Monton and Eccles Housing Market: where people are moving
Homeowners in Monton and Eccles have benefitted from sizeable property rises in the last decade, but are these hikes now coming to an end? We take a look.
Major national publications splash headlines filled with pessimism about the UK housing market, citing issues such as buyer affordability caused by challenges with average salary growth not keeping up with inflation, higher interest rates also hitting buyer affordability, and the hangover of the pandemic making recruiting people hard work.
However, these gloomy projections don't seem to resonate with the fact that Monton and Eccles's property market activity in the past year closely mirrors that of 2017/18/19.
But these gloomy projections don't seem to resonate with the fact that the Monton and Eccles property market activity in the past year closely mirrors the levels we saw in 2017-19.
This divergence might hint at the age-old notion: 'bad news sells newspapers'
To provide a clearer picture, let's delve deeper into Monton and Eccles's property market nuances, focusing on the demographics of movers and their motivations.
During the past year most of the property sales in Monton and Eccles during the last year were terraced properties, selling for an average price of £205,830. Semi-detached properties sold for an average of £292,180, with flats fetching £146,820.
A closer look at Monton and Eccles's homeowner sector in the last 12 months of housing data reveals the following...
- 387 Monton and Eccles households moved within the same ownership sector, implying they sold their home to purchase another.
- 91 Monton and Eccles households ended and exited home ownership (i.e., moved in with family, moved to a care home or sadly passed away).
- 98 Monton and Eccles households shifted from owning to private renting.
- 9 Monton and Eccles households moved from home ownership to social housing (i.e., Council Housing or Housing Association).
- 206 Monton and Eccles households shifted from private renting to homeownership.
- 209 new Monton and Eccles homeowner households emerged, transitioning from residing with family or friends to buying their first property without experiencing the private rental sector.
Despite the constant negative portrayal of the property market in the media, it is heartening to witness a robust influx of Monton and Eccles first-time buyers securing their own homes.
Remarkably, 209 of these newcomers have moved from family or friends into homeownership, showcasing the enduring spirit of people wanting to buy their home. Additionally, 206 households have transitioned from the private rented sector, demonstrating a genuine aspiration among tenants to achieve homeownership.
This trend underscores the resilience and adaptability of aspiring homeowners amidst challenging times.
But what does this data spell out for Monton and Eccles's buy-to-let landlords?
On the surface, with 206 households moving from private rentals to homeownership and 98 moving the other way, there seems to be a slight contraction in the private sector.
Whilst the number of British landlords, according to capital gains tax receipts, selling up has increased by around 45% in the last year compared to pre-pandemic levels, the number of landlords buying buy-to-let is only 19% down.
There are new rental properties being created, whilst at lower than previous years, it is still growing nationally by 177,000 households a year.
So where are the opportunities for Monton and Eccles landlords?
A golden opportunity for Monton and Eccles's property investors lies in the 91 properties that went up for sale last year due to owners passing.
These homes are typically maintained by older owners over many decades and feature high-capital improvements such as double-glazing or central heating. They may, however, lack contemporary aesthetics and occasionally have outdated decor or out-of-style fixtures from the 1980s and 90s.
These properties therefore often come at lower prices because many buyers overlook their potential due to dated appearances. A smart investment in renovating these properties could land you handsome profits on resale.
And it's imperative to put things in perspective. Regardless of global events - whether it's post Brexit, post Pandemic, potential political shifts in the US or China, interest rates or stock market dynamics - Monton and Eccles's property market remains robust in the mid to long-term framework.
Even as we witness minor value corrections in the upcoming 12 to 18 months, history has shown that property prices bounce back, often with greater momentum.
This underscores the timeless advice to those venturing into the property market, be it first-time buyers, landlords, or homeowners: property is a marathon, not a sprint.
Commitment to the long haul invariably yields rewards, a philosophy that can be applied universally don’t you think?