Highlight · The average price of a home in Plymouth is currently £163,567 · Average house prices in Plymouth increased 8.1% between 2005 and 2006 · Terraced homes were the most popular properties in Plymouth in 2006, making up 45.2% of sales · Constantine Street was the street with the most sales in 2006 (93) · Terraced properties experienced the strongest price growth in 2006, with prices up 9.5% since 2005
House Prices And House Sales The Plymouth property market experienced positive growth in 2006, with prices up 8.1% on the previous year and increased sales, up nearly 25%. The town has a wide appeal, offering a range of different properties with varying price tags. Terraced homes remain by far the most popular property choice in Plymouth, with sales increasing by 29% to constitute over 45% of the total sales in 2006.
Plymouth has a dynamic local economy with an increasing number of apartments being produced in and around the city centre. A lower than average proportion of properties in the central districts are owner occupied indicating a healthy rental market. This has caught the attention of investors, resulting in an influx of buy-to let properties on the market. Average house prices in Plymouth are below the UK average, making properties in the area highly competitive when compared with much of the south east.
Summary Between 2005 and 2006, average house prices in Plymouth remained strong, recording an 8.1% increase in price. All property types recorded strong positive growth, but terraced homes experiencing the strongest rate at 9.5%.
The popularity of Plymouth with university students, retirees, and young families has driven the demand for terraced homes, constituting nearly half of all the houses sold in 2006. The sale of these properties increased dramatically, up by 29% on the previous year.
The presence of these groups in Plymouth ensures that sales of semi-detached homes also remains strong, bypassing the sale of apartments in 2006 and recoding a 6.5% rate in price growth.
More recently, developers have increasingly focussed on the development of apartments, driven by the growing number of young professionals who are now looking to move into the town.
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Notes for Editors:
The Email4property Index is an annual monitor of housing transactions in Plymouth using data from the Land Registry.