North Somerset, Exeter and Salisbury

Each month we visit three agents across the country to discover what is happening in their local market. This month we meet members of The Guild of Property Professionals in North Somerset, Exeter and Salisbury.

North Somerset property image
STATS: Average sale price of a semi-detached home in the area is now: over £350,000 Transactions completing every month: around four Semi-rural locations attracting premium prices: Backwell


Andrew Simmonds, Director

North Somerset is currently seeing a lot of new development being given permission in many of the towns and villages. The local authority has been unable to prove it has a five-year supply of new homes to meet Government aims and developers are taking advantage of that to push through schemes.

These new homes will help meet housing needs, but it is vital that the character of the villages and towns is not compromised to ensure the area remains attractive.

The area has traditionally been dominated by the more traditional housing market, but we are now looking at major new home developments attracting buyers who want less maintenance.

Some areas, such as the town of Nailsea, saw its last big wave of development in the later 1960s and 1970s and the young families that moved in then are now elderly people so over the next few years we expect the demographic to switch once again. It means there will be a need for infrastructure that appeals once again to young families.

Rented supply

At Parker’s Estate Agents we are looking to support people across the board as we have downsizers looking to sell homes they have lived in for decades and new families trying to get into the area and be inside the catchment areas of schools or near to transport links.

One big issue is on rented property. The supply of long-term rented accommodation in the area is falling far short of demand and this will have long term consequences if not solved soon.

Private rents have been rising faster than inflation and that is not sustainable in the long term. It does mean that becoming a landlord has never been more attractive in this area and we are assisting some property owners to do just that.

Featured property: 16 The Crescent, Backwell – £650,000

Exeter property image
STATS: As of 28 October, have agreed, exchanged, or completed on over: £52 million worth of residential property in the greater Exeter area Wilkinson Grant sell over: 25% of re-sale homes in our local target market (Rightmove). Overall, sold prices in Exeter over the last year were: 6% up on the previous year.


Roger Wilkinson imageWILKINSON GRANT & CO
Roger Wilkinson, Managing Director

What’s happening in the greater Exeter area property market since the infamous mini budget? Well, if you believe what you read in some of the media, you might think the market may have cooled rapidly from the moment the former Chancellor, Kwasi Kwarteng, announced his calamitous Mini-budget. No doubt, in some parts of the UK, that may well be the case – but here in the greater Exeter area the local property market is still very much alive and kicking.

After the heated property market, we’ve experienced over the last few years, things were always going to cool down at some point, but national media are world-class at talking-down the market.

Micro markets

However, the national property market is made up of hundreds of local ‘micro markets’, where local sentiment is more heavily influenced by what’s actually happening locally. Not every local market will rise or fall at the same pace as the national or regional average – either in terms of prices, or volumes of sales, and some areas will buck those trends.

At Wilkinson Grant & Co since that disastrous Mini-budget – much of which has thankfully since been reversed – as of 28 October have agreed, exchanged, or completed on over £52 million worth of residential property in the greater Exeter area.

As Exeter’s leading estate agency – selling over 25% of re-sale homes in our local target market, we are continuing to receive hundreds of buyer enquiries every week. Things may certainly be going to get a bit tougher but with recent, and still progressively evolving, lifestyle choices having contributed to Exeter now being firmly established as one of top places in the UK to live and work, this will continue to fuel both local and out-of-area buyer demand.

The greater Exeter area looks well placed to be more resilient to whatever downturn in the property market might be experienced elsewhere in the UK and we remain pragmatic.

Featured property: Exton – £2,500,000

Salisbury property image
STATS: Average time for a property to be available: five weeks Average sale price: 104% of the guide price Number of sales arranged in the last four weeks is: 16 (Same as two-year average)


Tony Williams - Whites Estate Agents - imageWHITES ESTATE AGENTS
Tony Williams, Head of Sales

We are an independent agent, one of the busiest, in the beautiful medieval city of Salisbury. We handle sales between £150,000 to £1 million and manage between 600 and 700 rentals.

Talk about media doom…Nationwide have just predicted up to 30 per cent price drop might happen! I don’t know why they don’t really cover their backsides and say up to 50 per cent! The reality is that I do not believe it. The pundits got it wrong over Brexit and woefully wrong with the pandemic and I suspect it’s the same now. Don’t read the news or watch the BBC and you won’t worry so much! Here in Salisbury, we seem to be back to what we consider a ‘normal’ market, which means less frenzy and fewer buyers, but still enough to keep the sales coming in. I suspect prices have corrected already over the last couple of months, say four per cent lower on average but have now stabilized again. We are suffering from a lack of stock and so this coupled with ongoing demand will hopefully keep the market going and prices will stay stable.

Family homes favourite

The activity this week is concentrated between £500,000 and £1,000,000 with three sales achieving multiple bids, so there are plenty of buyers for interesting family homes. Around 75 per cent of buyers are still coming in from outside the immediate area. The lower end, which by contrast has been busy is now quiet. So, seems to be a tale of two halves. Average time for a property to be available is now five weeks with the average sale price at 104 per cent of the guide price.

Number of sales arranged in the last four weeks is 16, which is pretty much the same as the last two years. I’m always being asked for my prediction as to forward markets and my feeling is that our market will be fairly stable. It’s very unfair on buyers who are now paying for politician’s mistakes over the last few years, but rates are only at what I (63 years old this year) think of as normal, and would you prefer to pay a huge rent or buy your own home? I think we’ll carry on with a stiff upper lip!

Featured property: Britford, Salisbury, 3-bedroom detached house – £700,000


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