It’s been a fast-pass start to the year for the first quarter in the Chester property market. In today’s blog post, we’re going to discuss some of the market conditions and trends for 2018.
You may have settled into your family home years ago or maybe you’re searching for a new city apartment. Either way, the Chester property market is definitely of interest to you. It might not seem it, but a location’s market conditions affect a lot more people than just those buying and selling! According to research, there is a general relationship between house prices and economic growth due to a number of influencing factors.
Chester property trends and conditions
Currently, we have over 80 properties on our website. It’s safe to say there’s definitely no shortage of available homes in Chester and its surrounding areas. However, there’s actually a lot more buyers registering than sellers. As it stands, the ratio is around 7:1. Because of this crazy start to the year, we thought we’d sit down in our office and have a little chat about some more trends and conditions we’ve noticed lately! In summary, here’s what we found out:
- Vicar’s Cross has seen a huge surge of sales over the last 6 months and has quickly become one of the most sought-after areas in Chester
- Hoole remains one of the top suburbs to live in, with a new Italian restaurant and Costa Coffee chain opening on the high street
- The rest of Chester’s key areas are very much in high demand
- Average time on the market is reducing down each month in 2018
- More cash buyers are entering the market since the 2007 bank crisis
- There’s a pattern of several buyers all trying to agree to a purchase on the same house – this is due to avoiding prices rising again and/or missing out on a property.
Our experience
This last point should not make you uncomfortable. If you need to sell your house to buy, please don’t let this put you off putting your house on the market. In most cases, we all have to do this to able to move on, whether it be upsizing or downsizing. It’s the normal process we all face, but one that’s now paramount to be even in the hunt for your next house – daunting, we know! Using the right agent is key to this. We all need a helping hand at times and one of the main reasons people love dealing us is the fact we listen and spend time with both our buyers and sells. We ensure that we give our all to securing a sale for both parties… check out our client testimonials to see yourself.
All too often we are there to help you and advise the right path forward. We all find ourselves in different situations in life, in most cases due to timing. As much as we wish we had an algorithm for this we just don’t. However, what we do have is years of experience in dealing with chains and timing of moves that can become very useful!
National statistics
Now, these are just our findings from dealing with property in the Chester location and surrounding areas. Of course, there have also been some significant changes in the UK market which we couldn’t wait to share with you. Here are some of the market conditions you should be aware of:
- Property prices incoming to the market are up by 0.8% on average (this equates to around +£2,414)
- All UK regions are seeing price rises, with the exception of South West which has seen a marginal fall of £131
- Rightmove’s busiest month ever was January this year, with home-hunting visits reaching over 141 million
- Number of properties coming to the market is also up by a modest 2% on last year
- Midlands dominates in the regions – prices rising 3x faster than the national average
Statistics from Rightmove
Thinking of moving?
If you are thinking of moving in the up and coming weeks/months then please get in touch as we can help you in the process like we have so many before you. Being proud of what we do and 100% focusing on the client is what stands us out in the ever busy Chester market…
