Property news - the price is high

The demand for North Devon properties remains high, with greater numbers of people looking for larger properties with more space. According to one leading building society, annual house price inflation is at its strongest level in nearly seven years.

Low borrowing and affordability is giving buyers more purchase power which is placing upward pressure on property prices. The market is moving so fast that if you blink it increases in value!

There are still some nervous homeowners out there who have been waiting for restrictions to ease before making their move, threatening to ratchet up the level of completion even higher. If the full unlocking goes ahead as scheduled this ‘new blood’ could enter the market, meaning even more buyers chasing the ‘must have’ properties of the year - namely detached homes with plenty of outside space, and village properties.

While many predict house prices will taper off once the stamp duty holiday ends later in the year, we expect to see continued growth. This is because the change in lifestyle preferences driven by the pandemic are likely to remain relevant.

Housing market information provided by Webbers, South Molton