More than six-million people move home every year according to national census figures. These numbers reveal we are changing homes at a faster rate than ever before with people in the southern half of the country the most frequent movers. Conversely, those living in the North East, North West and Wales move home less frequently than anyone else in the UK.
The average lifespan of a British person is now 81.5 years; during this lifespan people will move home about six times. With 14 years, the South West leads the way for the shortest amount of time people live at one property while the longest amount of time people stay at their properties is in Wales where the average is 23 years.
Areas which are home to residents who work long hours tend to have something of a split personality. The people you might see on the street on weekdays are often very different to those at weekends. The crucial benchmark is 49 hours per week. If you’re working that many hours or more, remember no one on their death bed ever wished they’d spent more time in the office!
It is hard to gauge actual property price movements without having something to compare them against. The chart shows the price differences in our area compared to the wider region and the rest of England and Wales for the last eight years.
This chart takes a look at how sales levels have evolved over the last eight months in the local area. It should be noted that we’re looking at a relatively tight area over short periods of time, which is why there is a lot of volatility in the figures. The patterns however, are very revealing and show how seasonality affects the dynamics of the market.
There have probably never been more factors at play in the UK property market than there are right now. The national market is pausing for breath as it reaches the end of the cycle which started with the credit crunch. 2016 saw stamp duty changes as well as the Brexit vote, and the impact is very much still being felt. The result of the election has added to the uncertainty surrounding the economy.
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.
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.
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.
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 Reddish?
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 9.7 per cent, equivalent to £1,090 per year. Terraces tell a different story, having seen a rise of £980 per year or 9.5 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.
How far people travel to work says a lot about the nature of an area. For example if people live and work in market towns there is likely to be a lot more community spirit to experience in daily life. When people are travelling further afield to work, they effectively spend their days on two different communities. It will be interesting to see if community spirit increases as people work more from home.