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CBRE : House prices in the city back to their previous peak

08/14/2014 | 06:20pm US/Eastern

HOUSE prices in Plymouth are back to their previous peak and are likely to climb in the coming years.

According to the latest regional land report from leading property advisers CBRE, the South West's economy is well on the road to recovery and house prices have started rising steadily.

Guy Mansfield, head of national land and development at CBRE Bristol, said the price of homes in the West Country could rise 10 per cent year-on-year to reach their highest regional increase from 2015 to 2019.

James Clarke, managing director of Plymouth estate agents Lang and Co, said: "Prices are generally back to 2007 levels, but not in all sectors.

"Our sales are up 20 to 25 per cent on last year, though in certain locations and price brackets, such as family homes from Pounds 150,000 to Pounds 250,000, there are not enough properties coming on the market. "People can remember the last time prices crashed only a few years ago and are now more wary.

"Our buyers have got better deposits and I guess they are thinking can they afford it if mortgage rates go up a couple of per cent."

Mr Clarke said dealing with some properties in the Pounds 400,000 range had bumped his company's average Plymouth house price up to Pounds 250,000.

But he said he believed the average for the city as a whole was now in the region of Pounds 180,000 to Pounds 185,000.

Meanwhile Jennet Siebrits, head of residential research at CBRE, said: "The sharp house price growth we have witnessed over the last year is typical at the start of a recovery, due to the release of pent-up demand.

"London has dominated the housing market in recent years and recorded particularly strong house price growth, but there is now an evident ripple-out effect with increases recorded across all UK regions."

The CBRE report also suggests that house prices would start to level off in a few years.

The Bank of England is expected to announce a 'small' increase in interest rates in the autumn.

Experts say it will not have too much of an impact on mortgages.

But Tim Jones, chairman of the Devon and Cornwall Business Council, has warned there is a risk of seeing the housing bubble return.

(c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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