Category: property market news

what effect is public transport having on the price of your home?

In SK4, the streets where homes sell fastest and command the highest price-per-square-foot aren’t always the most lavish, they’re the ones that are the best-connected. After all, there’s a reason why the most popular property programme on TV is called Location, Location, Location.

As your local agents, we’re often asked all sorts of questions regarding our market, but the most common question is always “which is the best part of The Heatons to live in these days?”, particularly from newcomers. Of course, the answer is different for each client because of things like their family situation, age and hobbies etc. But one of the primary requirements for most buyers is ease of access to public transport. Many of us regularly use public transport so we don’t want to live a million miles away from our local station if we have to commute into work each day.

Public transport is actually becoming increasingly important as the costs associated with car travel continue to rise and roads are becoming more congested. This has resulted in a huge surge in rail travel. In fact, in Britain, passengers made 1.32 billion train journeys in 2010 (according to the Association of Train Operating Companies), a rise of 37% in a decade and the most since the 1920s.

Location has a huge effect on the price and saleability of a home, and in our experience houses and flats close to a train station always sell and rent quickly. To illustrate the point we did some spatial interpolation of property price data, also known as number crunching! Our analysis showed that in the 10 years up to the start of 2016, average sold prices within 1km of Heaton Chapel Station rose by 17.8% compared with 10.2% within 2km, which represents a premium of 7.6%. This means that for every 250m you live closer to the station, the average property price rose by 1.9% more. If that doesn’t convince you that stations matter, we don’t know what will.

heaton-chapel-graph

It affects the rental market, too. If you’re an investor looking for a buy-to-let property, or a renter looking for your next home, the distance to and from the station is extremely important. One of the first things renters do when searching for somewhere to live is look at the nearest station’s proximity to the property. That’s why Rightmove displays the distance to the station alongside each listing. Ideally renters want a speedy commute to their work or university, and they want an even speedier walk from their home to the nearest station.

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working from home statistics in sk4

Typical structured working environments based on the nine-to-five working day are slowly disappearing, with more people choosing to work from home. There are interesting differences between areas, not least in The Heatons, with 5.8% of people now working from home instead of in an office. This is 1.3% higher than in the North West (4.5%) and 0.4% higher than the national average (5.4%).

 

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how many families are there in sk4?

In SK4 the largest number of people fall into the lifecycle category called ‘Young & Single’ which accounts for 28.8% of the total. This is followed by ‘Retired’ (18.9% of the population).

 

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turnover in the context of the bigger picture

The number of sales that take place in an area is an important indicator of the state of the market. In the last year 5.1% of the total private housing stock changed hands in SK4. This compares with 4.8% in the region and 5.2% nationally. That means that the local market is slightly less liquid than the national market.

 

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julian wadden landlords’ workshop 2016!

Julian Wadden are holding their annual Landlords’ workshop on 5th October.

We’ll be there in person if you’d like to discuss The Heatons property market, hope to see you there!

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properties sold by price bands

In the last 12 months, the greatest number of flat sales has occurred in the £100k-£200k price band in SK4 (60.3% of all flat sales). The most common price band for houses was £200k-£300k which accounted for 32.4% of all sales of houses. In that period, the proportion of houses selling in the price band £500k-£750k was 5.1% (0% for flats).

 

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does living near focus school affect nearby house prices?

This is the time of year that pupils here in The Heatons nervously wait for their GCSE and A-Level results. This made us think about the effect of schools on property prices in our area. As you all know, there are many factors that contribute to the value of your home besides its size and location. Things like crime rates, transport links, shops and general amenities all have a noticeable effect on the value of your home. However, proximity to a good local school is one of the biggest ancillary factors, especially for parents. When it comes to buying, education, rather than location, is more often than not the deal-maker for this particular demographic.

Did you know that for some house hunters, the search for a property actually begins on the Ofsted website, rather than with the local agents? It’s no coincidence that property portals have invested heavily in displaying the proximity and performance of schools on each property listing. Some local councils also publish information on schools listed as outstanding, giving the names of streets that fall within the catchment area.

It’s hard to say exactly when school league tables began to have such a bearing on property prices, but there is growing evidence of a strong link between a good school report and the demand for housing close to it. In fact many property hunters are willing to overlook the shortcomings of the property itself and spend beyond their original budget to be in a good schools’ catchment area.

The link between prices and school performance is strongest for primary schools because of their smaller catchment areas, which get smaller the better the school performs. However, secondary schools also have a big effect.

We decided to take a look at the properties surrounding the best performing schools across the whole country. We found that on average, properties which were within 1km of a good secondary school sold for 8.4% more than the rest of the housing stock in 2015. Perhaps more interestingly, these same properties had increased in value by 5.2% more than the rest over the last decade. Now of course there are other factors at play here, but the impact of the schools will certainly be a major factor.

Heatons school

But how big is this impact in SK4? Well, one of the best performing schools in the area for 2014-15 Key Stage 4 results was Focus School – Stockport Campus. So far in 2016, the average price of properties within a 1km catchment of this school was £258,300. In comparison, properties within 2km of the school had an average value of £203,000, which is 27.2% lower. Interesting, don’t you think?

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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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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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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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