Scilly Sees Largest Fall In House Prices

hugh town houses 2Government figures released this week claim that Scilly has seen the largest fall in house prices in the country.

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.

3 Responses to Scilly Sees Largest Fall In House Prices

  1. A local June 26, 2015 at 6:43 pm

    Would not expect Sibley or Dingle to be anything other than positive – think commission and pound notes in their pockets – enough said.

  2. Henry H June 25, 2015 at 2:01 pm

    Because properties are still affordable for your average family/couple with an average joint income of circa £35k, sure. Let’s all squeeze into a one bedroomed apartment with no yard for the kids to play in or anywhere to park your car, because that’s the reality if anyone is to afford a mortgage to purchase anywhere here below 200k! And the cheap properties, in proportion to size, that do come up are sold to the council! *cough, Chy-an-mor*

  3. pete June 25, 2015 at 11:36 am

    The prices are still far to high for the young of scilly to buy a home. Or is it just for the greedy beggars.