Soaring buyer demand helps Exeter property market bounce back

New research released this week from Zoopla, the UK’s most comprehensive property destination, shows the demand for property in Exeter has more than doubled since the easing of lockdown restrictions and the introduction of a Stamp Duty holiday.  

Zoopla’s Exeter House Price Index studies multiple local housing trends and prices on an annual basis. The data shows that the average price to buy any house in Exeter is now £243,000, with prices rising by 1.9% in the last 12 months. 

Double demand

The demand for homes in Exeter area has experienced phenomenal growth, rising by 113% since July 2019. However, Exeter home buyers may face a supply issue as the number of properties available to purchase has risen by just 31% in the same period. 

When it comes to what home buyers are looking for, gardens and garages are the two most popular Zoopla search terms in Exeter.

28 days later

The data about property sales in Exeter revealed by Zoopla shows:

●      House prices in Exeter have risen by 1.9% in the last 12 months, slightly below the national average of 2.5%

●      Exeter’s average house price is now £243,000

●      The average time to sell a home in Exeter (listing to sold subject to contract) is 28 days. This is just one day longer than the UK national average of 27 days

●      In the last five years, prices in Exeter have risen cumulatively by 16%, versus the UK national average of 18%

●      Demand from buyers in Exeter has more than doubled (113%) in the last year 

●      The number of homes for sale in Exeter has increased by 31% since last summer

●      Three bed terraced houses are the most searched-for properties locally

●      The top five most popular search terms on Zoopla for Exeter property buyers are garden, garage, parking, detached, rural

 

Rising rental demand

 

The Exeter Zoopla House Price Index also looks at trends and behaviour in lettings. The data shows the lettings market mirrors the trends in sales, with tenant demand and rents going up, but supply is failing to keep pace. The data shows:

 

●      Annual rents have risen by 3.9% in Exeter since July 2019

●      The average time to let a property locally is 13 days

●      The number of properties available to let has increased by 24% in the last year, while tenant demand has gone up by a huge 76%

●      The average rent for a property in Exeter is currently £870 per calendar month

10 year high

 Roger Wilkinson, Managing Director at Wilkinson Grant & Co, an estate agency in Exeter, said: “Zoopla’s data reflects what we’re seeing in Exeter. We’re as busy as we have been in the last 10 years and it’s phenomenal. From the moment lockdown restrictions were lifted on estate agents, we’ve been inundated with enquiries, viewing requests, valuations and listings.

“We’re dealing with huge volumes of sales in the wake of lockdown restrictions being eased and the pace of sales is staggeringly fast. We’re seeing this in all sectors – it’s just as active in the first-time buyer sector as it is in the mid to upper sectors of the market. Another key trend we’re noticing recently, regardless of property size, is a greater demand for outside space.”

Gráinne Gilmore, Head of Research at Zoopla, added: “Buyer demand in Exeter has risen strongly since lockdown ended, and it has more than doubled compared to 2019. Although the supply of homes listed for sale has also risen over this time, levels are not rising in line with demand, which in turn is putting upward pressure on pricing. The average price of a home in the city is now at £243,000, up more than £4,300 over the last 12 months. Digging into the data on what buyers and tenants want shows that additional space is top of the list, with ‘garden’ being the most popular search term, followed by ‘garage’.”

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