Buying or selling property in the UK is a lifetime decision. It means most homebuyers want to wait until it’s the right time to make this decision. When the property prices are up, some will wait for a fall in price, if possible, before they can buy.
Recent data from the National Statistics show that the average UK property price went down by at least £10,000 in July 2022 compared to the previous month. However, the data also shows that the annual property price was still 8% up. Ideally, most people rushed to buy property before the stamp duty holiday deadline on 30th June. The official data shows property sales tumbled by at least two-thirds in July.
Plymouth and the rest of the country’s property hotspots have changed property prices. This has been brought about by the impact of the pandemic, increasing rental demand, high student population, and high-interest rates in the country.
Property price in Plymouth
If you plan to buy or sell property in Plymouth, you must beware of the prevailing prices in different hotspots. This makes it easy to look for an ideal offer and save money. However, recent data shows that the property market is picking up.
According to Rightmove, the average property price in Plymouth is at £223,258 for the last year. The average property sold price in London represents a fall of up to 2.2% for the last year.
According to Zoopla, the average sold price for all time in Plymouth stands at £138,892. Most of the properties sold in Plymouth for the last 12 months were detached, terraced, semi-detached, and flats. Here is a breakdown of the average sold price for each type of property:
- Detached: £413,921
- Semi-detached: £254,048
- Flats: £143,368
- Terraced: £208,886
Why consider buying property in Plymouth
Plymouth has been crowned as Britain’s Ocean City because of its links with the sea dating back centuries ago. If you are looking for somewhere to buy property at a lower price, you can consider Plymouth. Plymouth offers the lowest property prices in the UK.
The city is located right between River Tamar and River Plym and looks across the Plymouth Sound. It has a population of about 244,000. Here are some reasons you should consider buying property in Plymouth.
1 – The housing market
The average property price in Plymouth is below the national average of £222,484. The city has an average rental price of £927, which is encouraging property investors and local homebuyers. The rental price in Plymouth offers a good opportunity for landlords and homebuyers in the UK.
Most of the houses and properties in the city are affordable to buy and offer good returns to investors. Additionally, the steady stream of the city’s young population indicates increasing rental demand in the future.
2 – Transport
Plymouth is not that difficult to get to by road, even though it is tucked down on the southwest coast. The A38 links Plymouth to central England through Exeter and the popular M5 motorway. Plymouth residents can also access the capital through the Plymouth station.
3 – Student and young professionals
The student population in Plymouth is close to 30,000. This is the fifth largest city in the UK. Most students study in Plymouth because of the rich cultural activities, fun nightlife, and good education facilities. The University of St Mark and Peninsula College of Medicine and Dentistry are some of the popular institutions in the city.
It is better to take the assistance of AVRillo conveyancing solicitors in Plymouth for a safe and hassle-free property buying experience.
Final Thoughts
Buying property in Plymouth is a good decision to make. The property price in this city is a bit low, and the rental price is promising for investors. If you want to climb the property ladder in the UK, Plymouth is where you should own property.