Scilly Sees Largest Fall In House Prices
The Office of National Statistics says that the median value of homes was down 15% between 2013 and 2014, from £275,000 to £235,000.
Scilly Estate Tony Dingley says some properties have lost even more value and were 30% down on the peak prices of 2006 and 2007.
But the market is slowly recovering and both our island estate agents say prices are rising again.
Ian Sibely of Sibley’s says after a long period when the housing market has been weak, there’s now more confidence about the economy and that’s creating more interest in property sales.
He says the number of enquiries and transactions are “well up” on previous years and he feels prices are starting to creep higher.
And he says homes are currently being sold to a range of buyers, including people looking for second homes as well as sales to locals.
Tony Dingley of Islands Estate Agents says holiday properties account for many sales in Scilly and when the economy is bad, people don’t buy second homes.
Tony says prices shouldn’t get any lower, so now is a good time to think about buying or investing in property in the islands.