Housing market in Stoke-on-Trent
Why has it remained strong?
You will have seen many "For Sale" boards change to "Sold" in a blink of the eye! You will have seen the prices listed on the market and thought "What? That's crazy!" We have all seen and heard of how quicky houses are selling in Stoke-on-Trent these last few months. SO what is going on?
Here's what we think:
1. Reprioritising
As we went into lockdown, were forced into an "unprecedented" situation of home-working, whilst schooling the children, and managing everything else from home. The home had to adapt overnight. Many people had months to think about what they needed from their homes for the new "normal". The wishlist became bigger homes with home offices, larger gardens for children, proximity to green spaces for walking animals, or relocating closer to family. As soon as the government allowed homemoving again, people were keen to list their houses for sale and find their new home.
2. Seasonal
Lockdown in March coincided with Spring and what would have been the usual flurry of activity on the housing market. By restricting homemoving, the housing market was artificially paused. As soon as the housing market was released from lockdown in May, we had a landslide of 2 months of pent up supply and demand, on top of the usual seasonal high of Spring/Summer. Data from Rightmove shows transaction levels were 40% higher than normal last few months. We know at Belvoir Stoke that we had record months in June and July this year due to highest number of sales and lets achieved.
3. Low supply
For a few years now, we have been having a decreasing amount of houses coming to the market for sale. Demand, however, has been strong. The higher demand over supply is causing houses in Stoke on Trent to retain strong values during these uncertain times. House prices have risen these last 12 months, and since the release from lockdown, house prices have spiked again due to high demand. We have been able to sell freehold houses in a matter of days. As rental yields are high in Stoke on Trent, houses under £100,000 also attract nationwide buyer investors. This high demand has precluded any plummetting of prices, something that was feared by analysts as the country went into recession.
Let's hope this trend continues!
If we can help you in any way, just call us on 01782 478444 or email our teams on:
stoke-on-trent@belvoir.co.uk – lettings
sales.stoke@belvoir.co.uk – sales
Have a great day!
Ramona Hirschi
Managing Director
