The Telegraph, 24/08/2025

How Salcombe’s house price bubble burst

Quoting Ed Jephson of Stacks Property Finders

Existing second home owners are under the cosh too. According to Ed Jephson, of buying agency Stacks Property Search, the council tax doubling is taking its toll.

He says: “That has been one of the biggest drivers of people deciding to sell up, often families who’ve owned a second home for many years. On top of that, it’s the cost of maintaining these buildings, which is making them less viable.”

According to Jephson, there have been some notable second home transactions in the South Hams over the past year in the order of £5m and £10m. “But I wouldn’t say the upper market is healthy. It’s still pretty fractured and sporadic,” he adds.

In his view, the £700,000 to £1.5m price bracket has felt the slowdown acutely.

Jephson agrees saying that he’s seeing numerous examples of properties that have been on the books for 12 to 18 months that have suddenly started to have price reductions of 15 to 20pc.

“Over the last few weeks alone, there’s been more transactions around £900,000 to £1.25m. So, there is a market, there is activity, but prices have taken a bashing,” he says.

But, for those who can afford it, now is the perfect opportunity to buy.

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