Devon and Cornwall house prices on course to hit 2007 record levels
06-16-2015
By WMNlynbarton
House prices are going up, according to one study
The Westcountry's housing market is bouncing back, according to figures which suggest that asking prices are on the up.
According to Rightmove, prices have been buoyed by a drop in demand backed by a steady upward trend.
The property website said that asking prices had hit a new record in the broader South West region, which includes Bristol and the M4 corridor, with the average asking price £287,776.
Richard Copus, Richard Copus, regional spokesman for the National Association of Estate Agents, said Devon and Cornwall's property market wasn't quite at record levels, but the signs were good.
Get flights, award-winning Red Sea resort, premium all-inclusive board and more for £399 per person. Join Travelzoo for free to see this deal.
"House prices at the moment are healthy and sustainable and this is exactly what we want," he said.
"Higher prices property, the type which sells for more than £1million, is beginning to move again and so is the usual type of property coming to the market."
Mr Copus said first time buyers were more confident in coming to the market and demand was steady among second steppers, who are looking for a bigger home.
He said prices had risen at slightly better than the level of inflation although there were hotspots, such as Plymouth, which was attracting investors, and Exeter.
"It is good news," he said.
"Values have come up, but they have not quite hit that peak of 2007.
"We are almost there though," he said.
According to Rightmove, house-sellers' asking prices have jumped to a new record across England and Wales, with the average property on the market in June having a price tag of £294,351.
The new high is £8,218 higher than a previous record set in April, and a surprise fall in the supply of homes coming on the market in recent weeks has added to the upward pressure on prices, the property website said.
Miles Shipside, director of Rightmove, said that while there has been an upturn in buyer demand following the election, there has also been an "unanticipated" post-election fall in the supply of new properties.
He said: "Many potential sellers have so far failed to come to market.
"This has pushed up some of the asking prices of those properties that have been marketed, meaning that buyers are faced with paying a new average record price high for the more limited choice available."
The supply of top-end properties worth more than £2 million coming to market bucked the general trend.
Rightmove said there was an 86% month-on-month leap in new listings of properties in this price bracket, as the general election outcome swept aside the possibility of a mansion tax.