Property has gradually become one of the most critical considerations for growth and sustainability in many countries. Such is especially so in areas that have experienced rapid urbanization and development.
Stoke-on-Trent is a city located in Staffordshire, England. It is the home to some fantastic shopping centres and amenities.
With this in mind, many buyers and sellers are thinking hard about where the next steps should be. What are these pricing trends anyway?
1. Property Prices are Rising
The market for property in Stoke on Trent is hotting up. The average house price has increased in the last year, and there are currently many properties for sale.
The average property price in Stoke-on-Trent has risen by 1.4% over the last month alone, which means you could save over £1,000 on your next home purchase.
If you are considering moving to Stoke on Trent with Family First Homes, you find your perfect property at a competitive price. There is a wide range of properties available across the city, and you should work closely with the local estate agents to ensure that you get the best deal possible on your new home purchase.
You can choose AVRillo conveyancing solicitors in Stoke on Trent for your conveyancing needs.
2. Low-Interest Rates
The Bank of England base rate fell to 0.25% this month, and there are signs that more cuts may be coming. High household debt could make it easier for people to buy their dream home, possibly leading to further price rises.
However, there have been some significant changes in recent years, and according to research carried out by Rightmove for this report, the reason for this is that interest rates have fallen significantly over the last few years.
Rightmove found that if you are looking for a mortgage now, you should expect to pay less than you did five years ago. It means that buying your first home has never been cheaper – so if you are looking to buy a home, you should consider renting before buying!
The current low-interest rate environment makes buying a home more attractive, and it’s also encouraging people to move from renting as they can afford better deals on their mortgage payments.
The average cost of a one-bed flat in Stoke on Trent is £88,937, while two-bed houses cost £105,838 – lower than the national average of £110,000.
3. High Demand for Properties
Stoke-on-Trent remains one of the UK’s fastest-growing cities – the population is expected to reach 1 million by 2050. It means more homes are being built than anyone can afford – so people naturally want to move here!
Stoke on Trent is a market that has been booming over the last few years. The town has attracted an increasing number of families and young professionals looking to live near their work.
The low cost of living and high employment rate contribute to this trend. A number of new developments are also being built in and around Stoke on Trent, which will continue to fuel demand for property in the area.
A huge takeaway from this is the importance of considering local trends when buying property in Stoke. In some areas, the values have remained flat over the last decade.
In other areas, prices have shot through the roof. Understanding these trends at a neighborhood level will save you time, money, and stress. It can also help you make an informed decision about whether it’s the right time to sell your current property or not.
The tips above will be useful for investors looking for property in Stoke on Trent, especially those planning to sell their properties on the open market. It indicates prices paid and thus helps establish a benchmark for market value.