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jiltedjen

Plymouth Price Falls

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Asking prices have increased 30% in three years. This has been purely down to the BTL bubble.

Now that the Buy to Letters are being made bankrupt over the next few years it's inevitable that asking prices will be forced down 30% to 2013 levels, to the level owner occupiers can afford.

Now we additionally have a brexit things should start to pick up speed. Lots of economic uncertainty and lack of confidence.

it's a nice little storm forming in the Plymouth market, lots of volume from large BTL unloading and trying to exit the market at the same time coupled with a recession.

I will start to post some examples of price reductions directly related to the brexit.

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Plymouth is ripe for price falls. The inventory seems to be not moving. If you walk along the Tavistock Road close to Derriford, you will see at least 20 houses in the 500,000 price range. Add the new built inventory of 504k Cavanna homes (themselves subsidised by Government Help to buy scheme), its a bubble in search of a pin.

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I was down in Plymouth recently for the first time in many years, was quite shocked at the degredation of some areas in town. It seems everywhere west of the sundial is pretty run down, although the new (new to me anyway) shopping centre is quite nice.

I would expect Plymouth to be hit hard when property prices fall. The average wage there is pretty low, it's not really nice enough for second homes, yet a 3 bed terrace costs £200k? Crazy.

I expect this is an example of what you mean Jiltedjen?

http://www.rightmove.co.uk/property-for-sale/property-41500977.html

Big victorian terrace converted into 8 bedsits in a not particularly nice area with no internal pictures and "some redecoration required".....£360k!?

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Was offered a move down there, got all excited, visited the city and then was left in awe when looking into house prices, quite a disconnect for the reality of employment/wages. I do think Plymouth has some things going for it but it's relative remoteness and state of the centre really don't tempt me for what I'd have to pay.

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I understood Plymouth wages to be very in line with UK average in 2013, wouldn't expect much change.

Exeter £22100

Plymouth £24000

Bristol £25500.

DYOR if you want up to date stats.

Plymouth unemployment circa 3 % last time I looked.

Plymouth is a very average place in many respects compared to the national picture, but in Devon and Cornwall terms seems to be the high wage area.

Perhaps this is why Ginsters put their factory employing 1500 in Callington and not Plymouth.

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Seen 2x 3-bed houses in Plymouth for under 100k now! Both would have needed work and 1 was cash buyer and in not so great area's BUT its promising to see 3 beds under 100k. Hope to see more of these


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