Devon Property Market latest insights are mixed right now, but expected to show signs of more stability in 6 months!

 

The latest Property Insights survey was extended to a wider audience of property professionals in January. We extended the survey beyond estate agents, to include all of those involved in the property buying process, which include, solicitors, surveyors, mortgage advisors, property investors and more. By doing so, Property Insights intends to get a wider perspective of the property market.

In case you weren’t aware, Property Insights has a Facebook Page where we share interesting articles about the latest news and views. From there you can join your local groups which have more targeted property news based on the county of your choice. We are slowing adding more areas to our groups, so if your’s isn’t there, just let us know. The groups are a great place to interact and aks property related questions to a wide range of professionals. It is the source to go to for the latest property news and views, so please do take a look by clicking here.

At the moment we collect responses from all property professionals which offers a broad and unique perspective. In the future, we will be segmenting responses to see if there are differences between the professional’s views! This is all designed to give you an in-depth understanding of the property market and in particular ‘your local market’!

The results of the latest survey suggest the Devon property market is showing signs of house price stability according to the majority of property professionals (47%). Click To Tweet

However, there is still a large proportion (44%) who believe house prices in Devon are coming down. This clearly indicates a mixed consensus in terms of the direction of the market and is most probably reflected in the uncertainty surrounding Brexit.

 

House Price Stability

The results of the survey show a more positive sentiment in the short term.

A larger proportion of professionals were confident prices will remain stable (59%) in 6 months time. Click To Tweet

This is a significant increase from the current sentiment of 47% and suggests there is positivity around the corner.

This sentiment was backed up in an interview with David Edwards from John Smales Estate Agents, who said; “at the moment, it’s all about getting the price right. If a property is priced correctly there are plenty of buyers, but if it’s not, then it often won’t sell”. This suggests the market is price sensitive, but there is still a strong demand for the right property in the right location. As David Edwards said; “people will always want to move to Devon”.

 

Property Investors

When it comes to the impact of additional stamp duty for property investors, the consensus is clear and has been quite consistent over the last 3 months. The vast majority (84%) stated it has had a negative impact on property investors. This compares to 87% in the October 2018 survey.

Clearly, the stamp duty and other tax changes are having an impact on the investor market which I expected, but despite this, we are seeing a big upturn in the number of professional landlords. The changes seem to have taken out the casual property investor and left more opportunity for the professional landlords despite the tax changes.

It has surprised me how many more professional landlords we have been helping in the last 12 months and there isn’t any sign of this slowing down. More often than not, they have more complex requirements which might include structuring buy to lets into limited companies or dealing with complex portfolio’s.

The professional property investors clearly have a strong appetite to find the right deal and opportunity. For me, this indicates that the market is still good, but needs to be tempered with realistic pricing by sellers. Overall I see this confidence as a good indicator to the future direction of the market. Click To Tweet

If you are a property professional who would like to offer your views, you can register at https://propertyinsights.co

 

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