(1888PressRelease)
July 14, 2007 - Exeter's housing market is growing at a steady pace, which is good news for buy-to-let investors already owning property in the city as well as new ones planning to step into the market.
Local realtor Samuels Estate Agents said that after the arrival of big employers such as the Met Office some five years ago, property prices in the area "really went wild". Cimon Eeles-Russell from the firm said that house price growth over the last few years has been "steady".
Specifically, property prices in the city have escalated by 15 per cent annually - excluding the effects of inflation - over the last five years, according to mouseprice.com. And with the average property value in Exeter currently at £191,786, buy-to-let investors could be more likely to find a bargain here than in other university towns in the south, such as Bristol.
And Exeter is becoming an increasingly sought-after place to live, according to Mr Eeles-Russell, who described the city as "just a nice place to be". He explained that its close proximity to the sea as well as its size make it "a city on the edge of the countryside really".
Indeed, Lonely Planet describes Exeter as "one of the liveliest cities in the south-west". With its large student population, it already offers buy-to-let investors a number of opportunities. But it is not only student accommodation that is selling well in Exeter, Mr Eeles-Russell added, suggesting that investors could explore other options.
A new report published by the Town and Planning Association and conducted by Ben Kochan for the Joseph Rowntree Foundation found that 80 per cent of Britons would like to live in a house with a garden, suggesting that a buy-to-let investment such as this would be in high demand.
In Exeter at least, Mr Eeles-Russell insists that "everything across the board is selling". The local market is seeing activity from first-time buyers, empty nesters and retirees, he added.
And it would seem that older people are leading something of a buy-to-let revolution in the country as a whole, according to figures released by over-50s specialist firm Saga. The company is predicting that nearly a quarter more people over the age of 50 will be renting out properties over the next 12 months.
Saga chief executive Andrew Goodsell does not find this surprising, explaining that this age group is the owners of most second and rental properties in the country.
However, he warned them about the tax implications of rental income, adding that it is "critical" they get professional advice on the matter.
