Housing boss predicts bright future for South West property market
The South West is still one of the most desirable places to live in the UK – according to one of the region’s leading house builders.
Matt Bennett, managing director of Allison Homes in the South West, is optimistic about the housing market in the region despite the threat of recession and rising interest rates.
According to Bennett the demand for quality housing – both private and affordable – is particularly evident in Somerset.
He said: “We will be continuing our commitment to build much needed quality homes in the county, focussing currently on our Somerton development which follows the trend of our recently completed development in Langport and continues to receive significant local and out of region interest.
“Although Somerset remains in the throes of the phosphates issue, a solution does look more likely that should enable new homes development on some scale going forward.”
Bennett adds that affordability is key for the Devon market at a time when more people are choosing to work from home.
The county remains exceptionally popular with prospective purchasers seeking to live away from cities post pandemic and Bennett expects to see interest from outside the region continue this year.
He adds: “Devon is thriving with career opportunities in the ever-growing tech industry and renewable energy sectors making the region both a great lifestyle and career choice.
“Large infrastructure investment and a focus on carbon reduction will contribute towards the county’s capital city.”
According to one study the city will having the fastest economic growth at the point when the UK emerges from recession.
Exeter’s economy is predicted to be 1.3 per cent larger in the fourth quarter compared to how it was in the final quarter of 2022.
It is also expected to be in the top five for employment with levels rising year-on-year by 1.7 per cent.
Bennett said: “Fundamentally in the South West, home ownership has always been a better financial option than rental and quality new homes are a fantastic way to get on and move up the property market.
“Of course, affordability is a priority for prospective homeowners and positively, interest rates remain comparatively low when you consider average rates over the last 30 years.”