Bradleys Honiton: More than half of all properties are selling for above asking price

Joe Keep, 29, is the Branch Manager of Honiton Bradleys and he spoke to Nub News about the housing market in Honiton. Born and bred here, he knows the town well and enjoys living here with his partner and two dogs.

"Honiton has an awful lot going for it and it will always be popular. When you're 20 minutes from the coast, 20 minutes from Exeter and on the main railway line to London, it is a great place to live.

"We've still got the hospital, the doctor's surgery and good bus routes. It's done well for itself and iI think it will continue to do so."

According to Joe, East Devon seems to be a hotspot because it is so well located and close to everything people need.

The property market in Honiton

Since the pandemic, house prices across the UK have increased. According to the Office of National Statistics, the average UK homes now costs £274,000, which is 24% higher than this time last year.

According to the website Right Move, the South West saw the largest increase in value. Average property prices in the region are now £379,956.

"The market has been quite intense in the last two years. When we came out of the very first lockdown, we were all a bit unsure about what would happen, but things took off quickly."

Even once people have saved up for a deposit and are in a position to move, it isn't always easy for find a house to buy. "We've almost always had more buyers than we have had properties, available, and we'd do 15 or 20 twenty viewings and would always get a couple of offers, but sometimes up to 11!"

Demand has been very high for all types of properties, ranging from two-bedroom houses to large country houses costing over a £1million.

Honiton's property market continues to be extremely robust. Bradleys have sold 57 properties in the EX14 area in 2022 so far and most of them sell for above the asking price.

"We're currently averaging 105% of the guide price so we are still getting more buyers than properties and achieving in excess of the guide price."

If a house receives several offers at or above asking price, Bradleys invite buyers to put in their best and final offers. This is done without people knowing the other offers that have been received.

"This gives everyone a level playing field for people to put forward what they can, and if they don't get the house, they have done all they can do to buy it.

"Half to two thirds of houses in Honiton are going to above the asking price, which obviously is a substantial amount."

The rental market in Honiton

The rental market in Honiton is equally competitive and potential renters may find themselves struggling to secure a viewing. There are currently only three houses available to rent in Honiton.

Adding to the stress of finding a rental home, many landlords are banning pets and sometimes children from rental houses, even when there was no obvious reason.

To make it fairer, the government recently changed the standard tenancy agreement to recommend that pets should be accepted. However, landlords are still allowed to stipulate no pets if he or she chooses to.

Of the three properties currently available to rent in Honiton, one property stipulates no pets, despite there being a back garden, albeit a small one.

Joe explained how difficult it can be to find a rental, especially if you have pets and children. "I've got a nice two up two down in my hand here, and I've got three applications for it. In this situation, the landlord will say 'I like the one with two working adults with no children and no pets'…they're going to edge towards that."

Extra pressure is being placed on the rental market because lots of landlords have decided to sell their property. Changing taxes and extra legislation have added to landlord's costs and pressures and they are selling up.

"This doesn't make it easy for the tenants because then there are fewer properties on the rental market and fewer properties, which adds to the stress of the market."

Any tenant who is asked to leave must be given two months' notice.

"There are a lot of things going on at the moment, with the cost of living, fuel prices and so on. If we were in a 'normal' market it would have had more of a detrimental impact on property prices, but because it has been so buoyant, we are still in a good place."