Regional Property Market Update Autumn 2022: Devon and Cornwall

Demand moderation
Over 100,000 sales have taken place each month to date in 2022, according to the Bank of England, a feat achieved only twice in the last fifteen years (2014 and 2017). While demand remains higher than pre-pandemic times, mortgage approvals–considered a forerunner for demand–have eased back in recent months. The Bank of England reports that 63,770 mortgages were approved in July, a 5% fall on the pre-pandemic average (2015–2019). Sales prices currently remains remarkably robust, both Halifax and Nationwide reported a month-on-month rise in August.
At 8.0%, annual property price growth in the South West has moderated from 11.3% at the start of the year. However, in all areas across Devon and Cornwall, annual property price growth remains in double digits. Price growth is currently strongest in Mid Devon and Plymouth.

Rising costs 
The cost-of-living crisis is dominating daily news, with consumer confidence in the economy at a historic low (GfK). Inflation has hit double digits, with the Bank of England warning that it is set to rise further. The Bank Rate rate, currently at 1.75%, is likely to rise to over 2% by the end of 2022. While over two-thirds of outstanding mortgage balances and 95% of new approvals are on fixed-rate deals (FCA), for new homeowners and those looking to remortgage, costs are edging up. The impact is likely to be most significant in markets where affordability levels are already stretched.
Homes continue to go under offer quickly, taking an average of just 32 days to sell (Rightmove). Conversely, across the UK housing market the time taken to complete a sale has risen, now in the region of four months, as conveyancing delays remain a significant issue. For buyers seeking to move in by Christmas, the clock is ticking.

Then and now
The current economic situation is unchartered territory for many homeowners, particularly those not yet born or too young to remember the prolonged periods of double-digit inflation and high interest rates in the 1970s and 1980s. Mortgage lending regulation also means the housing market is in a different state to the Global Financial Crisis. An average of independent forecasts published in August expects the rate of inflation to lower over 2023 and by 2024 to have dipped back to below the Bank of England 2% target. Meanwhile, Bank Rates are not predicted to rise much above 3% (NIESR), still low by historical standards.

Contact us
As property prices and demand continue to rise, sell your property with experts in the property industry this autumn. Contact your local Guild Member today.

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Jodie Skinner

From the beginning, our experience with Michael and Rhys has been brilliant. Whenever we had a question to ask or needed some additional information, they were both just a phone call away and were always happy to provide us with an answer. As first time buyers, they made us feel ...

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We can’t fault Aston and co in Syston, for their handling of the sale of our property. We were kept up to date weekly and nothing was too much trouble. Both Micheal and Rhys were approachable and very professional. I would definitely recommend using them for an efficient and hassle ...

Andy

Having had issues with other agents, we came to Astons who gave us an honest appraisal of our house – not overpricing it like others to gain business. Michael and Rhys are a great partnership and Rhys being local was able to provide viewers with information that other agents hadn’t. ...

Andy Freer

Recently sold our house with Aston & Co. We honestly could not have asked for more. From the moment Michael came to value the house, to the day to day communication from Rhys we have not had to chase them once. Michael and Rhys are a great partnership and a ...

V Pears

We chose Aston & Co in Syston to handle the sale of our property. We were kept up to date regularly and Michael and Rhys dealt with all matters efficiently and quickly.We would definitely recommend using them for an efficient and hassle-free move.

Gareth Mueller

We bought a house from a vendor who used Astons & Co as their agent. Rhys was helpful and professional from start to finish and regularly kept us in the loop with how things were progressing. Communication was efficient and swift all the way through.

Julie Pearson

From the first visit to value our property to the final phone call informing us of completion Rhys and Michael at the Syston office have been brilliant, down to earth, realistic with valuation very easy to get in touch with.Making everything less stressful.Regular updates were very reassuring . I would ...

Charlotte Hings

The team at Astons are great. They’re really down to earth, take time to listen and help resolve anything they can for you.Their communication is excellent as they always keep you in the loop with what is happening with your sale. They keep both seller and purchaser happy.Fees are reasonable ...

Julie Perkins

We have recently used Aston & Co to sell our property. At all times we received regular reports from them on interest and following viewings . When our property sold Astons managed the chain keeping all parties fully informed and I believe that without their input our sale would have ...

Tina Poole

Michael and Rhys handled both our sale and purchases. They had good local knowledge, their valuation turned out to be on point. Our sale viewings were nearly all on the same day and we accepted an offer very quickly. We were kept up to date regularly with that and our ...

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