If you've spent any time looking at property websites recently, you've probably noticed something that many estate agents don't seem particularly keen to talk about:
The market has changed.
That doesn't mean it's a bad market. It doesn't mean house prices are collapsing. It certainly doesn't mean homes aren't selling.
But it does mean we're no longer in the market of a few years ago, where properties were attracting multiple offers within days and buyers were scrambling to secure anything that came onto the market.
From what we're seeing on the ground here in North Devon, 2026 is increasingly looking like a buyer's market.
📊 What We're Seeing Locally
As estate agents, we spend every day speaking to buyers, sellers, mortgage advisers, solicitors and surveyors, so we get a good feel for what's happening beyond the headlines.
Out of curiosity, I recently looked at the Barnstaple market on Rightmove, specifically the EX31 and EX32 postcodes.
Using Rightmove's filters, I searched for properties that had either:
- Been newly listed within the last three months, or
- Had their asking price reduced within the last three months.
That search produced approximately 318 properties.
What surprised me was that only around 12% of those properties were marked as sale agreed.
Now, this isn't a scientific study and it's only a snapshot of one moment in time, but it does provide an interesting insight into current market conditions.
To put it another way, roughly one in every eight or nine properties that had recently come to market or been reduced had successfully agreed a sale.
That may help explain why we're seeing so many price reductions across the local market.
The reality is that buyers currently have plenty of choice. When buyers have choice, they become more selective, more patient and more willing to negotiate.
💰 Buyers Are Negotiating Again
Perhaps the biggest change we've noticed is that buyers are once again negotiating.
A few years ago it wasn't uncommon to see buyers offering asking price or even above asking price simply to secure a property before someone else did.
Today, we're regularly seeing offers below asking price.
That doesn't mean buyers are trying their luck or being unreasonable. In many cases, they're simply responding to the market conditions around them.
When buyers have ten similar properties to choose from rather than two, they naturally become more cautious about what they're willing to pay.
We're also seeing:
- Longer decision-making periods
- More second viewings
- More buyers comparing multiple properties before making an offer
- Greater scrutiny of condition and presentation
Five years ago many buyers were competing with one another.
Today, they're often comparing several suitable properties.
📉 The Overvaluation Problem
In our opinion, one of the biggest challenges in today's market isn't a lack of buyers.
It's unrealistic pricing.
Unfortunately, some agents are still winning instructions by quoting optimistic figures that sellers naturally want to hear.
We completely understand why. If one agent tells you your home is worth £325,000 and another tells you it's worth £350,000, it's only human nature to prefer the higher figure.
The problem is that buyers don't care what an agent promised a seller. Buyers decide what a property is worth.
If the market doesn't agree with the asking price, enquiries slow, viewings become scarce and sellers often find themselves reducing the price weeks or months later.
In many cases, the property ends up selling for less than it could have achieved had it been priced correctly from the outset.
🎯 Why Correct Pricing Often Achieves Better Results
This is perhaps the biggest misconception we encounter.
Many sellers believe pricing high gives them room for negotiation.
In reality, we've often found the opposite.
We've actually found that properties launched at realistic market value — and occasionally even slightly below where a seller thinks they should be — often produce the strongest results.
Why?
Because buyers engage with them.
They view them.
They talk about them.
They bring family members back for second viewings.
And most importantly, they compete for them.
More interest leads to:
- More viewings
- More competition
- More offers
- Better negotiating positions
One phrase we often use is:
The best offer is usually generated by competition, not by leaving room for negotiation.
When multiple buyers are interested in a property, they tend to focus on securing it.
When a property appears overpriced, buyers focus on how much they can knock off.
It's a subtle difference, but an important one.
🏠 Properties Are Still Selling
This isn't a doom-and-gloom article.
Far from it.
Properties are still selling every week across North Devon.
We're still seeing buyers relocating to the area for lifestyle reasons.
We're still helping families move up the ladder and downsizers find their next home.
The difference is that today's market rewards realism.
Properties that are:
- Correctly priced
- Well presented
- Professionally marketed
- Proactively followed up
are continuing to attract serious buyers.
🤝 A Normal Market Isn't a Bad Market
Perhaps the biggest takeaway is this:
We don't believe we're in a bad market.
We believe we're in a normal market.
For a few years, many people became used to extraordinary market conditions. Properties sold quickly, buyers competed fiercely, and asking prices were often achieved with little negotiation.
What we're seeing now feels much more balanced.
Buyers are taking longer to make decisions.
They're doing more research.
They're negotiating more carefully.
And sellers who understand that reality — and price accordingly — are still achieving successful sales.
At Collyers, we'd rather have an honest conversation on day one than an awkward conversation six months later about price reductions.
Because our job isn't to list houses.
Our job is to sell them.
There's a big difference.
Almost any agent can put a property on Rightmove and tell a seller what they want to hear. The real skill is pricing a property correctly, generating genuine interest, creating competition between buyers and ultimately achieving a successful sale.
In today's market, realistic pricing isn't about underselling a property. It's about giving it the best possible chance of achieving its full market value.
That's why we'd rather be known for selling homes than simply listing them.
📞 Thinking of Selling?
If you're considering a move and would like an honest assessment of where your property sits in today's market, we'd be delighted to help.
Whether you're looking to move next month or next year, understanding the market is always the first step.
Collyers Estate Agents – Local Knowledge. Honest Advice. Award-Winning Service.
