Teignmouth, Devon

[royalmike]

Hi

Looking at buying probably from Autumn onwards  up to 18 months had a look round Teignmouth, Devon Holcombe couple days ago seems have most of what we are after.  

So any local knowledge on the area /property market, will be cash buyers any ware up to 550000 but hopefully less 

Seems even before covid there were many properties with multiple price drops 

This looks nice https://www.rightmove.co.uk/property-for-sale/property-73312666.html?backListLink=%2Fuser%2Fshortlist.html%3Fchannel%3DRES_BUY%26page%3D1%26sortBy%3DDATE_ADDED%26orderBy%3DDESC&onetime_ShowNotes=true

 

 

[Bankside]

I know nothing of the area Mike but it looks very nice on the sunny day the photos were taken!

 

It's been on the market for a while with slow decreases in price.

It's not gone up too much in the last 16 years either

 

 

Edited June 3, 2020 by Bankside

[MARTINX9]

I suggest you take the plunge!

[royalmike]

On 03/06/2020 at 13:39, Bankside said:

I know nothing of the area Mike but it looks very nice on the sunny day the photos were taken!

 

It's been on the market for a while with slow decreases in price.

It's not gone up too much in the last 16 years either

 

 

Yes noticed that seems the normal for prices in this area for nice detached homes most have multiple reductions long before corona virus hit.

https://www.rightmove.co.uk/property-for-sale/property-77923474.html this sold for 545,000 2006 now on for 499,950

House price crash started early in South Devon 

[Einstein71]

I am looking at buying in the Devon area as well, I grew up there so know a lot of people in the area and it seems to be totally random when it comes to house prices.   I have seen lots of places up for sale for actually less than what people paid 15+ years ago and then lots of places selling for more than double the price paid 5 years ago.  

This was explained by a friend who works at a well known Exeter estate agent.   He said they have people who specifically target "Londoners".  These are properties they know will appeal to the retirees or people escaping the Capital.  The standard estate agent line at the moment is that swarms of Londoners are looking at Devon after Covid and they have "silly money".   These properties are overpriced and people are having a punt.   They are also usually next door or in the same road as someone else who has sold to an "outsider".    I have family in a little village on the outskirts of Sidmouth and this is what has happened there.   Someone retiring from Oxford paid £450k for a bungalow that was around £280k in real value and then all of a sudden bungalows were 450k which until then could have got you a detached house twice the size of the bungalow.   Do you know what I mean?  Crazy mentality but who can blame them.   The sad thing is that the week after the bungalow went for £450k (it was the talk of the village), the old lady 3 doors down from the in laws suddenly had the whole family come and visit, the son turned up with his botox filled wife and their leased 20 plate 4x4, first time in 2 years....coincidence.....maybe.   

Then you have the properties were local people are just selling and buying somewhere else local.  They have realistic targets, they see a house they want and just want to more or less get back what they spent originally on their current house.   This is how buying and selling houses should be,  it is the housing market without the hot air and speculation.

I have been tracking properties now for the past 6 weeks and numbers are increasing rapidly with a few Sold STC but nothing actually selling.  I imagine the big block is that people now have to sell their overpriced box in London and I think that is where the HUGE problem lies with the Devon market.   The higher end relies on London money which will now dry up and unfortunately a lot of supply in the Devon market is forced sales from people dying or going into homes.   I think we will see an ever increasing supply with demand unable to be realised and prices will start to drop come Autumn 2020 as the Summer of Love ends and the Winter of Brexit and "Second Wave" hits the economy really hard.    You will have desperate relatives who NEED the money from probate to survive and they will be dropping prices to just get access to money quick, sad as that is that is probably the reality.   This then creates the opposite effect to what I described above, suddenly the 450k bungalow the retired "outsider" purchased goes for 250k and prices fall back to a normal level.  

Rant Over