Outside space has always been a sought-after commodity, whether it’s acres of land or a balcony with pleasant views. Most property searchers have a few items on their list when looking for a new home, with some form of outside space usually near the top. But remember, gardens, balconies and terraces aren’t just eye candy; they also add value to properties.
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.
In this analysis we’ve looked at how sales of property types have stacked up over time (literally!). For each of the last eight years we show what number of sales are accounted for by flats, terraces, semi-detached and detached homes. This analysis is very useful because it shows not only the total number of sales, but the types of properties it comprises.
As one year ends and another begins, we thought we’d take a look at what’s happened in the Reddish market over the last 12 months, and what a year it has been. It’s true that something of a ‘cold front’ has been moving across most of the country, but the strong fundamentals which underpin the SK5 market mean that we’re well placed to weather any storm.
You may well have heard of remortgaging but never fully understood what it means. In layman’s terms, remortgaging is when you look to move from one mortgage deal to another, either sticking with the same lender or moving to a new one.
A mortgage is likely to be your largest financial commitment lasting you many years, but you don’t necessarily have to stay on the same mortgage as the one you initially took out, as your personal circumstances may, and probably will, change over the years, giving you a reason to remortgage.
Just as you did when you took out your first mortgage, it’s important to reevaluate your finances every now and then, and consider all your options in order to know you’ve got a mortgage that is right for you at that moment in time.
If you haven’t already heard, first time buyers will NOT pay stamp duty up to £300,000 with immediate affect. We are still waiting on clarification if this applies to people who have already exchanged. This could save some first time buyers up to £5,000, which will certainly help people moving onto the property ladder.
As this will now bring more first time buyers out of the wood work it will increase demand at the lower end of the market place. The ripple effect of this will see demand for people to move up the property ladder, so larger family homes will also see the benefit.
This is great news to our local market and the UK property market as a whole, which is much needed due to the constant negative news stories surrounding the property market recently and Brexit causing uncertainty.
The other good news is funding for new builds will be supplemented by £44bn which should fuel a very positive housing market in 2018 and going forward.
If you would like any advice on how this may effect you directly please do not hesitate to contact me personally.
Home sizes are a vital gauge of the character of housing stock in a locality. The chart here might surprise you a bit as lots of people think that everyone lives in the same kind of home as them but there are large minorities of people living different types of home.
An analysis of monthly changes in house prices should always be taken with a pinch of salt, particularly when looking at a very local area. To try to strip out some of the nuances, we’ve displayed flats and houses separately but you’ll see the usual amount of volatility.
The quarterly sales chart for the local area provides a detailed overview on how the market has performed in the last couple of years. Here we show the total number of property transactions every quarter. This is a useful way to look at how market liquidity has changed since the previous year, whilst accounting for seasonality.