Malcolm Prescott, Managing Director of Webbers, which has 13 offices across North Devon, West Somerset and North Cornwall, says the picture across the region remains relatively consistent despite the softer national figures.
“While the latest figures from Lloyds Bank show that the UK housing market has seen a modest decline, with average prices falling by 0.2% in August following a 0.1% fall in July, we are continuing to see a more consistent picture across our region.
“Of course, there are always local variations, but the message for sellers remains very clear: getting the asking price right from the outset is absolutely critical. Homeowners should listen to the advice of their local property professional and ensure their property is priced realistically for the current market, rather than relying on what prices may have been achieved previously.
“Evidence clearly shows that getting it right from the start is the best policy. A property that is realistically priced from day one is more likely to attract the right level of attention, generate viewings and create genuine competition between buyers. Conversely, starting too high can mean a property sits on the market, loses momentum and ultimately requires a price reduction — often after valuable time has been lost.
“The national figures demonstrate that buyers are being more cautious and that affordability remains an important consideration. However, there is still underlying demand for the right properties at the right price.
“For sellers across North Devon, West Somerset and North Cornwall, our advice would therefore be not to be alarmed by the national headlines, but to take considered, local advice. The market is still moving, but realistic pricing and a well-presented property have never been more important.”
Malcolm’s comments come as the latest Lloyds Bank house price index reported a 0.2% monthly fall in August, following a 0.1% decline in July. The average UK property price now stands at £298,468, compared with £299,153 in July.
On an annual basis, UK house prices have fallen by 0.4%, the first year-on-year decline since November 2023. The South East recorded the largest annual fall at 1.6%, followed by Greater London at 1.5%, while both the South West and Eastern England recorded annual declines of 1.2%.
The Guild of Property Professionals’ chief, Iain McKenzie, says the coming months will be important in determining whether the current conditions represent a temporary summer pause or the beginning of a more sustained period of softer activity. Jeremy Leaf, former RICS residential chairman, similarly points to a stand-off between cautious buyers and sellers who feel they have already reduced their expectations sufficiently.
Andrew Asaam, mortgages director at Lloyds and author of the index, also notes that sellers are not yet rushing to cut prices, although fewer properties are changing hands and mortgage approvals have fallen to their lowest level since the start of 2024.
Against that backdrop, the advice from Webbers is straightforward: understanding the local market and pricing correctly from the beginning gives sellers the best possible opportunity of achieving a successful sale.
If you are thinking of a move in the South West, get in touch today.