It’s too hot this, fires everywhere that, World Cup, Brexit, Trump; you get the picture when it comes to the headlines currently filling our newspaper columns. But as many of my Denton landlords know all too well, those headlines were radically different ten years ago when it came to the subject of the credit crunch and the property market.
Every town in Tameside faired differently during the impact the financial crisis had on the property market, with some facing its pricing lows in a different year to others. Interestingly, the lowest point for property asking prices in Denton’s property market hit in 2010, as seen in my research below.
At the time, nobody could realistically calculate or predict what would happen next. Infact a couple of my Denton landlords were frantically rushing to get their properties onto the market and offload them before the prices dipped further; yet this became the ideal time to actually buy a property in Denton.
As depicted in my findings, the asking prices for properties in the town have since recovered. Better yet, over the last year all the different types of property in Denton have seen a growth on their asking values since the beginning of the credit crunch; with detached properties having seen the biggest growth of 37% over last year’s figures.
But let’s take a look at the bigger picture of the property market. In the same year that Denton property prices reached a low point, their time on the market also peaked, with a serious struggle in getting flats and apartments sold from the market. Whilst there was a slight recovery period over the next few years, properties begun to struggle on the market again in 2013.
As shown in my findings on the graph, flats and apartments were sitting on the market for two years, yet the following year they became the quickest on and off the property market. It’s safe to say Denton’s property market has been on one heck of a roller coaster ride over the past decade.
Fast forward to the modern day however and the results are fascinating. Every type of Denton property is rapidly spending less and less time on the property market, being snapped up much quicker by homeowners, landlords and property investors alike. Yet, the asking prices on properties are also on the up, meaning more and more people are buying in quickly in Denton and for higher price tags.
If you fancy a chat about your town’s local property market or are looking for more information on buying and renting out properties in Tameside, please do feel free to drop me an email using the form below, or give me a call on 0161 883 2525.