Sharp rise in demand for family homes in Devon fuelled by pupils returning to school

Demand for two and three bedroom homes in Exeter rises by 24% since March

Zoopla, the UK’s most comprehensive property destination, has revealed that buyer demand for family homes in Devon has risen sharply since pupils returned to the classroom in March. The increase in demand was further amplified by the announcement of the extension of the stamp duty holiday to the end of September and the rapid progress of the vaccine roll-out.

Exeter emerging

Demand for two and three bedroom homes in Exeter, perfect for local families who have children back at school, has risen by 24% in the last eight weeks, with an average price of £275,000. This is higher than the average house price in Exeter, as revealed in Zoopla’s latest House Price Index.

In April, the Index revealed that the average house price in Exeter is now £252,800, with prices rising by 3.8% in the last 12 months. The data also showed prices in Exeter have increased cumulatively by 17.3% in the past five years.

Family homes currently for sale in Exeter include a beautiful four-bed terraced house (£650,000) on Denmark Road, close to one of the top schools in the area, The Maynard School. Other properties include a stunning three-bed townhouse (£370,000) located in Seabrook Orchards and a five-bed townhouse (£675,000) on Thornton Hill.

Devon demand

Demand for family homes is also soaring in Mid and East Devon. Demand for two and three bedroom homes has climbed by 42% in Mid Devon and 28% in East Devon since schools returned, with the average price for two and three bedroom properties currently reaching £238,000 in Mid Devon and £305,000 in East Devon.

Mid Devon’s booming property market has also seen a 70% rise in demand for four and five bedroom homes since March, with a 39% rise in East Devon for the same property type. The average house price for four and five bedroom homes is currently £377,000 in Mid Devon and £489,000 in East Devon. A picture-perfect location with beaches, moors and serene woodlands, Devon is a great choice for families experiencing a return to normality following the relaxation of lockdown restrictions.

Local Expert Roger Wilkinson, Managing Director at leading Exeter estate agency Wilkinson Grant & Co, said: “Since the schools reopened, we’ve seen a surge in demand for family homes in Exeter and nearby towns. Parents are grabbing the opportunities presented by the lifting of lockdown restrictions to seek more space. Exeter is a fantastic place for families to live, with its abundance of great schools and rich heritage, and we’re expecting demand to keep rising as we head towards the end of the stamp duty holiday in September.”

Gráinne Gilmore, Head of Research at Zoopla, comments: “More families in Exeter took the opportunity of the kids going back to school to look for a new home, and that has had a big impact on demand for homes - with demand for two and three bed homes across Exeter rising by 24%.

“As lockdown restrictions continue to ease and demand for outdoor space continues at pace, homeowners in Exeter have a golden opportunity to move to a new property before the stamp duty holiday ends in September. The spike in demand also puts sellers of family houses in the county in a great position if they put their home on the market. Homeowners interested in finding out what their home is worth can check My Home on Zoopla.co.uk, which offers an instant online estimate.”