Cornwall and Devon are high in search rankings

THE property website Rightmove has recently released its list of ‘the ten most searchedfor locations in 2021’ – and Devon and Cornwall take two of the top three positions, with Dorset ranking tenth.

The lead spot was taken by London, but he difference between London and Cornwall was just 3%, compared to a gap of 24% in 2020 and 49% in 2019.

These statistics succinctly tell property buyers and sellers all they need to know about how people are thinking differently and, above all, where they want to live.

Statistics produced by Halifax and Nationwide show annual national house price growth of between 10.8% and 12.6% and it is clear from figures generated by leading estate agents firm Stags that the Westcountry is running ahead of those rates. The property market has not just survived the pandemic, it has positively thrived.

Underpinning the picture is a lack of supply, with most industry surveys continuing to show a dearth of new properties being listed. Whilst new stock is coming on to the market, it is just not enough to keep pace with demand, with Halifax noting that the last quarter has seen a 3.5% increase in prices across the South West.

To date in 2022, Stags has seen a 72% increase in the appraisals of property compared to the same time in 2021, but instruction levels are only 27% ahead. In turn, demand has escalated as buyers actively seek a family home or Westcountry retreat.

Competitive bidding is still very much part of the sale process, with many of Stags’ recent sales at or above the guide price; the highest percentage paid over the guide being 34% for a Cornish waterside home.

So, at this point in time, it is almost as if nobody has told the property market about the economic and geopolitical headwinds that are heading our way. The Ukraine invasion, inflation, squeezed household finances, escalating energy prices and rising interest rates are all factors that will impact later in the year.

Market conditions are therefore likely to be at their peak over the next few months, with many disappointed buyers from 2021 and new entrants to the marketplace, combined with a low supply of new stock.

The advice from Stags is to strike whilst the market still has significant momentum and prepare your property for sale now.

■ For more information, please visit stags.co.uk