Month: July 2016

the heatons love affair with its 3,200 terraced houses

Call us old fashioned, but we do like the terraced house. In fact, we have done some research that we hope you will find of interest our The Heatons property blog reading friends!

In architecture terms, a terraced or townhouse is a style of housing in use since the late 1600’s in the UK, where a row of symmetrical / identical houses share their side walls. The first terraced houses were actually built by a French man, Monsieur Barbon around St. Paul’s Cathedral within the rebuilding process after the Great Fire of London in 1666. Interestingly, it was the French that invented the terraced house around 1610-15 in the Le Marais district of Paris with its planned squares and properties with identical facades. However, it was the 1730’s in the UK, that the terraced/townhouse came into its own in London and of course in Bath with the impressive Royal Crescent.

However, we are in The Heatons, not Bath, so the majority of our Heatons terraced houses were built in the Victorian era. Built on the back of the Industrial Revolution, with people flooding into the towns and cities for work in Victorian times, the terraced house offered decent livable accommodation away from the slums. An interesting fact is that the majority of Victorian Heatons terraced houses are based on standard design of a ‘posh’ front room, a back room (where the family lived day to day) and scullery off that. Off the scullery, a door to a rear yard, whilst upstairs, three bedrooms (the third straight off the second). Interestingly, the law was changed in 1875 with the Public Health Act and each house had to have 108ft of livable space per main room, running water, it’s own outside toilet and rear access to allow the toilet waste to be collected (they didn’t have public sewers in those days in The Heatons – well not at least where these ‘workers’ terraced houses were built).

It was the 1960’s and 70’s where inside toilets and bathrooms were installed (often in that third bedroom or an extension off the scullery) and gas central heating in the 1980’s and replacement Upvc double glazing ever since.

Looking at the make up of all the properties in The Heatons, some very interesting numbers appear. Of the 15,675 properties in SK4 …

2,368 are Detached properties (15.11%)
6,298 are Semi Detached properties (40.18)
3,237 are Terraced / Town House properties (20.65%)
3,871 are Apartment/ Flat’s (24.70%)

And quite noteworthy, there are 3 mobile homes, representing 0.02% of all property in The Heatons.

When it comes to values, the average price paid for a Heatons terraced house in 1995 was £54,900 and the latest set of figures released by the land Registry states that today that figure stands at £155,400, a rise of 235% – that’s not bad at all is it.

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a ready made investment in heaton mersey

Take a look at this one bedroom apartment in Heaton Mersey that’s on the market with Movuno, its an ideal for those looking for a reasonable ‘tried and tested’ buy-to-let investment.

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what’s the story with price trends?

Since the first quarter of 2015, average sales prices of detached properties in The Heatons have increased by 2.7%, which represents the best performance of all property types. The next best performers were terraces, which saw an increase of 2.4%, followed by semis (2.2%). The poorest performance came from flats. These of course are averages.

 

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the savoy cinema

A huge focal point, the Savoy Cinema looks very much at home nestling within the Heatons row of fashionable bars and shops. In my opinion this family run cinema has the best run of films to be released for a while.

The BFG, Finding Dory, Ice Age – Collision Course, Ghostbusters and Jason Bourne are just a few of the films soon to be released. Can’t wait!

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village point

A big thank you to Steve Dillon for the invite to the opening of Village Point. This brilliant new events venue certainly lived up to the hype, as the meticulous restoration project of the 19th Century building took centre stage.

If you would like to find out more, simply visit the website for more details.

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heatons company set to shine at rhs flower show

Heaton Moor based Dreamscape Gardens are placing the final touches to their stand at the RHS Tatton Flower Show. Their design ‘Blooming Borders’ garden, has been inspired by the plight of coral reef. The flower show is on from the 20th – 24th July at Tatton Park. You can book tickets in advance or just pay on the day.

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home sizes

According to the last census, the most common type of property in The Heatons is a three bedroom house, which accounts for 43.4% of the total. This is 8.9% lower than the regional average and 3.1% lower than the national average. The next most common type of property is a four bedroom or more house (41.3%) followed by a two bedroom house (10.4%).

 

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how have sales rates changed?

The volume of sales in a given area is a powerful measure of the vitality of local housing markets. In the last three years there have been 2,023 sales in The Heatons. Semis accounted for the largest number of sales (751), followed by terraces (620), then flats (364) and detached properties accounted for the fewest sales (288).

 

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fantastic buy to let opportunity churchill street, heaton norris

This is the very first look at a property new to the market today! Churchill Street in Heaton Norris will make an excellent buy-to-let investment opportunity with the potential to achieve circa £750 per calendar month. That’s a 7% yield!

As I write this it’s not available to view on the property portals so give me a call if you’d like further details.

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a brighter future for first-time buyers in the heatons?

As I’m sure you’ve noticed, things have changed a lot for first-time buyers recently. Government schemes and mortgage requirements seem to change every week, so would-be homeowners have got to keep up. However, for those in the know, there are a lot more options in The Heatons than there used to be.

The first challenge awaiting would-be home-owners these days is the deposit for the mortgage. The bigger the deposit, the better the chances of getting a great deal. The minimum required deposit is around 5%, so with an average home in The Heatons valued at £237,600 locals will require a deposit of at least £11,900. That’s quite a lot of saving up, given that average annual salaries in the region are £25,700.

The Government has stepped-up to help make saving easier. The newly introduced ‘Help To Buy ISA’ will hopefully make saving for a first home quicker and less painful. Save £200 and the Government will contribute £50 each time.

The Government has also made it easier for first-time buyers to purchase new-build properties. With the ‘Help To Buy’ scheme, they still need a deposit of around 5%, but then the Government loan a further 20% interest free for the first five years, meaning they only need a mortgage for 75% of the property price. In London the loan is up to 40%. After year five they have to pay interest at 1.75% of the shared equity loan at the time they purchased the property, rising each year after that by the Retail Prices Index (RPI) plus 1%. Sell up or pay the mortgage back and they’ll be asked to repay the Government’s share of the loan, along with a share of any increase in the home’s value.

Interestingly, of the 146,500 people who took advantage of the ‘Help To Buy’ scheme between the 1st of April 2013 and the 31st of December 2015, only 21 of them were in The Heatons. Low figures are usually down to either low house building rates or local prices being above the £600k ceiling for ‘Help To Buy’.

Another option for buying a first home in The Heatons is shared ownership, which allows a would-be homeowner to part-buy part-rent their property. Back in 2011, there were 55 shared ownership properties in The Heatons and given the national growth rate there should be around 65 now.

Under this scheme, owners start off with buying anything from 25% to 75% of their home, usually with a mortgage, and paying a monthly rent to a housing association, who will usually give the occupier the chance to increase their ownership share, known as ‘staircasing’.

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