Property Prices in Devon & Cornwall Continue to Rise

August 13, 2015

It remains a fantastic time to move and buy property in Devon and the wider south west as house prices are continuing their unrelenting rise. New figures show the average cost of rising up the property ladder is a huge seventeen percent higher than around 5 years ago. 

The Lloyds Bank Homemovers Review says that the average 'step-up' home in the South West is priced at £256,318. However, a few property hotspots like Salcombe in Devon and Padstow in Cornwall cost much more.

Andrew Mason, Lloyds Bank mortgages director, said that the deficit of supply was a primary driver.

"Whilst the number of home movers has risen significantly since 2009, it remains well below previous levels and has recovered less strongly than first-time buyer numbers.

"This is likely to partly reflect the high costs associated with moving home, as well as highlighting the difficulties that home owners can face in finding somewhere suitable to move to due to the shortage of properties available for sale."

Across the United Kingdom, those moving home paid around £50,000 more on average in 2015 to take the next step on the property ladder than they would have done in 2010, the study said.

The median price paid for a house during the first half of the year by someone who was already on the property ladder and relocating to their next home was around £260,000, according to the Lloyds Bank Homemovers Review.

This was a twenty five percent, or around £50,000, greater amount than the average home mover paid in 2010, when the house they were relocating into had a cost of around £200,000.

House movers in the capital are faced with paying forty five percent, or around £150,000, more for a house than they might have done 5 years ago, with houses there now priced at around £500,000.

In 2015 the average deposit invested by a house mover was around £90,000, this is 8% or £6,405 greater than in 2014.

The typical size of a deposit equals just over a third (thirty four percent) of the average £260,000 cost of a home.

Article by Lyn Barton of the Western Morning News shared by Architects Devon Jonathan Braddick


Prices Continue to Surge Across the South West

April 30, 2014

According the press house prices are set to continue to surge across the South West by in the region of 6% per year, for the next five years. It is reported that this is as a result of a severe shortage of housing.

Prices across the South West are said to have risen by around 7.5% year-on-year to April.  As a result the average home in the South West region is reported to be worth £198,325 – which is close to the pre-recession levels - according to a Nationwide report.

It is believed tha...

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Number of First Time Buyers On The Rise

February 23, 2014
New statistics have been published by The Council of Mortgage Lenders (CML) that show an big improvement in the amount of 'first time buyers' qualifying for a mortgage in the last month of 2013. 

The statistics indicate an increase in 'first time buyer' borrowing of over 26% year on year. The amount of first time buyers and people moving home got bigger nationally during the last quarter of 2013. There was an annual increase of 37% and 19%. These numbers are reflective of the increasing trend ...
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Flats Remain the Property of Choice for those Wishing to Downsize and 2nd Home Owners

June 10, 2013
The estate agency and mortgage group have reported that the number of first time buyers is increasing.

The group has predicted that the amount of first time buyers increased by 15% in the month of April, and that in the first quarter of 2013 that there were nearly 10,000 more first time buyers than in the same period the previous year.

The findings used information from estate agent brands Your Move and Reeds Rain, that indicated that there were more than 20,000 first time buyers in April, up n...

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Mortgage Lending Fell By Nine Per Cent In January, But Banks Insist The Market Is Improving.

February 25, 2013
It is reported by the Council of Mortgage Lenders (CML) that the level of lending reduced by 9% month-on-month during January. It is estimated that £10.4 billion of lending was advanced last month. This is a 3% reduction on the same period 12 months ago. Even though there is a slowdown, the CML states that it thinks activity to rise in months ahead due to improved mortgage availability and lots of cheap deals on offer.

Other research issued recently by the financial information website 'Money...

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Lenders insist the housing market recovery IS here!

January 24, 2013

Mortgage lenders are insistent that the housing market recovery is under way.

The Council of Mortgage Lenders says it “may be easy to overlook the recovery that has already quietly been under way”, with consumer seing not yet caught up.

The CML gives ten reasons for its positive outlook, starting with a claim that last year there was the highest number of property transactions since the onset of the credit crunch.

Although the Land Registry data on transactions for 2012 will not be available...

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Number of First Time Buyers Increases

January 14, 2013

The latest research from Halifax has shown that there were approximately 12% more first time buyers in 2012, an increase of 193,000 since 2011. This is the largest annual total since 2007.

Halifax’s research further detailed that the average price paid by the typical first time buyer in November 2012 was affordable based on the average UK wage.

The typical property price paid by a first time buyer last year was £139,921 showing a 3% increase on 2011. The Telegraph recently reported that appr...

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Landlords look to increase their portfolios

October 1, 2012
New research from Paragon Mortgages has revealed that UK landlords want to add to their portfolios in Q4 2012 as reported on Mortgages’ research showed that terraced houses and flats are becoming increasingly popular with buy-to-let investors.

10% of landlords believe they will add to their portfolio in the last quarter of the year and professional landlords are more likely to buy than their smaller scale counterparts.
Managing Director of Paragon Mortgages, John He...

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House prices in 'surprising' jump says Nationwide

September 16, 2012
House prices jumped a "surprising" 1.3% in August, the Nationwide building society has said.

It was the biggest monthly rise since January 2010 and left the average UK house price at £164,729.

It means prices are only 0.7% lower than a year ago, despite the recession and continued mortgage rationing.

However, the society's chief economist, Robert Gardner, warned that "we should never read too much into one month's data".

"Nevertheless, the fact that the annual pace of house price decline moderat...

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Lloyds Banking Group is set to lend £5bn to first-time buyers by the end of 2012

August 13, 2012

Lloyds Banking Group is set to lend £5bn to first-time buyers by the end of 2012. This amount will help over 50,000 people to get on to the housing ladder.

The lender is supplying mortgages to one in four first-time buyers ensuring its place as the largest lender in the current market.

Its Halifax sector provides one in three mortgages for affordable housing schemes such as shared ownerships and shared equity. It also provides one third of lending for all of the UK’s new build properties.


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