Prices have levelled and stabilised
Now is an excellent time to buy property, say Property Sharing Experts estate agents across the region. Chairman, Steve Moir comments:
According to figures published by home.co.uk, the average property price in Cornwall over the last 12 years has risen by 131 per cent, from £92,021 to £212,569 and 132 per cent in Devon over the same period, from £95,140 to £220,392. The majority of this hike happened between 2000 and 2005 (120 per cent and 108 per cent respectively).
Using these figures, since 2005 despite prices peaking in 2007, the average price in the last seven years has risen by 5 per cent in Cornwall and by 12 per cent in Devon, representing a much more stable market than the picture that has been painted for the UK as a whole over recent years.
Indeed, Land Registry figures reveal that in 2005, the average price of property in Cornwall was £182,497 compared with £183,031 in 2012 – a marginal increase of just 0.3 per cent over the seven years. And in Devon in 2005, the average price was £184,893 compared with £188,785 in 2012 – an increase of just 2 per cent during the same period.
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So overall, prices in the two counties haven't taken a massive tumble. Indeed, they have levelled and stabilised. Granted, prices achieved for property today will not equal or exceed those in the 2006-2008 peak, which is sadly unfortunate for those who bought during that time. However, anyone who has owned their home for over a decade still stands to double their money.
The Halifax anticipates house values will remain within a margin of between plus and minus 2 per cent during 2013, ending the year at similar levels to now before slowly climbing as the economy strengthens, which means the stable pricing is likely to continue for at least another year.
The mortgage market has recently eased, driven by the Bank of England's Funding for Lending scheme, with the main benefit seen by those with a sizeable deposit of 25 per cent or more, who are now fairly active in the property market. For first time buyers and borrowers with deposits of 10 per cent and 15 per cent, getting on the property ladder is still a challenge but rates are improving.
So, with confidence improving and the country out of the recession, the base rate still at a low, the cost of borrowing more affordable and prices stable and likely to remain so for at least the next 12 months, now really is a good time to buy.
To see what property is available in your price range or to discuss putting your property on the market, contact any of the 60+ Property Sharing Experts estate agents across the region. All Property Sharing Expert estate agents work together to reach more buyers and sell more homes for clients.