_How is the Exeter residential market faring?

We are currently seeing an unusual amount of activity for this time of year as stock still remains in short supply and those clients that are already online, seeing some serious buyers still paying full asking price or more for houses that in some cases have been on the market for a long period.  If this is a benchmark for the rest of the year then initial signs are very positive.

So where is the activity? Last year at Knight Frank we sold over 100 properties and the majority were under £1,000,000 however whilst this is our bread and butter we are also excited to see what appears to be a revival of the prime market. This was recently illustrated by the sale of Holystreet Manor which achieved the guide price of £5,500,000 with multiple bids from both local, national and international buyers. This tells me that there is a real market again for top end property in the West Country fuelled by a devalued pound, excellent value in the country relative to the East of England and an influx of buyers from London and the home-counties.

^{Above: A four bedroom house for sale in South Town, Dartmouth, Devon. Available here through Knight Frank} 

Interestingly Holy Street Manor also had its own hydro electric supply which led to low running costs and many buyers are often looking at new build homes as well as period property for this reason. An example of this is Kiln Orchard which has been listed recently with outstanding views to Dartmoor, impressive lateral living spaces and a contemporary feel which will undoubtedly appeal to many buyers from outside of the area.

^{Above: A 4/5 bedroom house for sale in Brampford Speke, Exeter, Devon. Available here through Knight Frank}  

So what is our prognosis for 2018? We saw after a very active year in 2017, that pricing is absolutely critical and where our clients have taken our advice we have had real success, in many cases achieving over asking price. I believe we are currently seeing a window where there is pent up demand from buyers moving from other parts of the UK looking for a complete lifestyle change. The West Country is ideally placed to take advantage of more footloose working practices as having a Wifi connection and quality of life is becoming more sought after than being in the capital. This is particularly true as property prices in central London appear to be cooling.

Our job as your agent is to reach out as far as we can to find you a purchaser to get the premium your house deserves and recent successes have shown that our applicants profiles are becoming increasingly diverse. It is refreshing to see the entrepreneurialism that now flourishes in our region and the increasing trend of not just having a second home or retiring in our area but also seeing buyers returning to our wonderful County either from our capital or overseas. Through our network we cast our net wider because in an increasingly global world your buyer could come from anywhere.

Mark Proctor is the Head of Knight Frank's Exeter office. Search for properties in Exeter or speak to a member of the team about selling or buying property in the area.