What Are House Price Trends in Plymouth?

The house price trends in Plymouth can be a little confusing as you need to analyze so many different factors. However, these trends may remain steady at levels not far above the UK national average.

Plymouth is a city that has seen great growth in the past few years, not just concerning population but also in house prices. Those interested in buying their own home need to consider the price trends in the area.

It’s always good to be aware of them if you are planning on relocating and don’t want to miss out on anything. Let’s get started.

Competitive Housing Market

Plymouth’s housing market is competitive, with houses selling at an average price of £224,163 and a current average house price of £224,163. The most expensive area to live in is Plympton-with-Dunstone, with an average house price of £665,111.

The Plymouth city center has a very high volume of properties for sale, with about 77% of all dwellings available for sale on the market. The most common type of property sold in this area is an Apartment/Flat. Involve house conveyancing solicitors in Plymouth to get better deals.

In general, mortgage lenders are willing to give you a mortgage loan if you have a good credit history, meaning you have never been late with any payments and strong savings or income.

Your salary should be higher than the average salary for your area – if it isn’t, it may not be possible to get a mortgage loan from some lenders.

To get the best deal on your home purchase, you’ll need to afford it without taking out any other loans or credit cards which will tie up too much money in interest payments.

High House Pricing

House price trends in Plymouth are driven by a relatively low supply of properties, which is partially offset by demand from people who want to live in the area. This has resulted in house prices increasing at a higher rate than average.

The average house price in Plymouth was £192,000 in April 2019, up from £191,000 in February 2019 and £186,000 a year earlier, both figures are based on the three months ending in the previous January.

Such means that prices have increased by 3% over the past year (1% inflation) and by 10% over the last five years (5% inflation).

However, there are still some areas where house prices are lower than average – for example, around Bideford and Dunsdale with an average house price of £140,000 and £130,000, respectively.

Booming Economy

The Plymouth economy is thriving, making the housing market boom. The city has experienced a population growth rate of 2.6% in the last year, meaning more people are looking for homes than ever before.

Better yet, this has increased competition for houses in Plymouth, pushing prices up by nearly 8%. Such a scenario made it more difficult for new homeowners to get into the market, as there are simply not enough properties available to satisfy demand from buyers.

Prices have risen even higher in some areas of Plymouth. In particular, the area around Plymouth Sound has experienced house prices increase by 13% over the past year. Even better, the prices have risen by 10% throughout the rest of Devon and Cornwall.

New House Constructions

The construction industry is one of the most important industries in the city. The construction of new houses has increased in recent years, especially after the 2008 crisis and the depreciation of housing prices.

There are many reasons for this trend, such as low-interest rates, high demand for housing and a lack of supply due to land use and zoning restrictions in some areas.

New house construction has been growing steadily since the 1990s but has accelerated since 2010. In 2014 there were about 10,000 new houses built in Plymouth each year, but by 2021 this had risen to 12,000 per year. The area around Plymouth has very limited space for new development, so this increase is likely due to an increase in population rather than increased demand.

In Conclusion

It can be tough to know where to begin if you are a first-time buyer looking to purchase your own place. That’s why we’ve dug and come up with a list of the best places in Plymouth that offer the highest chance of success.

Despite the economic downturn in recent years, house prices across England have generally been increasing, and Plymouth is no exception.