(covering reddish, dane bank, denton, debdale and gorton)

Category: property market news

how old are people when they buy their first home in our area?

Our friends in the U.S have been chasing the ‘American Dream’ for some time now, yet we Brits don’t really have a moniker for ‘making it’ in the UK. If we were to coin our version of the ‘British Dream’, we imagine it would be celebrated every time someone took their first steps on the property ladder.

First-time buyers play a pivotal role in the UK housing market and represent a key driver of demand. The average age of first-time buyers has been steadily rising over the last few decades as property has been less and less affordable in some parts of the country. However, schemes like shared ownership and Help-to-buy have helped younger people get on the ladder, putting downward pressure on average ages of first-time buyers.

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how many second home owners are there in sk5?

The number of second homes registered in a local area can really give you a feel of if the area is right for you. In SK5, the mix is as follows:

No 2nd address 97.8%
2nd address within the UK 1.9%
2nd address outside the UK 0.3%
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occupancy levels in sk5

Want to know how in demand properties in a given area are? Occupancy is a useful indicator for demand, as well as illustrating how spacious or cosy properties are in the local area. In SK5, 37.2 per cent of properties have two or more extra rooms and 30.4 per cent have one extra room.

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promising sales levels in sk5

The weather may still be warming up outside, but it’s already a hot time of year for the property market. The expected uptick in sales has materialised as you can see from the chart. Particularly notable are sales levels of terraces, which have increased 28.5 per cent since the second quarter of 2016.

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flat and house prices in sk5

With increasing clarity from the government, the housing market is returning to it’s usual stride. Looking at quarter-on-quarter price data in SK5, we can see that the average sold prices of flats is up 36.0 per cent since the last quarter of 2015.

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how many new homes have been built in the local area?

new homes built in the local area

New housing is a hotly debated subject in the UK. Despite the recent uptick in building rates, demand continues to outstrip supply and more affordable homes need to be built. The situation has improved over the last few years; the number of new homes started and finished in the UK is at a nine-year high. However, forecasts show that England alone needs to build 50 per cent more homes to keep up with demand, so the issue is far from resolved. The pressure is mounting on the government to find a solution.

156,140 new homes were registered for construction in 2015, the highest it has been in eight years. This was half a per cent higher than the previous year and 45 per cent higher than 2009.

From 2014 to 2015, private sector starts increased by seven per cent, while Housing Association starts rose by five per cent. That means that since the credit crunch in 2008, the UK housing stock has grown by around five percent, which is no small feat.

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what is the property tenure composition in sk5?

One of the real tests to see if an area is suited to your tastes is to look at the composition of the household tenure types. In Reddish, the mix of different household tenure types is as follows:

Owned outright 23.2%
Owned with a mortgage 33.8%
Shared ownership 1.1%
Social rented 28.8%
Private rented 13.1%

(Dated April 2017)

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household size mix in sk5

From individuals to large families, the spread of household size can indicate the likely availability of appropriately sized properties. The most common size of household in Reddish is one occupant, and makes up 35.9% of the total households in the area.

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promising sales levels

Increasing clarity in the UK’s economic future has increased confidence in the property market. A look at sales levels in Reddish over the last 15 months seems to indicate this too. Since December 2015 sales levels for flats are up 167 points and houses are up 60 points since October 2016.

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total housing market value in sk5

The total housing market value is a combination of the number of transactions and the average property price in a given quarter. It can give a real idea of the buoyancy of the market in Reddish. The first quarter of 2016 was the largest quarter (32.6%), closely followed by the final quarter of 2015 (25.5%).

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