News

Thursday 17th October 2024

Exeter's Booming Residential Property Market: A Golden Opportunity.

The Exeter residential property market is currently experiencing a great uplift in activity. This vibrant market is drawing in a wide array of buyers, thanks to attractive deals and incentives offered by developers and sellers, as well as improved borrowing rates from lending institutions.

Increased Confidence Among Buyers and Sellers
A key factor contributing to the current boom is the increased confidence among both buyers and sellers. The Bank of England's recent decision to reduce interest rates from 5.25% to 5% has made borrowing more affordable, leading to a surge in market activity. This reduction in interest rates has directly influenced mortgage rates, making homeownership more accessible, as well as the prospect of moving to a bigger property a realistic option for many existing owners.

Market Activity and Property Prices
The Exeter property market has seen a significant rise in activity, with property prices climbing by 5.9% in the 12 months leading up to March 2024. The average house price in Exeter now stands at £315,000. This increase in property prices reflects the strong demand and limited supply in the area.

Future Outlook
With the attractive deals being offered, the Exeter property market is expected to remain robust. The combination of a vibrant city lifestyle, proximity to stunning countryside and coastal areas, and excellent educational institutions and job opportunities makes Exeter an ideal location for both buyers and investors.

Importance of Professional Conveyancing
When navigating the complexities of the property market, it is crucial to seek the assistance of a professional conveyancer. Matters such as new home warranties, restricted covenants, and 'assisted buying' schemes require expert knowledge to ensure all legal aspects are properly handled. A professional conveyancer ensures that buyers understand their rights and obligations, helping to avoid potential pitfalls and ensuring a smooth transaction process.

Expanding Conveyancing Team at Rundlewalker
In response to the buoyant market and increased demand, the conveyancing team at Rundlewalker has expanded in size during 2024. This expansion has provided increased conveyancing capacity, enabling us to serve more clients, both new and pleasingly, many previous clients who have returned to us. We are proud to continue receiving fabulous reviews from satisfied clients, reflecting our commitment to excellent service.

Quote from Jodie Everard
Jodie Everard, Rundlewalker’s Head of Conveyancing, commented on the growing number of conveyancing clients they have experienced during 2024, and the increased confidence in the market:

"We've seen a significant increase in the number of conveyancing clients this year. The reduction in interest rates has played a crucial role in boosting confidence among both buyers and sellers, making this an ideal time to enter the property market or to move on to a bigger home."

“If you are thinking of moving to Exeter or indeed, are considering moving home within the area, please call us for a no-obligation estimate of our fees. We would be pleased to take your call.”

For more information, call our Residential Conveyancing Team on 01392 209209 or contact us via email at conveyancing@rundlewalker.com

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.

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