Our new residential magazine looks at what's happening in your area: ‘Realistic pricing remains key.'

Despite a challenging market in 2011, the Exeter office had its most successful year for 30 years. This was achieved through a combination of factors, primarily a thoroughly realistic approach in all areas of activity. Economic uncertainty leads to buyer uncertainty, and if properties weren't priced correctly from the outset, sales didn't happen. An example is Rainbow Cottage in the Teign Valley, which sold quickly when we took it on from other agents and quoted a realistic guide price of £350,000. Compass Cottage, on the edge of Exeter, also sold quickly - within two weeks of coming to the market - for the guide price of £875,000. In some cases, realistic pricing led to competitive bidding: 10 Brettingham Court, in Somerset, sold above the guide price of £750,000, with three potential buyers interested.

We also experienced good levels of viewings for properties close to Exeter during last year's Open House Day, with one resulting sale exceeding the guide price. Our extensive national network was another factor in our success, with the London operation remaining strong. Pynes, a Grade II Listed William and Mary mansion near Exeter, for example, sold for £2 million after competition between two London buyers, illustrating that the South West remains a popular destination with purchasers in the capital.

With economic instability still rife, the market may be even more challenging this year. A second recession and the ensuing lack of borrowing could undermine buyer confidence, but property prices and interest rates should remain low, meaning we must be ready to take advantage of interest whenever it happens (and not just at traditional seasonal selling times). Properties on Dartmoor, Exmoor and Bodmin Moor are better left to spring marketing, but otherwise we advise an early start to selling with, above all, realistic price expectations.

Read the full magazine: &homes - South West