Investor confidence still strong

WOW! What a summer it has been! Over the past few weeks we have seen some incredible records set in the UK. The highest gold medal haul for the Team GB Olympians in 100 years; the wettest summer on record for over 100 years.

I think it is fair to say that the South West property market has been relatively quiet by comparison. The bad weather and excellent TV have given people a chance to relax and put their feet up.

However, we are now entering into the autumn property market with interest rates still at an incredibly low level of half-a-percent, mortgage availability – provided you have a reasonable deposit – at acceptable levels, and a healthy level of new instructions coming to the market.

Over the past few weeks we have seen enquiries of new applicants looking to move home and be settled for the Christmas break increase significantly.

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With the increase in applicant levels and instruction levels the view between myself and my colleagues is that we are set for an active busy run to the end of the year.

Having said that, not just any property sells. If you're motivated and proactive, accurate pricing, presenting your property to the highest standard, including redecorating, weeding etc., all make a significant difference.

We anticipate a return to the more buoyant activity levels we have enjoyed before August through the autumn as, August aside, the year has been rather more consistent than one might have expected.

Plymouth has been affected in recent years by public sector austerity measures.

However, it is quickly developing into a gastro destination with Hugh Fearnley-Whittingstall and Gary Rhodes both opening restaurants that will sit alongside a number of very fine existing eateries.

Plymouth's position, sandwiched between moorland and breathtaking coastline, coupled with national media reporting that it is one of the top five areas in the country for people to enjoy the best standard of living, continues to ensure that the city remains a popular destination for home movers.

Property prices have remained remarkably resilient; however, at the time of going to press, there does seem to be a little downward pressure, while rents have remained consistent all year and, if anything, are hardening further.

One of the factors for the stability of asking prices is, no doubt, the lack of new instructions coming to the market – which, I'm sure, is endemic in the property market as a whole across the country.

Investor confidence is still strong, with demand for multiple occupancy and traditional buy-to-let properties high, while first-time buyers, though challenged by stringent lending criteria, still appear to have an appetite to purchase.

One of the most noteworthy trends that ought to be acknowledged is that property sales at a level of around £500,000 have been much stronger this year than in previous years, which possibly represents people's frustration at market inertia and their want to move on with low expectation that there is going to be a significant improvement in the economy in the short term.