With Brexit on the horizon and interest rate uncertainty lingering, we thought it only timely to summarise our Autumn Property Market Update across Cheshire and describe the level of activity we might expect to see in the run up to Christmas.
The latest numbers from Halifax for the month of September show an annual increase of 2.5%, despite having a monthly drop of -1.4%, putting the average price across the whole of the UK at £225,005.
Across the North West however, UK house prices have grown faster than anywhere else in the country, surging by 5.6% in the region over the last 12 months. The latest report from the Office for National Statistics (ONS) shows that the average house price in the North West region now stands at £165,529, as at July 2018.
Despite the economic uncertainty surrounding Brexit, the property market across Cheshire remains steady and we are seeing very similar level of transactions to this time last year with prices at a similar level too.
Robert Reed of Wright Marshall Estate Agents in Tarporley, Cheshire comments: “It is true that Cheshire has, in the past, stood up well to some fairly ‘testing’ economic events; two General Elections and a Brexit Referendum – both within a very short period of time – yet the market has kept performing with transactions remaining steady across the board.”
Reed continues: “If you are considering selling your property, there is no reason to adopt a ‘wait and see’ mentality whilst there is still a healthy demand of buyers”.
In terms of how the market will evolve between now and Christmas, we believe that much of it will depend on the how the broader economic conditions evolve, especially in the labour market but also whether interest rates increase.
Buyers looking to move to, or around, Cheshire are choosing places with good road and rail communications, welcoming communities, great schools, access to glorious countryside and a better way of life all round.
To find out more information about the forecast for the housing market across Cheshire, watch this video:
If you are considering selling your property in Cheshire, contact your nearest Wright Marshall Estate Agent branch.