With spring well underway, the Plymouth property market continues to show resilience despite ongoing economic pressures. While uncertainty remains a key factor in decision-making, the latest data indicates that both buyers and sellers are adapting to the evolving landscape. A modest 0.5% rise in the average asking price this month suggests that sellers are taking a pragmatic approach, balancing pricing expectations with the realities of increased competition and a looming stamp duty deadline.
Market dynamics reflect a cautious but active environment. The number of available homes for sale has reached a 10-year high, moderating the usual early-year price surge. Sellers who adjust their expectations accordingly are more likely to attract proceedable buyers, a crucial factor in ensuring transactions move forward. The impending stamp duty changes at the end of March have added urgency for some segments of the market, particularly first-time buyers in higher price brackets. There are 25% more properties currently awaiting legal completion compared to this time last year with many buyers racing against the clock to finalise purchases before additional costs take effect.
Despite these pressures, the broader outlook remains positive. The number of new sellers entering the market is 13% higher than this time last year, while buyer demand has risen by 8%, and agreed sales have increased by 15%. These indicators suggest that while the market is adapting to changing conditions, there is no significant drop-off in activity anticipated after the stamp duty deadline passes. The strong level of mortgage applications in January, which saw a record 49% increase compared to the previous year, further underscores the underlying demand for property.
