An overview of the housing market
The property market has seen huge changes over the last ten years, particularly around the impacts of both Brexit and the pandemic. However, despite the occasional turbulence, there has been a definite upwards trajectory, with an average 39% increase in property prices in the UK since 2010.
In our new Property Sales Report, our industry experts have taken a look at the factors that have influenced the changes and the soaring house prices in the UK and in particular the North West, which is currently showing double digit growth while the market in London has come to a temporary standstill.
Snapshot of the North West
There are several startling statistics that our report has uncovered for the North West, not least the decrease in the time on market for all property types across Cheshire and Lancashire of between 23% and 26%. In Cheshire homes are currently only on sale for an average of 169 days, showing just how competitive the market is right now.
This is particularly notable when it comes to family homes, with a 54% reduction in Cheshire of 3- and 4- bedroom properties. Unsurprisingly this is leading to house prices going up with an average property price increase across the North West of £17k (9%).
Growth in the market – what’s next?
Last year the pandemic and lockdown restrictions saw the housing market take a tumble with just 42,000 home transactions taking place in April 2020. In March 2021 that number had risen to 183,000, boosted by the stamp duty holiday and 95% mortgage guarantee scheme introduced by the Government.
The easing of lockdown restrictions has also led to a 4% increase in the number of new build homes coming onto the market, with increased demand for them due to the conditions of the wider market. Currently an average new build is priced at £244k in the North West, compared to £209k for established properties.
These trends are expected to continue into the future, with a 28.8% increase in the cost of an average previously owned property in the North West predicted over the next five years, while the number of housing transactions is expected to grow to 1.4 million by 2025.