In recent years, the property market has been growing rapidly in Stoke on Trent, and experts are predicting it to rise even further in the coming months.
Precisely, the property market in Stoke On Trent, UK, is exceptionally active. As such, it has led to many changes over the years, and it remains a popular place for people to live, as well as businesses setting up their base here.
The number of properties on the market is increasing at an alarming rate, with many developers now offering help to overcome the increasing costs of home ownership.
Notably, there are many property developments in this area, and these five market trends to watch out for could prove significant for those looking to buy or sell over the next year or two:
The Affordability of Homes
Homeownership is becoming more affordable for many people across the UK. That is because mortgage rates have decreased significantly over the past few years, and many banks have introduced new products such as Help to Buy and Lifetime ISAs that make it easier for people to buy their first home.
The average house price in Stoke On Trent has fallen by £3,000 since 2016. This decline has resulted from sluggish wage growth, unemployment figures, and lower mortgage rates. As a result, more people are looking at buying their first home rather than renting one.
The number of people moving house is also increasing as they look for bigger properties to accommodate their growing families. Consequently, there will be an increase in demand for new builds over existing stock, further increasing affordability levels across the area.
A Thriving Economy
One of the main reasons why the city is experiencing such a high demand for housing is because of its booming economy. The city has an excellent employment rate, which means plenty of jobs are available for those who want them.
More importantly, this means that there will be plenty of people who can afford to buy property in Stoke On Trent because they make enough money from their jobs to pay their mortgage without any problems.
Buyers Are Savvier
Buyers have become savvier about what they want from their new home, which means that those who are buying off-plan or at auction are changing how they approach their searches for properties that meet their needs and lifestyle requirements.
Whether this is through choosing a particular area or building type or looking at a specific type of property development project for example, whether it’s a new build town house or an extension.
The UK population is aging at a rapid rate, and many older residents have lived in Stoke on Trent their whole life. Such could make it harder for young professionals to afford homes, leading them to leave the area or downgrade their expectations of where they want to live.
The city has also become increasingly popular with families and retirees who want to live close to nature but still enjoy modern amenities like parks and shopping centers.
Availability of Land and Property
The availability of land and property is a major trend to watch out for. As the population is increasing, so is the demand for housing. That alone made developers look for new locations to build more houses.
Before you start buying land in Stoke on Trent, it is important to check if there are any restrictions on buying it.
If you are planning to buy land in Stoke on Trent, you must ensure that you have explored all your options before going ahead. You can do this by talking to Stoke On Trent home conveyancers, who will give you an idea about what kind of properties are available in the city and how much they cost.
In conclusion, if you’re interested in property in Stoke On Trent, Market Trends UK is a site you should check out. It contains a lot of helpful information about the property market in general and detailed information about local property markets throughout England.
Whether you are looking for a home in Stoke On Trent or just interested in learning more about property in general, this post will give you valuable information to help you along your journey.