Cheadle Property Market Update October 2021

The Christmas countdown is well and truly on! 52 days to be precise, but it definitely feels like the countdown is on. The new John Lewis Christmas advert is released today!  

I was in a card shop only yesterday, and would you believe I heard the dulcet tones of Noddy Holder bellowing out his famous “it’s Christmas” from Slade’s classic Seventies hit Merry Christmas. It seems to get earlier every year! 

Less seasonal cheer for home sellers and buyers 

As for the Cheadle property market, well there seems less seasonal cheer for home buyers and sellers. The Chancellor’s Autumn Budget last week was a bit of a damp squib for the property market, with no new rabbits out of the hat, as stamp duty finally returned to pre Covid levels. However, the real elephant in the room is Interest rates! The Bank of England’s Monetary Policy Committee meet on Thursday 4th November and many property market observers believe that they might put up interest rates for the first time in almost 3 years, to help keep inflation under control. Quite how that would be received by homeowners and buyers remains to be seen at a time when everything seems to be going up in cost. 

Prices keep on rising

However, for the moment, house prices continue to rise, reaching record levels month on month. Demand from buyers shows no sign of dropping and would be sellers holding back putting their property on the market, as they simply cannot see any alternative homes, they would be interested in. It is a bit of a catch 22!

When we break down the October stats, new properties coming to the market were down 40% on the previous October. The number of detached homes coming on the market is down 60%, semi-detached homes down 37% and terraced house down 42%. This gives a sharp realisation as to where the market currently is. 

Twice as many people looking at half as many properties! 

The second graphic below shows that the total available stock for the month was 412 homes, down from 821 in October 2020 – almost a 50% reduction., whilst the number of buyers looking at Rightmove on a daily basis is up over 50% from 112 last year to 171 this year. So, to put that in context – twice as many people looking at half as many properties! 

The next graphic shows the number of sales by comparison and clearly follows a similar pattern, down 36% from 2020. The sale of detached homes is down almost 65% reflecting the lack of stock, semi detached home sales are down nearly 40% and terraces down 21%. Strangely, and completely bucking the trend, the sale of flats went up 77% in 2021 over 2020. 

Overall, the final graph shows that detached homes have gone up 18.7% in the last year and now stand at an average price of £479,900. Semi detached homes are up 10% year on year to £327,700, terraced houses are up 8% to £277,000 and flats up 8% to £206,000. 

Would you like to know the value of your own home?

If you are thinking of moving now or in the new year and would like to know how much your home in worth in the current climate, naturally we would be delighted to help and offer a variety of options for valuing your home. Here is the link to book a valuation on our website https://mkiea.co.uk/valuation/ or telephone Joe, Patrick or Maurice on 0161 428 3663