SALES NEWS: South west property prices still rising despite new house building
The latest housing index for the south west shows prices up 4.6 per cent over the past year.
The 4.6 per cent rise is classified as “sustainable” by the Nationwide building society, which has produced the figure based on mortgages issued to house buyers in the region.
The Nationwide says that although more new homes are being built in the south west, the total remains well below the demand from local residents and retirees moving to the area. Therefore gentle price rises are likely to continue for some time to come.
Analysts always advise, however, that regional figures only give a broad-brush picture.
The south west contains hundreds of ‘micro-markets’ and prices in, say, Topsham will be affected by different issues to those in Exeter or in the rest of East Devon, for example. So local estate agents operating ‘on the ground’ remain the key source of information.