The Exeter property market is full of mixed signals, on the one side there is a huge amount of optimism surrounding Exeter as an area to live, work and buy property in, while on the other side there remains political uncertainty which has a knock on effect with confidence. So let’s look at the facts and see how Exeter has performed over the last five years and see how this compares with other local areas, to help you decide where best to buy.
Latest Exeter Property Prices:
At the time of writing (May 2019) the latest figures that are available from Land Registry are up to February 2019. The data shows the average property price in Exeter was standing at £253,920. Of course, we know averages only mean so much and there is a big variation depending on the property type. To read more about the averages of different properties and what might be the best type of property to invest in Exeter, click here.
Interestingly February’s figures are down on the high of October 2018 which saw average property prices standing at £260,978. Whether this is a blip or a downward trend, it’s too early to know. However, it is important to always be aware that property prices do fluctuate up and down from month to month. So making a decision based on a few months data might not be the only thing you want to consider!
Exeter Property Price’s over the last 5 years!
Past performance is, of course, no indication for what will happen in the future, but it can help put things into perspective when there are often monthly price fluctuations. So let’s take a look at where the average Exeter property price was standing five years ago:
In February 2014 average Exeter property prices stood at £208,343 which means prices have on average risen by £45,577 over the last five years. That is a 22% increase.
How does Exeter compare with other local areas?
The performance of one area over another, won’t always be important to everyone as sometimes there are other considerations to take into account, such as schools, work or you just happen to want to live in a particular area. However, it is interesting to see how different local areas have performed over the last five years and they compare with Exeter.
Benchmark: Exeter which has risen by 22% over the last five years.
East Devon = 25% increase
Teignbridge = 21% increase
Mid Devon = 22% increase
North Devon = 19% increase
Plymouth = 19% increase
So what does this tell us? Well, all areas have seen positive growth over the last five years with East Devon outperforming the others with a 25% increase over the last five years. East Devon has a lot going for it with some great schools, nice villages and towns, making it an attractive area for families. With the added benefit of being close to good transport links and its close proximity to Exeter, East Devon is a great place to live.
Of course, that’s not to say you shouldn’t consider other areas in Devon. It really does depend on what you are looking to achieve and your reason for buying. A family will have a completely different buying requirement than a property investor or even a first-time buyer. So whoever you are and whatever you are looking to achieve, think closely about what is right for you. Although headline averages are helpful to some extent, don’t just rely on these as by their very nature, averages will only tell you part of the story!