions about your property purchase or sale. AVRillo Conveyancing solicitors in Plymouth are experts in the Plymouth housing market and can help you to navigate the process of buying or selling a property.
Conclusion
Plymouth is set to see strong growth in its housing market in the coming year. This is being driven by various factors, including the city’s strong economic prospects, low-interest rates, and high demand from buyers. If you are considering buying or selling a property in Plymouth, it’s important to be aware of these trends to make the best decisions for your needs. AVRillo Conveyancing solicitors in Plymouth are experts in the Plymouth housing market and can help you to navigate the process of buying or selling a property. Contact AVRillo today to get started.
