the heatons property blog

friends of heaton moor park

This fantastic friendly group of volunteers work with the co-operation of Stockport Council to make the park as attractive and interesting as possible. Membership is free and open to anyone interested in Heaton Moor Park.

There are many events over the summer months so please make contact if you would like to be a part of this organisation.

Knitting Friends – Friday 24th June 10am to 12pm

Running Friends – Saturday 25th June 11am to 12pm

July Work Day – Saturday 2nd July 11am to 3pm

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heaton moor market

Heaton Moor Producers market was established in March 2010 and runs from March to December on the first Sunday of each month 11am – 3pm on Shaw Road in Heaton Moor.

Selling gorgeous local produce including gifts, food and crafts, stallholders are more than happy to chat to customers about their businesses and produce. A perfect way to spend a Sunday afternoon.

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which types of homes are most often sold?

In the last 12 months, semis have accounted for 37.1% of all transactions making this the most common type of property on the market in SK4 (636 in total). Over the same period terraces accounted for 31.4%, flats accounted for 16.2% and detached properties provided 13.4% of transactions.

 

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hours worked

A standard measure of a full working week is about 48 hours. That is what the EU uses in it’s ‘Working Time Directive’ to ensure employees are not being over-stretched. In The Heatons, 87.7% of full- or part-time workers work those hours or fewer. That means 12.3% work more than that, a total of 2,200 people. Many of our clients fit into this category, and if you are one of them we are ready to work around your busy schedule.

 

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achieved sales prices in sk4 over time

A quarterly analysis of the last four years achieved sales prices from the Land Registry show some interesting patterns in The Heatons. Achieved sales prices of flats have increased by 0.7% per quarter since 2012. This compares with 0.3% for terraces, 1.4% for semis and 2.2% for detached properties. In total, it is detached properties which have increased the most with prices now 18.1% higher than in 2012.

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grundy street, terrace home suitable for buy-to-let…

I’ve spotted this property on one of the property portals this morning, it’s located on Grundy Street in Heaton Mersey currently being marketed with Joules Estate Agents and would be a great potential buy-to-let property.

It’s located just up the road from the new Metrolink station which has had a significant impact on the local lettings market with property letting extremely quickly and achieving a premium in rent. You’re likely to attract professional tenants who often rent long term, our average tenancy is around 18 months at the moment.

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what would brexit mean to the 10,900 property owners in the heatons?

At the time of writing, a £10 bet on the good people of the UK voting to leave the EU would yield a profit of £22.50, whereas the same bet on staying-in would return just £3.30. For those of you who don’t regularly have a flutter, that means the likelihood of Brexit is very slim. But then again that’s what the pollsters and bookies said about a Tory majority at the last election.

So if we believe the bookies, it seems the most likely impact of this referendum on the Heatons property market will be fairly negligible. There could be some mild economic uncertainty followed by a return to business as usual following a vote to stay in. In fact, even this mild uncertainty will come to be seen as nothing compared with the rush to snap up buy-to-let properties before the April 2016 stamp duty hike and subsequent flood of properties onto the rental market.

But what would an ‘out’ vote mean for the 10,900 homeowners of The Heatons or even the landlords of the 2,442 private rented properties? Well we think it all comes down to how reliant each local market is on buyers who work in the financial services industry. Some commentators claim that in the event of Brexit, the large global banks could pull out of the UK and relocate to somewhere within the EU, most likely Frankfurt. That would result in an exodus of relatively high income workers from the market, and it is these people who have been instrumental in putting upward pressure on house prices since the 1980’s.

As we all know, people working in financial services are mainly concentrated in South East England, within commuting distance to the City of London and Canary Wharf. However, there are also provincial outposts in the north of England, particularly in Leeds.

In The Heatons, there are 853 people working in financial services, equal to 4.8% of all jobs. In the context of the national picture, that puts it in the top half of all areas in terms of the concentration of financial services jobs. So the bottom line is that in relative terms, The Heatons is fairly reliant on the financial services industry. Consequently, The Heatons’ property market would be moderately exposed in the event of Brexit. However, there is a broader economic consequence of Brexit which would pose a menace to the SK4 and UK housing markets – interest rate rises. Theoretically, this could see the cost of mortgages grow swiftly, pricing many out of the market and generally making life difficult for buyers. However most buyers take fixed rate mortgages and two-thirds of landlords buy without a mortgage, so this woulddampen the effects in the short-term. It’s also conceivable that inflation would ramp up substantially if the price of imports went up, and if the Bank of England responded by increasing interest rates we might get into the situation we were in in the late 1980’s when mortgages were sky high, but inflation was eroding the debt.

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a fantastic buy to let opportunity in the heatons…

I couldn’t let the day pass without posting this property for you all to see, just in case it gets snapped up quickly!

The property is very nicely presented and looks as though it would appeal to a lot of potential tenants. It’s a ‘ready made’ investment on the market with Reeds Rains with an asking price of £110,000 and you could be looking at a rental income of £600 pcm which generates a potential yield of 6.5% gross.

These properties in The Heatons are really quite popular little units, there is always demand from tenants for them and the return is well above the average in the area. If you would like to have a chat about the property market and buying to let, feel free to pop in for a coffee.

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average house prices in the heatons up 11.7% last year

Homeowners in The Heatons and buy-to-let landlords in SK4 should be pleased to know that prices have risen recently.

Our latest analysis of The Heatons property market shows that month-on-month, SK4 house prices have increased by 2.2%, whilst the year-on-year figures showed that house prices in SK4 have increased by 11.7% in the year, taking the average house price in The Heatons area to £269,900.

It gets even more interesting when we look at the last few months of 2015 and see the patterns that seem to be emerging.

• December 2015 – a rise of 2.2%

• November 2015 – a fall of 1.7%

• October 2015 – a fall of 1%

• September 2015 – a fall of 0.2%

The lack of new building developments has been the biggest factor contributing to the SK4 property values being 21.2% higher compared to 2009, and an eye watering 285.8% higher than in 1995.

Until the Government addresses this issue nationally, and allows more properties to be built, things will continue to get worse. The UK population grows at just under 500,000 people a year, whilst the country is only building 152,400 properties a year – no wonder demand is outstripping supply.

We firmly believe the property market in SK4 (and the country as a whole) is changing its attitude towards homeownership, which in turn will have major ramifications for the homeowners and buy-to-let landlords of SK4 alike. Back in the late 20th century, getting on the property ladder was everything. However, since the late 1990’s, we as a country (in particular, the younger generation of would-be homeowners) have slowly started to change their attitude to homeownership. We are moving to a more European model, where people choose to rent in their 20’s and 30’s (meaning they can move freely and not be tied to a property), then inherit money in their 50’s when their property owning parents pass away, allowing them to buy property themselves.

Some of the highest levels of home ownership are in Romania at 96.1%, Hungary at 88.2% and Latvia at 80.9% (hardly European economic powerhouses). In Western Europe, Spain has homeownership levels at 78.8% and Greece has 74.0% (and we know the economic woes of these countries well). At the other end of the scale, whilst we in the UK stand at 64.8% homeownership (and interestingly in The Heatons is 71.9%), in Europe’s powerhouses, only 52.5% of Germans and 44.0% of Swiss people are homeowners.

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village point – heaton moor

Events, arts and business venue Village Point has appointed Northern Quarter interior design studio NoChintz to create the look and feel for the new £250k development, which is set to open in Heaton Moor in late Spring 2016.

NoChintz’s remit is to create and bring to life a series of show-stopping spaces for Village Point. The 19th century building’s interior restoration commenced in Winter 2015 and NoChintz is set to start work on the interiors shortly, ensuring that everything is ready for the development to open its doors later this Spring.

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