The property market fluctuates on a seasonal basis, and this is particularly the case for sales rates. This chart shows how the market has changed over the course of the last few months. The most recent periods are estimates based on the previous year’s pattern.
As you’re no doubt aware, there’s a lot of doom and gloom surrounding the national property market at the moment. For example the Nationwide index showed that in June, annual house price growth had slowed to a five-year low. Our area hasn’t been immune; in the first quarter of 2018, there were 18.7 per cent fewer sales than the same period in the previous year.
Wine merchants ‘Cork of the North’ is coming to Heaton Moor. Based just near 104 Heaton Moor Road, Heaton Moor, this independent company sell well over 500 different delicious bottles drink in OR take away.
Along with great range to wines, Cork of the North have regular tasting events, News Letters and membership possibilities.
Opening to the public in July, The Heatons is growing stronger, as yet another fabulous independent company lands.
The split of the population by age group has a big effect on the local housing market; the demographic profile affects prices, but more importantly the tenure mix and the rates of sales. The patterns you can see here gives you a good insight into the profile of local residents.
The rate at which properties are sold in the market is probably the best indicator of what we in the trade call ‘buoyancy’. In this chart, we show the number of properties which have been sold each year since 2008.
In the residential property world, the most important macroeconomic indicator we’re obsessed with is interest rates. Interest rates are the main tool the government uses to cool down the market when it shows signs of overheating. They have a massive impact on the housing market because they determine what your mortgage costs every month.
Some people rattle around in their home like two beans in a can whilst others are packed in like sardines in a tin. There is a formula, created by the Office for National Statistics which gives the occupancy rating of each home. This number shows whether a property has the ‘right’ number of rooms given the number of people living there. This shows the picture in our local housing market.
The last few years have been something of a rollercoaster ride for property markets up and down the country and our area is no different. Here we show how prices of different house types have changed relative to one another over time.
In some parts of the country, the split between a house and flat sales is very extreme while elsewhere there is more of a balance. It primarily comes down to the nature of the area and how densely populated it is. Rural, semi-rural and suburban areas are dominated by houses whereas urban districts are awash with flats. The chart shows the picture in our area.