With the rental market set to hit the busiest time of year, last week I took a look at how Tameside’s rental market has been shaping up over the last 12 months. I’ve had quite a few comments and thoughts find their way to me from my readers since publishing, with many interested to see how the sales side of the market has fared as well.
The foundations of the Tameside Property Market over the summer have continued to be principally sound; yet the existing political macroclimate means that the critical element of consumer confidence has been reduced and that is triggering some potential Tameside property buyers and Tameside house sellers to falter slightly and hang fire making any firm decisions on property.
With record low interest rates at 0.75%, low unemployment rates of 3.8%, and decent mortgage availability (even those with low deposits – there were 224 mortgage deals available on the day of writing this article where only a 5% deposit was required and 5 main stream lenders that would offer 100% no deposit mortgages), Tameside buyers have a lot going in their favour, aside from the perceived political uncertainty.
Interestingly, Rightmove have stated there are more properties for sale today in the country, than at any time since 2016, and Tameside follows that trend. Even with that in mind, property values have remained reasonably stable as The Land Registry has just released its House Price Index for Tameside and the surrounding locality and it makes very interesting reading.
Overall, there has been a -1.20% decline in property values across Tameside since this time last year, with the average property value standing at £158,634. When I looked at the types of Tameside properties, a slightly different picture appeared …
- Tameside Detached homes decreased by 4.3%
- Tameside Semi-detached homes decreased by 6.7%
- Tameside Terraced/Town-House decreased by 4.7%
- Tameside Flats/Apartments decreased by 4.8%
and splitting down the values of Tameside into property types…
- Tameside Detached £248,078
- Tameside Semi-Detached £175,495
- Tameside Terraced/Town-House £127,304
- Tameside Flats/Apartments £104,453
Yet, regular Tameside Property Blog readers will know I always like to measure the health of the Tameside property market not only by house prices but transaction levels as well…
3,405 properties were sold in Tameside over the last year, higher than the 10-year average of 2,954 properties per annum.
Considering the uncertainty the country has been through in the last three years with the ‘B’ word issue, I don’t think that’s too bad and shows the underlying resilience of the Tameside property market.
Now looking forward towards the end of the year; how will Tameside house values change under the new Prime Minister?
Tameside buy-to-let landlords and Tameside first-time buyers seem to be sustaining their preceding activity levels, which is heartening news. It’s quite conceivable that both cohorts are presently profiting from the marginally increased numbers of Tameside homes on the market, which not only offers them greater choice, but aids with their negotiations. The suggested Stamp Duty changes made me look at previous Stamp Duty changes in the last decade and their effects have been rather short term.
That means those selling their homes in Tameside need to be realistic with their pricing, and, as most sellers also buy a property, what you might lose on your sale you will make up on the purchase.
BoJo, Brexit… to be honest are all short-term distractions from the long-term issues of the UK and Tameside property market. Until we start building at least 300,000 properties a year to meet the demand for UK property, demand will always outstrip supply, meaning irrespective of short-term fluctuations that may (or may not) be caused by domestic and world events (including the ‘B’ word’), prices will always in the medium to long term remain stable and increase.
As always, I’d love to know your thoughts on the Tameside property market. If you’re looking to invest in Tameside and are seeking a second, free of charge opinion, drop me a line on 07709 505442.