Property prices in the South West of England are expected to rise by just 1.5 per cent in 2025 according to experts.

Although demand for property in the region is within the national average range, with 45 per cent of properties listed with estate agents under offer, buyers are being cautious with their budget.

Throughout 2024 property prices in the region remained static, whilst property prices in six other regions saw price growth of up to 2.3 per cent.

In Plymouth prices rose by 10 per cent taking an average of 88 days to sell but in Exeter they fell by seven per cent taking an average of 118 days to sell.

Danny Luke, whose company Quick Move Now collated the data, says: “The South West of England is the only region that saw static property prices in 2024.

Despite a lack of growth, demand in the region remains fairly robust.

The percentage of sales falling through before completion is just below average at 25 per cent, and 45 per cent of properties listed with an estate agent in the region are sold subject to contract.

“Some areas have clearly fared better than others, and we expect that spread to continue into the next 12 months.

“There are also several outside factors to consider. Which direction inflation goes in next year will have a big impact on property prices, as buyers contend with affordability concerns.

The Bank of England has suggested that we can expect to see several decreases in the base rate in 2025, but it will be difficult for them to justify this if inflation continues to rise again.

“Overall, our prediction would be that property prices in the South West could rise by a modest 1.5 per cent in 2025.”

Data collated from Zoopla, Home.co.uk, Rightmove, and Quick Move Now’s in-house data.