Plymouth home pricing trends advice, Devon property price guide, Sout West England real estate
Plymouth (UK) Home pricing trends
1 July 2022
The city of Plymouth, in the UK, is one of the most beautiful places to live. It has rich antiquity and boasts some of the best beaches in England.
But those things aren’t really what makes it special. What sets this metropolitan area apart from other cities is its affordability.
If you’re looking for a house to call home, you’ll want to find out how much houses cost in Plymouth (UK) to compare prices with other local areas. But where do you start?
We’ve got you covered with home pricing trends in the area,
Current house prices in Plymouth UK
From one-bedroom flats to five-bedroom detached mansions, the average price for a home in Plymouth, UK, is £276,364. That’s enough to make you feel like you’re living in a palace.
A one-bedroom flat would set you back £114,967, and two bedrooms would cost £208,951. Three bedrooms are more expensive still—at £282,935, they’re almost three times as much.
If you’re looking for a detached home, expect to pay around £463,635 for your first-time buyer’s dream home. Expect prices between £260 and £166 per square foot for terraced houses and flats. Semi-detached properties are around the middle ground, starting at about £320 per square foot.
If you want to splash out cash on a large home with five bedrooms and more than 1 acre of land attached to it (or even more), you can expect to pay over half a million pounds for that dream home!
Plymouth Home pricing trends
As the housing market continues to recover, we look at how prices have changed over the last few years.
Since January 2021, house prices have fallen by 10%. The price is down from a rise in 2019.
The average trend for all dwellings is that prices have reduced by an average of 10% during this period.
The biggest drop has been for detached houses, which have been down 13% on average since 2021. Semi-detached properties increased by 15%, while terraced properties increased by 2%. Flats have seen a 25% average reduction in price since 2021.
House prices have been falling in Plymouth and many other parts of the UK. The reasons behind this fall are complex, but they boil down to a few key factors:
- The economy is recovering slowly and gradually, which means that people can still get a mortgage and buy new homes even though their salaries aren’t going up. (If you’re not earning enough money to afford a house, you can try renting instead.)
- Fewer people are moving into Plymouth than there used to be—so that means fewer new ones moving in who will help drive up demand for housing. It is also true throughout the UK as people stay put longer or return from abroad after growing up elsewhere.
- Even though there’s been an increase in construction projects and new housing developments, those projects have been more than enough to keep pace with the population increase. So the supply side of things is more than the demand on the other side!
What kind of properties should you invest in Plymouth?
So what kind of properties should you invest in? We recommend flats if you are looking for the best deal as their prices are down by 25%.
If you’re looking for profits, we think it’s better to go with semi-detached properties. These properties have increased in price by about 15%.
Whether you are looking for a new home or an investment property, we see constant demand from buyers and expect prices will increase further in the coming year.
If you’re considering purchasing or selling a house in Plymouth, you have plenty of options. But if you want to ensure everything goes smoothly and efficiently, consider using property conveyancing solicitors Plymouth.
Property conveyancing solicitors have lots of legal experience and can ensure that your transaction is handled properly. They can also help with negotiations, ensuring that all parties involved are satisfied with the outcome.
Plymouth home pricing trends – Conclusion
It’s clear from this analysis that there is no single, simple model for pricing homes. When it comes to your home, you have the freedom to use your creativity and skills to find the best fit for you.
After all, it’s all about finding a home right for you at a great price!
Comments on this guide to Plymouth home pricing trends article are welcome.
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