As Exeter’s Housing Market Calms Down, Luxury and Sustainable Builds Take Pride of Place
House prices in Exeter and Devon as a whole continue to rise, but they have slowed on the chaos of last year. According to The Independent, prices have slowed from the astronomical rises of 2021, and have calmed to a relatively tame 9.2%. However, there are rumblings in the background, due to rising interest prices and the cost of living, that creates a more complex picture. In general, home buyers are needing to purchase on longer mortgages, with the quality of the housing absolutely crucial. Exeter has a huge amount to offer those buyers showing their confidence; what can the housing market offer them?
High quality developments
There’s a significant focus on new housing being high quality as an absolute minimum. Homes will have good insulation, living spaces with plenty of air and light, kitchens featuring hard wearing fittings and premium kitchen worktops, and of course good connectivity to local amenities to enable the remote working community. The recently greenlit development of 38 homes at Winslade Park, reported on by Business Live, is a great example of this, and a nod towards what sort of homebuyer Exeter is hoping to attract. Rather than the by-the-numbers factory line of low-quality, cheap housing, homes that will be fit for move-in and then suitable for habitation without renovation is where the focus is going to lie. This is good news for consumers, but good for the wider housing market, too - but sustainability must also play a part.
Sustainability challenge
As a city, Exeter can do more for sustainability. While the city council have promising statistics to show about the efforts of the city, and the university has been at the vanguard of important climate control efforts, independent news reporter the Exeter Observer has highlighted areas of concern. Key among this is their assessment of the housing affordability ratio. The rental and older housing stock markets have an inherent climate cost; affordable and high-quality housing must be sustainable in order to buck this trend, and this is something that is now being targeted.
The new sustainable build
A recent highlight of proposed housing by Devon Live puts the spotlight on some important sustainability measures that’s needed to really put good quality new housing into the market. High-performance triple glazed windows, EPC-B+ certification, better insulation, and built-in solar panels are part of the offering. Amenities including renewable car charging, open plan living, and the encouragement of cycle use through secure storage are also touted as part of the project. While currently an isolated example and a mock-up of how planning should proceed, these projects offer a look into how housing can truly be made sustainable, and are a bar for the wider construction scene to approach with their own efforts in the coming years.
Costs are calming; and the market has an opportunity to use that solidity to produce high-quality housing. Exeter has excellent housing growth, and now it needs to match that with housing quality.
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