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October 2017 Market Comment

David Edwards, Managing Director, John Smale and Co.

In amongst all the events on the world stage at the moment, here’s an insight into what’s been happening in our nice little shire of North Devon with regards to the property market. In a nutshell it is all a little bit random! There is certainly some caution around at the moment but mainly from the sellers, who seem to be reluctant at the moment to make a move. Buyers still appear to be in the market for the right property at the right price. A property placed on the market at the perceived ‘correct level’ gets the interest and moves on quickly. Still strong interest from out of area buyers. We have recently listed an attractively located property and on the first weekend had 8 viewings.

Halifax report still a gradual growth with a +1.1% change in value in September with a quarterly change of +0.1% for June – August then the previous three months (March – May). The Halifax believes that this is supported by low mortgage rates and a continuing shortage of properties for sale over the coming months.

The rental market still remains buoyant with good demand. Challenging times for landlords however, with more & more regulations but the problems can be minimised by using a good managing agent.
Any queries or comments please feel free to contact David Edwards david@johnsmale.com

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