We are now definitely feeling the Autumn chill in the air and with only 81 days left until Christmas, this year feels like it has hurtled past at warped speed!
It could also be a watershed moment for the Cheadle property market, which remains a constant contradiction, as records continue to tumble, house prices rise higher than ever, and demand remains insatiable! Yet there is a potential cautionary note, as the second Stamp Duty holiday window closed at the end of September and rates return to their pre pandemic levels, the threat of the first interest rate rises in years raises its ugly head, the furlough schemes across the country come to an end and the Chancellors Autumn Budget on the 27th October unlikely to carry too much Christmas cheer – many property market “experts” are keeping their powder dry on the medium to longer term outlook for the market.
We think there will be a lot of eyes on the market in Q4 2021 and Q1 2022 looking for signs of the direction the market is heading, with many hoping it might just bring a period of relative stability back to proceedings.
However, just reviewing the facts and figures for September 2021 and they continue to show a stark contrast between this time last year and now.
New properties coming to the market remain in short supply, down 38% overall from last September. Most noticeably are the low number of detached houses 64% down and semi-detached homes 45% down. Strangely, there has been an influx of flats/apartments to the market, which are up on last year’s figure.
The graph below shows the average number of properties available through the month of September and the number of daily views on Rightmove by home hunters. Last year there was an average of 952 properties available, down this year to just 389 – almost 60% less stock across the board, yet the number of people looking for a home is up 33%. We can all do the maths!
In respect of the number of sales, this is also reflective of the low stock levels across SK8 and SK3 with the number down 33% on the same period in 2020, although again, interestingly, flats seem to be bucking the general trend with 27 sold in 2021 as opposed to only 9 in 2020.
If you have a detached home and have been debating whether to sell or not, with prices showing an average rise of almost 19% in the last year, one of the highest percentage increases in the country! It could be a good time to cash in before the market starts to turn. Semi detached homes have also shown a double digit increase and flats and bungalows have seen a still healthy 8% uplift.
If you would like to know the current value of your home, please visit our website. We offer a choice of methods to value your property to suit you https://mkiea.co.uk/valuation/
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