Estate agents In Plymouth in house price decline
The historic Devon port of Plymouth is one of the south coast’s prettiest cities. And, according to local estate agents, house prices in the city are mirroring the roller coaster ride being experienced by properties across England and Wales.
Whilst figures compiled by the agents Connells might show that little has changed in terms of Plymouth house prices over the last year, the truth is that values have risen and fallen significantly in that time.
Connells research suggest that property prices in the Devon port increased by between 6 and 7 per cent in the second half of 2009 but then fell by roughly the same amount in the first half of 2010. Figures from the Land Registry show that house prices in Plymouth fell by 0.1 per cent in June.
Russell Brighton, of the Connell’s First Time Buyer’s Centre in Mutley, said: “Most agents would agree that last year the market was improving month on month, not just in activity but in asking and accepted prices.
“Everyone thought the same would happen this year, and in January and February, we were marketing properties at fairly bullish prices, but sales volumes started to decrease.”
Agents now also believe that the market has turned back in favour of homebuyers as the general election and the uncertain economic climate bring the 2009 recovery to an end – at least for the time being.
Mr Brighton added: “It’s good for buyers because there’s more choice now, and prices have come down a little.”
The figures from Connells have been taken from estate agents around Plymouth, and they are thought to be particularly accurate as they reflect sales being agreed now. This is compared to official figures from the likes of Halifax and Nationwide which are based on completions, which generally happen a few months after house sales are agreed.
Roger Punch, an estate agent at Stags in Plymouth, added: “Some asking prices are coming down, but maybe they were a bit optimistic. There’s a fairly even balance between buyers and sellers.