Spring 2024 – Devon and West Somerset Residential Property

So here we are on the brink of Spring (hopefully). The sun has broken through the grey and rather leaky roof that has been over our heads for the last five months for a glorious day of warm sunshine last Sunday which was good news for the local Point-to-Point, and a positive sign that activity will also warm up in the property market down here.

Having said that we are already seeing more new stock than at this time in 2023, but back then the slow start may have been down to a Pandemic hangover and the chaos caused by Truss and Kuarteng.

We have seen prices drop back from their peak two years ago by between 10 – 15%, though be warned that there are still vendors with properties that have been on the market for some time who are refusing to adjust their price expectations. Last year we were seeing price reductions across the board. Prices were being reduced after four weeks if there was no interest. Now most properties are coming on at a realistic guide.

Good houses that are realistically priced are selling well. There are still vendors that for various reasons must sell, and there are still many cash buyers around, who always planned to move this way. Those who resisted the pressure to buy in the last two years now have a window of opportunity.

Ever popular are pretty 4–5-bedroom period farmhouses, in a private position, far-reaching views, a converted barn, sitting in the middle of 8-12 acres of land and 20 not more than 20 minutes to the nearest supermarket, ready to move into, but not overdone in someone else’s taste, and not requiring any immediate major repairs as building costs today are so high. These unmolested gems are luckily still available in East Devon and West Somerset, and in very practical locations. Finding one at the right price in a location that suits you can be harder.

A wonderful farmhouse in the Blackdown Hills AONB was recently sold, situated down a long track with 15 acres, views to die for and a fully renovated large barn with two further bedrooms. The owners were down-sizing and had just completed on their new home. The guide was £1.15M. It sold quickly at just below guide. At the peak of the market this would have gone to best and finals at around £1.45M.

Single-storey houses are hot right now. Bungalows are back. We talk to quite a few clients looking for large single-storey properties in private positions. ‘Our children live nearby, so we don’t need a big house, and it’ll be great to be able to lock up and go’. Large kitchens and living areas are key, but buyers in their 50’s are thinking ahead and looking to minimise running costs and the chance of having to move again.

2024 could well prove to be the year to buy in Devon and West Somerset. Interest rates have peaked and are now on the way down. Working from home seems to have found a balance with many able to work from home on Mondays and Fridays making it possible to enjoy a quality of life only possible if you move that extra distance from London and the Southeast.

So, if you always plan to move to Devon or West Somerset and would like to tap into our local connections, knowledge, and expertise to find out more about prices and the benefits of living in a particular location, please get in touch.