the heatons property blog

Household sizes in our area

By having a look at the average number of people per property, we can actually tell quite a lot about the area. Most areas of the country have between two and four people living in the average home. This is obviously a function of whether the area is popular with families or singletons. But it also shows population density with inner city areas having higher numbers of people per property.

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Average prices of houses & flats by year

This column chart shows the relative average sold prices of flats and houses selling in the last eight years in our area. It doesn’t account for different sizes of houses or flats but because we’re looking at annual figures any fluctuations should smooth themselves out.

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Quarterly transaction levels split by type

By looking at quarterly sales charts we can see the volume of properties sold for semi-detached, detached, terraced and flats over the last two years. Whilst people are quite understandably most concerned about house prices, particularly the price of their house, property geeks like us actually look more at sales volumes to take the pulse of the market.

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Which local residents have seen the best house price inflation?

In December 2016, The ONS (Office for National Statistics) reported that house prices across the UK saw a year-on-year rise of 7.2 per cent. These figures are promising for the property market, and if the trend continues, the average home in the UK will increase in value by £22,000 in the next year. But what’s in store for The Heatons?

Since 2013, the UK has been experiencing ’strong growth’, and a typical house price is now higher than it was four years ago. Surprisingly, it’s the areas outside of London that have seen the highest growth, with the East of England experiencing price increases of 11.3 per cent in the last year. With the majority of the UK seeing such positive growth signs, the future of the residential property market looks good.

Over the last decade, local prices have seen a rise of 31.3 per cent, equivalent to £6,260 per year. Terraces tell a different story, having seen a rise of £4,820 per year or 29.6 per cent over the period. As the chart shows, all owners have benefitted from price rises, but some more than others.

The hike in house prices indicates good news for current homeowners, but those hoping to take their first steps on the property ladder will need to familiarise themselves with pros and cons of current schemes. There are several government schemes for first-time buyers: Help to Buy, Shared Ownership, ISA’s and Starter Homes.

With the continuing increase in house prices, it will make more sense for some people to rent. This is excellent news for buy-to-let landlords and potential investors thinking about purchasing a rental property. Rental prices have also increased over the last 12 months, with the average rents nationwide up 6.5% with a mean average of £839 per month.

Local area residents thinking of selling their home will be buoyed by the price increases, especially if they have owned their property for a significant amount of time. If you would like to know how much your home is worth don’t hesitate to give us a call. Alternatively, pop into our office for a friendly chat through your options.

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i have just purchased my first btl property and would like to know what reference checks you conduct on tenants?

We employ the services of an external referencing agency to ensure thorough checks are carried out on every applicant. These include, full credit checks, employment references, affordability checks and previous accommodation reference. We are also required under the immigration Act to check each applicant has the Right to Rent in the UK. As an agency it is important for us that we find you the right tenant for your property.

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rare opportunity to acquire a block of 9 apartments

An extremely rare investment opportunity has arisen to purchase this block of 9 APARTMENTS in central Heaton Moor which will generate a potential total of £60,000 per annum. A superb detached period property, offering approximately 5245 square feet of accommodation over three floors, currently divided into 9 flats. There is also potential to develop the cellars to create two further apartments. Occupying a generous corner plot there is unallocated parking to the rear and the grounds offer generous lawned gardens. Ideally positioned within easy reach of Heaton Chapel train station and all that Heaton Moor village has to offer. Please contact Julian or Hassan for further details 0161 432 1115.

http://www.rightmove.co.uk/property-for-sale/property-48682851.html

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what will the general election do to 10,881 the heatons homeowners?

In The Heatons, of the 15,206 households, 5,148 homes are owned without a mortgage and 5,733 homes are owned by a mortgage. Many homeowners have made contact me with asking what the General Election will do the The Heatons property market? The best way to tell the future is to look at the past.

I have looked over the last five General Elections and analysed in detail what happened to the property market on the lead up to and after the General Election. Some very interesting information has come to light.

Of the last five general elections (1997, 2001, 2005, 2010 and 2015), the two elections that weren’t certain were the last two (2010 with the collation and 2015 with unexpected Tory majority). Therefore, I wanted to compare what happened in 1997, 2001 and 2005 when Tony Blair was guaranteed to be elected /re-elected verses the last knife edge uncertain votes of 2010 and 2015.. in terms of the number of houses sold and the prices achieved.

Look at the first graph below comparing the number of properties sold and the dates of the General Elections

It is clear, looking at the number of monthly transactions (the blue line), there is a certain rhythm or seasonality to the housing market. That rhythm / seasonality has never changed since 1995 (Seasonality meaning the periodic fluctuations that occur regularly based on a season –  i.e. you can see how the number of properties sold dips around Christmas, rises in Spring and Summer and drops again at the end of the year).

To remove that seasonality, I have introduced the red line. The red line is a 12 month ‘moving average’ trend line which enables us to look at the ‘de-seasonalised’ housing transaction numbers, whilst the yellow arrows denote the times of the General Elections. It is clear to see that after the 1997, 2001 and 2005 elections, there was significant uplift in number of households sold, whilst in 2010 and 2015, there was slight drop in house transactions (ie number of properties sold).

Next, I wanted to consider what happened to property prices. In the graph below, I have used that same 12 month average, housing transactions numbers (in red) and yellow arrows for the dates of the General Elections but this time compared that to what happened to property values (pink line).

It is quite clear none of the General Elections had any effect on the property values. Also, the timescales between the calling of the election and the date itself also means that any property buyer’s indecisiveness and indecision before the election will have less of an impact on the market.

So finally, what does this mean for the landlords of the 2,442 private rented properties in The Heatons? Well, as I have discussed in previous articles (and just as relevant for homeowners as well) property value growth in The Heatons will be more subdued in the coming few years for reasons other than the General Election. The growth of rents has taken a slight hit in the last few months as there has been a slight over supply of rental property in The Heatons, making it imperative that The Heatons landlords are realistic with their market rents.. but in the long term as the younger generation still choose to rent rather than buy .. the prospects, even with the changes in taxation, mean investing in buy to let still looks a good bet.

 

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sneak peak at the moortop

We take a sneak peak in to the brand new Moortop, which is opening it’s doors very soon.

We are here today at The Moortop Pub and Kitchen to have a sneak peak inside

Posted by Julian Wadden Estate and Lettings Agents on Friday, May 26, 2017

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