Changing Torbay markets
- Credit: Ridgewater
A look at the changing Torbay property market with Ridgewater Director Neil Tozer:
"The sales and lettings markets in Torbay is thriving more than ever. We are getting an awful lot of enquiries from people outside of the area and a lot of that has come from the appreciation that people can now work effectively from home.
"One particular example came from a chap in London, who contacted us in July last year, just as we were emerging from the first lockdown.
"He lived in a one-bedroom flat in central London with a balcony no bigger than an office desk, which looked out on to the back of another apartment block, and yet his flat was on the market for £400,000.
"Even though he lived in central London, his commute to work was over an hour each day to an office in another part of central London. During lockdown, his boss realised that working from home was ideal for their business and all he needed was for this chap to attend the office a couple of times each month.
"I got a call from this guy asking what he could get in Torbay for £400,000, the answer to which, as we know, is a very nice property.
"At the time, we had an amazing apartment for sale at £280,000, with two double bedrooms, spectacular sea views, a huge terrace and located in the heart of Torbay life. He couldn’t believe what he could get for his money.
"We are getting a lot of professional people looking to move down to the area, both in sales and lettings, which can only be beneficial to the Torbay economy.
"We have traditionally been a retirement area in Torbay but we are now seeing a lot of young, professional families choosing this part of the world as a place to establish their futures. People are relocating because they can now work from anywhere in the world.
"It is a positive development for the Bay because young professional families will naturally use the Torbay facilities and attractions on a more frequent basis than perhaps a retired family."