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

Category: property market news

how many families are there in sk5?

In SK5 the largest number of people fall into the lifecycle category called ‘Young & Single’ which accounts for 30.2% of the total. This is followed by ‘Younger Families’ (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 5.2% of the total private housing stock changed hands in SK5. This compares with 4.8% in the region and 5.2% nationally. That means that the local market is generally as liquid as 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 Reddish 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 £0-£100k price band in SK5 (60.3% of all flat sales). The most common price band for houses was £100k-£200k which accounted for 69.9% of all sales of houses. In that period, the proportion of houses selling in the price band £0-£100k was 26.9% (60.3% for flats).

 

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does living near reddish vale technology college affect nearby house prices?

This is the time of year that pupils here in Reddish 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 the catchment area of a good school.

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.

Reddish school

But how big is this impact in SK5? Well, one of the best performing schools in the area for 2014-15 Key Stage 4 results was Reddish Vale Technology College. In the 12 months up to the start of May 2016, the average price of a properties within a 1km catchment of the school had risen by 16.8%. In comparison, average prices within 5km only rose by 8.0%, which is 8.8% less. Interesting, don’t you think?

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what’s the story with price trends?

Since the first quarter of 2015, average sales prices of detached properties in Reddish have increased by 4.4%, which represents the best performance of all property types. The next best performers were semis, which saw an increase of 2.0%, followed by terraces (1.8%). 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 Reddish is a three bedroom house, which accounts for 54.8% of the total. This is 2.5% higher than the regional average and 8.3% higher than the national average. The next most common type of property is a two bedroom house (24.5%) followed by a four bedroom or more house (11.5%).

 

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how have sales rates changed

The volume of sales in a given area is a powerful measure of the vitality of local housing markets. In the last three years there have been 1,282 sales in Reddish. Terraces accounted for the largest number of sales (650), followed by semis (452), then flats (121) and detached properties accounted for the fewest sales (59).

 

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a brighter future for first-time buyers in reddish?

As I’m sure you’ve noticed, things have changed a lot for first-time buyers recently. Government schemes and mortgage requirements seem to change every week, so would-be homeowners have got to keep up. However, for those in the know, there are a lot more options in Reddish than there used to be.

The first challenge awaiting would-be home-owners these days is the deposit for the mortgage. The bigger the deposit, the better the chances of getting a great deal. The minimum required deposit is around 5%, so with an average home in Reddish valued at £114,900 locals will require a deposit of at least £5,700. That’s a fair amount of saving up, given that average annual salaries in the region are £25,700.

The Government has stepped-up to help make saving easier. The newly introduced ‘Help To Buy ISA’ will hopefully make saving for a first home quicker and less painful. Save £200 and the Government will contribute £50 each time.

The Government has also made it easier for first-time buyers to purchase new-build properties. With the ‘Help To Buy’ scheme, they still need a deposit of around 5%, but then the Government loan a further 20% interest free for the first five years, meaning they only need a mortgage for 75% of the property price. In London the loan is up to 40%. After year five they have to pay interest at 1.75% of the shared equity loan at the time they purchased the property, rising each year after that by the Retail Prices Index (RPI) plus 1%. Sell up or pay the mortgage back and they’ll be asked to repay the Government’s share of the loan, along with a share of any increase in the home’s value.

Interestingly, of the 146,500 people who took advantage of the ‘Help To Buy’ scheme between the 1st of April 2013 and the 31st of December 2015, none of them were in Reddish. Low figures are usually down to low house building rates.

Another option for buying a first home in Reddish is shared ownership, which allows a would-be homeowner to part-buy part-rent their property. Back in 2011, there were 139 shared ownership properties in Reddish and given the national growth rate there should be around 164 now.

Reddish shared ownership July 2016

Under this scheme, owners start off with buying anything from 25% to 75% of their home, usually with a mortgage, and paying a monthly rent to a housing association, who will usually give the occupier the chance to increase their ownership share, known as ‘staircasing’.

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how many cars in reddish?

In Reddish, the majority of households own one car (43.1% of all households). This is 0.5% higher then the average in the North West. The next most common category of car ownership in Reddish is no cars (36.8% of all households), which is 8.8% higher than the average in the North West.

 

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