House prices in Exeter increased by 3.5% between 2017 and 2018, according to Land Registry statistics published in October. They also showed that the average price of property in the town is now £262,082 (compared to 253,171 in the previous 12 months). The percentage increase was higher than the national average for England, which was 2.4% while the average house price in England was also lower at £247,914.
General property market in Exeter
There were 991 properties for sale in Exeter in January 2019. Statistics by the website Home.co.uk also showed that it takes an average of 139 days for a property to be sold in the town.
The majority of houses or apartments available to buy in Exeter at the time had three bedrooms (341 properties), 274 of them had two bedrooms and 207 presented with four bedrooms. A total of 90 had one bedroom and, finally, 54 had five bedrooms.
Narrowing the search further, there were more detached homes available than other categories. These had an average price of £476,375 and took around 160 days to sell. Next highest property category was semi-detached properties at 254 while flats numbered 204 and terraced homes 142.
Private rental market in Exeter
In January 2019, there were 450 properties - with an average rental price of £974 pcm - in the town. Two-bedrooms were the highest category (146 properties), with an average rental price of £852 pcm. Next highest rental category was three bedrooms (with 111 properties available). There were 82 one-bedroom properties, 54 with four bedrooms and 20 five-bedroom houses.
Most of the rental properties were houses (230) with 191 flats and 21 rooms (which commanded an average rent of £527 pcm).
Recent investment in the area
More than £300 million is to be spent on redeveloping Exeter town centre, it was revealed towards the end of 2018. Funded by the council, the reshaping of the heart of the city will include housing, retail opportunities, offices and restaurants. There will also be a new multi-use entertainment venue. A new swimming pool in the heart of the development has already come with a price tag of £50 million.
Meanwhile, in January this year, it was revealed that a further £1 million is to be ploughed into Exeter Science Park, resulting in a further 150 jobs for the area. The cash, awarded by the local council, will be spent on creating a 20,000sq ft Open Innovation Building at the Park.
Best areas for specific property strategies
The large four-storey houses in Union Road and Pennsylvania Road, near Exeter University makes for extremely popular student accommodation – and excellent HMO opportunities.
Buy to let landlords looking for young professional or family homes, on the other hand, may prefer the likes of St Leonards. Regarded as a sought-after location and therefore relatively expensive, refurbishment bargains here can turn into impressive rental yields for keen investors. Two-bedroom terraced homes and flats in the area – such as at Roberts Road and Mount Radford Crescent - make particularly good buy to let rental opportunities.
Speak to Susan De Mey who specialises in investment property.
Call 0333 123 1330