An excellent time to buy
NOW is an excellent time to buy property, say Property Sharing Expert estate agents across the region.
According to figures published by home.co.uk, the average property price in Devon has risen from £95,140 to £220,392 in the last 12 years with the majority of this hike happening between 2000 and 2005 (120 per cent and 108 per cent respectively).
Since 2005, despite prices peaking in 2007, the average price in the last seven years has risen by 12 per cent in Devon, representing a much more stable market than the picture that has been painted for the UK as a whole over recent years.
Property Sharing Expert chairman, Steve Moir, said: "Indeed, Land Registry figures reveal that in 2005, the average price was £184,893 compared with £188,785 in 2012 – an increase of just two per cent during the same period.
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"So, overall, prices haven't taken a massive tumble. Indeed, they have levelled and stabilised. Granted, prices achieved for property today will not equal or exceed those in the 2006 to 2008 peak, which is sadly unfortunate for those who bought during that time. However, anyone who has owned their home for more than a decade still stands to double their money.
"The Halifax anticipates house values will remain within a margin of between plus and minus two per cent during 2013, ending the year at similar levels to now before slowly climbing as the economy strengthens, which means the stable pricing is likely to continue for at least another year.
"The mortgage market has recently eased, driven by the Bank of England's Funding for Lending scheme, with the main benefit seen by those with a sizeable deposit of 25 per cent or more, who are now fairly active in the property market. For first time buyers and borrowers with deposits of 10 per cent and 15 per cent, getting on the property ladder is still a challenge but rates are improving."