Property Market Autumn 2019
Property Market Autumn 2019
Looking at the property market for Autumn 2019, in Altrincham we’ve seen a slightly lower number of property transactions than in 2018. However, this has affected certain types of property more than others. We’ve also witnessed a noticeable change in seasonal trends, which have varied from their normal patterns of activity. But overall, the average sale price hasn’t declined all that significantly.
As reported by Mark Hayward, the chief executive at NAEA Propertymark. “The summer is typically a quieter period as house buyers and sellers put their plans on hold with housing market activity stalling as a result. However, this has not been the case this year. Buyers can only delay the need to move for so long and we’re now seeing buyers storm the market hoping to complete transactions before the end of October.”
The property market closer to home
Altrincham, Hale, Sale and Trafford generally, are areas which remain popular. They tend to weather any economic changes well, compared to the rest of the country. This is largely due to the popularity of the local schools, as well as the convenient transport links, plus the town centre shopping and dining facilities.
Properties sold in Altrincham
As you can see from the graph below (via home.co.uk, showing data from the land registry), the uncertainty surrounding Brexit has affected the local property market somewhat. This can be seen in the sale of terraced houses and flats, but not that of semi-detached and detached homes. Perhaps, this is due to the longer-term nature of such a purchase.
A family home tends to change hands only once every ten years. Meanwhile the average re-sale time for an apartment or flat is 3-6 years. Those to be most concerned are investment buyers and first-time buyers. These people may wish to re-sell in a shorter time frame. Therefore, the predictions of price declines of as much as 10% by 2021, presents a real worry (stated by the Office of Budget Responsibility in July 2019).
The property market in brief,
- First-time buyers or those looking to buy an investment property may hold off for more certain times. This is a tendency which we see during any time of uncertainty.
- Family homes will continue to sell well.
- Sale prices are largely stable. Prices have increased by a small margin in the sectors where listings numbers have declined. This outcome can be seen for detached family homes and terraced houses. In these cases there there are very few available properties on the market. As a result, buyers are having to pay a little more to secure a home.
- The length of time on the market for properties has increased due to the general anxiety around buying. The time from listing to agreeing a sale has increased across the country from an average 50 days in July 2016, to 62 days in July 2019.
- There are buyers who are hoping for a decrease in prices and therefore waiting until November to buy. While many vendors are unable to find an onward purchase, due to less available property. So, with both buyers and available properties at slightly lower levels, prices are stable.
If you are considering selling or letting your home in the Trafford area, or looking to purchase an investment property, contact our professional agents to talk through your circumstances.