Cheadle Property Market Update August 2021
So, blink and you have probably missed the Summer! And as we head into September and the children return to school, you will be delighted to know that as we write this, there are now 114 days until Christmas!
It is also still possible to be moved into a new home before then, providing you get your own property on the market in the next week or two.
The Cheadle market remains extremely buoyant and nationally, against many expert predictions, UK house prices nationally generated the second largest monthly gain in over a decade in August, as homebuyers continue to race towards the finishing line for the Stamp Duty holiday for properties up to £250,000 at the end of September.
Annual house price growth measured by the Nationwide house price index rose 11%, up from 10.5% in July. House prices now stand at around 13% more than at the start of the pandemic.
The continued lack of supply and strong demand for properties below £250,000 have both been contributing factors with most estate agents reporting their lowest inventory of properties for years.
The national trend is most certainly reflected in the SK8 and SK3 areas. The graphic below shows the number of new properties coming to the market in August 2021 compared with the same period last year and is down a massive 46%. If this is broken down by property types, the two most popular styles detached and semi detached are down 67% and 58% respectively.
When you compare the average number of properties available in August 2021, which was 399 to August 2020 which was 857 properties – this is 53% less available stock, which means competition is fierce and keeps prices high. This is supported by the average number of detailed daily property views on Rightmove being 40% higher than last year, with half as many properties to choose from!
The sales comparison also makes similar reading with total sales down from 252 in August 2020 to 140 in August 2021 – a drop of 44% which of course reflects the shortage of available properties for sale.
This acute shortage is therefore reflected in the average price by type of property over the last twelve months with detached homes maintaining a 10.7% yearly increase and now standing at £453,000, semi-detached houses have increased in value 8% and are now an average price of £319,000, whilst terraces are up a more modest 3% at almost £261,000. Flats/Apartments in the area are now an average of £193,000 an increase year on year of 4.5%.
Despite the unexpected spike in values, the outlook is a little less certain as we approach Q4 of the year. The remaining furlough schemes will be stopping at the end of September, as will the final part of the Stamp Duty Holiday, which will return to its original bands from the 1st October 2021, so we expect to see another rush on completions during September. Finally with lots of rumours swirling around about the Chancellors Autumn Speech in November, which could see a tightening of fiscal policy and government taxation, our advice is still very much to sell now rather than waiting.
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