Rightmove’s latest house price index has been released, showing an 11.8% rise in property prices in Devon since this time last year.
The average price of a home in the county now stands at £361,169, with homes across the Southwest typically staying on the market for 35 days until they secure a buyer.
With the rise in the cost of living and interest rates having gone up, there has been a lot of speculation regarding whether prices would have continued to show an increase this month. The reason, however, that prices have continued to rise is that there remain more people searching for homes than there are homes for sale – competition is high.
Property expert for Rightmove, Tim Bannister, says:
“What’s going to happen to house prices is understandably on the minds of many home-movers right now, especially following the market uncertainty after the government’s mini-budget. There has been no immediate effect on prices, but the trend of a slight softening in the pace of growth continues. New sellers coming to market in the month have been pricing strongly, and the number of homes that were already on the market seeing a reduction in price is still well below the long-term average. It will take a bit of time for the market to settle in to a new, more ‘normal’ level of activity following over two years of market frenzy, especially with new developments happening almost daily at the moment.”
It is normal to see a seasonal drop in average asking prices for homes in November and December, so watch this space as we travel further into the final quarter of 2022.