Cheadle Property Market Update November 2021

We have finally made it to December 2021 and there are now just a few weeks left until Christmas. The shops are packed with last minute shoppers looking for those bargain opportunities, but with the re-introduction of mask to be worn in shops this week and on public transport, it is a stark reminder that Covid is still lurking and the need to be careful and vigilant remains if we all want to enjoy a wonderful Christmas with loved ones!

As for the property market, the Guardian newspaper recently dubbed 2021 as the race for space as buyers have rushed to snap up properties which have driven property prices upwards. It is reported that by the end of 2021, 1 in 16 homes will have changed hands, this year alone!

Buyer Demand

Because of buyer demand, over the past 12 months, property prices have been driven upwards by almost 12% in the Cheadle area.  Detached homes are up almost 19% year on year, semi detached homes up 10% and both flats and terraces up a healthy 8% on this time last year. The Northwest generally has fared extremely well and is one of the highest performing regions in the country for house price inflation. It has been one of the biggest annual growths in property prices in over 20 years.

A shortage of properties gives keen sellers a golden opportunity to maximize the price they can achieve for their property, although there remains some uncertainty as to what 2022 holds in store with the imminent threat of the dreaded “interest rate” rises. A number of lenders have been slowly withdrawing mortgage products, which suggests a rise in interest rates is expected sooner rather than later!

However, for the time being this doesn’t seem to be deterring buyers and there seems no shortage of demand, in fact, quite the contrary as the figure for daily views on Rightmove shows an increase of 71% in November 2021 over the same period last year, yet there is 61% less houses available for buyers to look at! This imbalance remains a real problem.

Shortage of Detached Homes

In the meantime, when we look at the breakdown of activity further, new listings coming to the market remained 35% down on the same period last year. Most affected are detached homes, which are down 66% and terraces down 58%. However, for the first time in a long time there were more flats and bungalows listed than last year. Hopefully, a sign of things to come in the New Year.

In terms of property sold, there is a stark difference between the number of detached and semi-detached properties sold – down 75% and 47% respectively, yet sales of terraces, flats and bungalows were all up on 2020.

Thinking of Moving Home?

If you are thinking of moving home in 2021 in Cheadle, Gatley, Cheadle Hulme, Cheadle Heath, Heald Green, Edgeley or Sharston, we would love to help. We can advise on how best to present your home to achieve maximum interest and discuss where to position your home in the market to achieve the best price. We are currently achieving close to 99% of asking price on homes we sell.

You can also visit our other blog posts here Maurice Kilbride Property Blogs, where you will find helpful articles on a range of property related subjects to while away the time when you get bored of what is on the TV over the festive break!