Plymouth has quickly become a shining star in the UK property market. By 2025, it had the highest percentage growth of any metro in the country for house prices. The city was the top performer in the country, with a 12.6% increase, pushing typical home values to £278,808. This unexpected increase is evidence that the pent-up demand for housing in Plymouth is really high. It’s driven by major infrastructure investments and upgrades to the communities around the station.
In recent years, Plymouth has benefited significantly from developments like the Royal William Yard, which has introduced numerous new homes to the area. Nigel Bishop, professional property finder at Recoco Property Search, has highlighted the draw for future residents to the booming city.
“Plymouth has benefited from substantial infrastructural investments such as Royal William Yard, which created a number of new homes. The city’s improved retail, sporting, culinary and general lifestyle amenities also position Plymouth as an attractive option for house hunters of all ages. This demand has contributed to a more competitive property market and property prices going up.” – Nigel Bishop
As Plymouth prospered, other areas fared very differently across their respective housing markets. The 5.8% regional growth rate in Northern Ireland and in Scotland too made them joint leaders on a regional basis. The north-west, by contrast, had a higher rate of growth than either region. Places such as Stafford and Wigan saw remarkable double-digit increases in house price growth.
Prime central London struggled, with values falling by -0.9% in the final quarter of the year. Despite persistently high demand, the market in certain parts of the capital is beginning to cool. This comes on the heels of a 1.8% decline last quarter.
Amanda Bryden, director of mortgages for Lloyds said there had been “radical shifts” between sectors.
“We’ve seen significant change in property values, with some areas rising sharply while others have cooled.” – Amanda Bryden
The country house market showed similar upward movement, following a year of lagging growth. The pace of quarterly price declines slowed dramatically, indicating a possible bottoming out period for that industry.
Even with volatility seen across many other markets in the world right now, Plymouth’s charm is undeniable. For overall life satisfaction the city came top of all UK cities across the entire length of the study, with an average score of 7.8 (out of 10). Such a high satisfaction rate will further draw potential buyers to the area.
As we approach 2024, experts are predicting even more readjustment for the overall real estate market. Rightmove director Frances McDonald has noted that agents across outer prime London boroughs are experiencing a wave of demand boost in viewings and exchanges. In these more exclusive areas, demand is still weak.
“Agents, particularly in outer prime London neighbourhoods, are reporting a pickup in viewings and exchanges.” – Frances McDonald
McDonald noted that better tax policies have actually not led to huge increases in prices as some had worried would happen. He acknowledged that the market will need time to digest these modifications.
“Much of the budget’s impact on prices had effectively already been built in after rumours started circulating late summer. But it will take some time for the market to fully absorb the changes, with moderate falls expected to continue in the new year.” – Frances McDonald