The UK property market is entering a steady but cautious phase this November. The Bank of England has held the base rate at 4%, following several cuts since late 2024, and analysts expect a further reduction to 3.75% in December if inflation continues to ease. While this decision brings short-term stability, it also signals a turning point for buyers, sellers, and landlords.
National Picture: A Market Catching Its Breath
- House Prices: Nationwide reports a 0.3% monthly rise in October, with annual growth at 2.4%, while Halifax shows a more modest +1.3% year-on-year.
- Buyer Demand: Down about 8% compared to last year, as many wait for clarity on the Autumn Budget and potential tax changes.
- Mortgage Rates: Fixed-rate deals are already edging lower, with some lenders offering two-year fixes around 3.6% for prime borrowers, anticipating future cuts.
Exeter and Devon: Local Trends
- Average House Price in Exeter: £295,000 (August 2025), up 2.4% year-on-year, slightly below the South West average of £310,000.
- Rental Market: Private rents in Exeter have surged to £1,316 per month, an annual increase of 6.5%, outpacing the regional average of 5.3%.
- Devon Snapshot: The average property price across Devon is £362,563, with detached homes fetching over £503,000.
Despite national caution, the South West—and Exeter in particular—remains resilient thanks to strong lifestyle appeal and relative affordability compared to London and the South East.
What Does This Mean for You?
- For Buyers: If you’ve been waiting for mortgage rates to fall, now is the time to start planning. Even before the next rate cut, lenders are trimming fixed rates.
- For Sellers: With more stock on the market and buyers cautious, realistic pricing is key. Properties in Exeter are still moving, but the days of bidding wars are behind us.
- For Landlords: Rising rents and strong tenant demand make Exeter an attractive investment location, but compliance with new regulations—such as the Renters’ Rights Act—is essential.
How Robert Williams Estate Agents Can Help
Whether you’re buying, selling, or letting, our team offers:
- Free, accurate valuations based on current market data.
- Expert mortgage and investment guidance through trusted partners.
- Comprehensive lettings and property management services to keep you compliant and profitable.
📞 Contact us today to discuss your next move in Exeter or across Devon.
