Following its recent expansion into the West Country, buying agency Black Brick’s newly founded Country & Coast team has analysed the second homes market.
While London is seeing a gentle return to the black, it says things are different for the West Country.
Parts of Devon have had an outstanding year according to the latest Land Registry figures. Prices in South Hams have increased by almost eight percent year on year, while East Devon has seen prices jump 6.7% in the same period, as the drive to relocate from major cities continues.
New research by Get Agent drilled further into these figures and found that South Ham’s alpha location, the yachting village of Salcombe, is now one of only two seaside towns in the UK where average prices exceed £1m (the other is Sandbanks in Dorset).
The average property price in Salcombe is now almost £1.4m, while prices in nearby Dartmouth have topped £860,000.
Rupert Stephenson who heads up Devon, Dorset, and Somerset at Black Brick comments: “Despite price growth buyers realise that Devon still represents excellent value compared to the Home Counties and London and are making long-term plans for a life change. Buyers are looking for somewhere they can use for holidays for a few years but in time they want to move down and make it their main home.”
Things are slightly different in Cornwall, where Black Brick’s Anna Sharp says: “In Cornwall, we have experienced a cooling off period in the second homes market over the past 18 months. Demand is still very low in this area, however, because of this, now is the optimum time to buy.
“We are seeing some world-class properties coming available (on and off market) at the moment, some of these properties have never been available to purchase before, offering a once-in-lifetime opportunity to acquire the perfect holiday home.”
Sharp continues: “This linked with lower interest rates also allows second home buyers to acquire property at a more reasonable and affordable level. Unlike what we experienced during the Covid boom.
“We are also seeing a high number of holiday homes going on the market due to the government’s recent budget announcement whereby they are going to abolish the furnished holiday let regime, for some holiday let owners their businesses are unfortunately no longer viable.
“However, we believe this period will be short lived, especially after last week’s announcement from The Bank of England, we believe this led to more confidence in the market. We are already experiencing competitive bidding happening again, therefore we would urge buyers not to miss out on purchasing their dream holiday home in the south west.”
Black Brick says this part of the UK offers value for money compared to London and the Home Counties, a better lifestyle, and is a beautiful part of the world.
With its great transport links, popular urban areas like Falmouth, Truro, Exeter, Bath, and Bristol, the National Parks of Exmoor and Dartmoor, beaches, sailing, and water sports, it has something for everyone.
Cornwall has the longest coastline in the UK, followed by Devon in third place.