Measuring commuting distance might seem a little obscure but it actually offers a particularly good insight into the character of any local housing market. For example, commuter towns tend to really come alive at the weekends but are quieter in the week. Areas where most people work locally will have a stronger community feel day-to-day.
It won’t come as any massive shock that houses are generally worth more than flats in our area. However, when it comes to the movements over time, these two broad types of property do not always behave similarly. Here we see how flats and houses have varied in price.
The property market fluctuates on a seasonal basis, and this is particularly the case for sales rates. This chart shows how the market has changed over the course of the last few months. The most recent periods are estimates based on the previous year’s pattern.
As you’re no doubt aware, there’s a lot of doom and gloom surrounding the national property market at the moment. For example, the Nationwide index showed that in June, annual house price growth had slowed to a five-year low. Our area hasn’t been immune; in the first quarter of 2018, there were 25.5 per cent fewer sales than the same period in the previous year.
The Bank of Mum and Dad is set to aid over 316,000 house purchases this year, although at £5.7 billion the total value of their lending is set to be down 17% on 2017 according to new research by Legal and General and CEBR
The profile of car ownership is a great signal of the practical needs of residents in a local market. Most households have a car, but the number owned varies enormously based on the type of area. For example if you live in a one bedroom flat in a city you’re much less likely to own a car than if you live in a commuter suburb.
We wanted to take a look at how overall average prices of flats and houses have changed in the last eight months. This is quite a short time frame so there’s a fair bit of volatility from month to month but the story it tells is an interesting one nonetheless.
This chart has indexed the levels of transactions for flats and houses over the last eight quarters. That means it takes the actual level of sales at the start of the period and converts them to 100, and then you can see the relative changes running up to the present. It should be noted that the smaller the number of properties, the more extreme the volatility.
The British press is being so hysterical about the UK property market at the moment, you’d be forgiven for thinking we were back in 2008 again, staring down the barrel of another credit crunch. This couldn’t be further from the truth. Week after week, more statistics come out revealing how buoyant the market is at the moment. Here are just three of the reasons why homeowners in Didsbury should be grinning.
You know how it is, you wait for a new Tapas restaurant to open in the village, then suddenly 2 pop up virtually at the same time!
Tony Barrow has opened his first restaurant ‘Nueve’ just along from Axons on Barlow Moor Road, serving ‘Authentic Spanish Tapas using the best of Spanish and Local Produce’, whilst just around the corner ‘La Cantina’ has just opened their doors on Wilmslow Road following the success of the Heaton Moor version which has proved very popular having taken over the bar area of Damson. Both appear big on the Gin selection and the initial feedback is great, so we wish them both every success in their new ventures…
‘Nueve’ opened by Tony Barrow is his first restaurant after 19 years in hospitality. His inspiration is trying to take the standards and quality from his experience in larger corporate restaurants and pairing it with the relaxed feel of the neighbourhood bars he loves in Moraira, experienced whilst working in Spain.
It’s been a long process to get the building ready. The place started off as a burnt out chip shop and had been abandoned for years; they’ve had to strip it right back and then start to put their own touches to the place.