As you build your plans for what comes next, your property portfolio should be on top of that list. In many ways, the property market is not very different from other markets - there are trends and predictions of what might happen in the future.
With the number of homes for sale increasing, there's no doubt property prices will continue rising. However, not everyone gets rich from property - many people are renting.
With that in mind, it's a good idea to consider the trend for Plymouth property and look at the positives and negatives of living there.
Ensure to consult experienced conveyancing solicitors in Plymouth like AVRillo because they have around 20 years of experience helping property buyers and selling get the best deals on their property.
We took a look at the results from the current market conditions and came up with three things that one would expect for Plymouth property trends for 2023.
1. High Demand
The property market in Plymouth has been one of the strongest in the South West over the last few years. It is largely due to the large number of people who commute to Plymouth to work, which means that there are plenty of opportunities for new homes to be built and sold.
There are also many older properties for sale in Plymouth, which are likely to get snapped up by first-time buyers looking for something more affordable than a London flat or house.
The result is that the average selling price of homes in the city has been steadily rising, with more properties changing hands.
The high demand for housing means you will need to act quickly if you want to learn more about buying or selling your property in Plymouth's current market conditions. You can do this by searching through listings on Rightmove and Zoopla and using our free online search tool.
2. High Property Prices
Plymouth has seen a surge in housing prices over the past ten years and is expected to continue. The city's population is also growing, with a projected increase of 2% over the next ten years.
This increase in property prices is due to many factors, such as high demand for housing and wages. There are also many employment opportunities in Plymouth, which contribute to the high property price trend.
Plymouth has a low unemployment rate of 4%. That means plenty of jobs are available for people looking to move into their first home or buy a second one.
3. First Home Buyers on the Rise
One of the most popular trends for Plymouth property investors is the rise in first-home buyers. The number of first home buyers has been increasing over recent years, and this trend will continue into 2023.
Currently, around 40% of home buyers are first-time buyers, which is expected to increase to 45% by 2023.This trend is driven by many young families looking to purchase their first home.
Plymouth has an excellent range of property types, from large family homes with space for everyone to modern apartments and townhouses.
You will find everything from traditional terraced houses to executive homes with swimming pools. Whatever your budget or lifestyle, Plymouth offers plenty of options.
In addition, various housing types are available, including apartments, townhouses, and detached homes that fit right into any lifestyle or budget.
While Plymouth's real estate market might face challenges, it is still a city on the rise. The goal to create living spaces that make people feel welcome, and give them a feeling of belonging, has always been a cornerstone of the home builders.
Plymouth has always been at the forefront of innovation and design within the housing market. To help you and your clients understand the trends of the Plymouth property market, we compiled this list of some of the forces which will influence its development.
We can expect these same principles to be reflected in future Plymouth properties.