The distance travelled to work in a given area is an indicator of the area’s transportation links. It can also show if an area has job opportunities locally. In SK4, 70.0% of the local workforce travel less than 10km to get to work. This is 7.7% higher than the average in the North West region and 13.1% higher than the national average.
The changes in stamp duty and the Brexit vote have made the last 12 months an interesting one. There have been a total of 864 sales and we can see that volumes have increased by 19.3% since July 2015. This is stronger than the North West region and the national market.
Over the last year, every property that was sold in SK4 has fallen into one of seven price bands. The adjacent bar chart illustrates this interesting pattern which shows that the £100k-£200k price band had the largest number of sales (234), followed by the £200k-£300k price band (199).
You would be forgiven for thinking that Nobel Prize winner Bob Dylan was talking about the UK property market when he sang, “the times, they are a changin'”. As agents in SK4, we have seen it all in the property market. But one overarching fact is the rise of local property prices, which have seen a significant increase of 214% since 2000.
Figures show that moving up the property ladder, or getting on it in the first place, is not that easy. However, there are certain choices you can take to make the process much smoother, particularly if you listen to advice from a good agent. The young person’s dream of owning their own property is still very much within reach.
Compromise is key; sometimes it is a good idea to take stock and really think about what it is that you want from a property. SK4 is popular with homeowners and tenants, which indicates that location is still the number one factor for people moving home. Yet in our experience, some people are willing to look further afield to find a cheaper, more suitable property.
If you are already on the property ladder, moving up it is not as arduous as many initially think. Increasing house prices can actually benefit homeowners like you, assuming that you have paid off a fair amount of your mortgage. Average property prices in SK4 are now worth £245,900, which means if you bought the property 10 years ago, it would have increased by an impressive £45,700.
Some of you will be tenants who are not yet on the property ladder, but don’t worry as there is still hope. Mortgage lenders have started to loosen their purse strings, with many of them offering up to 95% mortgages. The government also offer several schemes making it easier for first-time buyers to purchase a home, including Right to Buy, shared ownership and the Help To Buy ISA.
Landlords have reasons to be cheerful, with an element of younger people in SK4 choosing to rent rather than buy. There are certainly benefits to renting, including the ability to simply call the landlord if there are any issues around your rental home, allowing you to save on large repair costs. The lifestyle of a renter also provides flexibility, which is very important to some people.
It is harder for young people to save for a deposit in an age where Apple launch a brand new product every six months, or the latest HDTV is readily available. Renting is a choice, and we are developing a mindset more akin to the Europeans with regards to it. In fact, the fascinating figures show the percentage of households privately rented in SK4 have risen from 10.2% in 2001 to 15.1%, according to the last census.
SK4 is the fastest selling postcode in the North West, and 9th in the whole country, according to some research by Knight Frank. Properties here in The Heatons are shown to take just 42 days to sell over the past 6 years. This shows how much demand there is in The Heatons and how desirable our area is!
Read more for the article from Property Industry eye:
The volume of sales in a given area is a powerful measure of the vitality of local housing markets. In the last two years there have been 1,334 sales in SK4. Semis accounted for the largest number of sales (483), followed by terraces (394), then flats (256) and detached properties accounted for the fewest sales (201).
Since the last quarter of 2013, average sales prices of semis in SK4 have increased by 21.6%, which represents the best performance of all property types. The next highest performers were terraces, which saw an increase of 17.6%, followed by detached properties (11.2%). The poorest performance came from flats, which still managed to increase by 2.7%.
Each area of the country has a different demographic profile in terms of the age of local residents. The exact balance of age groups has a profound effect upon the demand profile of the local market. The average age in SK4 is 40 years old. This is higher than the North West average (39 years old) and higher than the national average (39 years).