Author: Ben Foster

What do homebuyers in Didsbury really look for?

If you have ever sold your home, you will be all too familiar with the pressure to make the property look tip-top in time for a viewing. Your home must appeal to the most likely type of person to buy it, so it’s vital to understand a bit about the demand profile in your area. The chart above shows the demographic profile of our part of the world.

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CHOCOLATE BOX PROPERTY

  • There is little else more quintessentially British than the chocolate box cottage. Bringing up idyllic images of rambling roses framing the doorway, thatched roofs, exposed beams and open fires, an escape to a rural retreat is the aspiration of many.
  • We have taken the opportunity during this National Chocolate Week to delve further into this market and the buyers who have made this dream their reality this year.
  • So far in 2018, there have been 2,100 country cottages sold in rural locations across England and Wales. The South of the country dominates, with 46% of sales but a fifth were in the Midlands and 15% in the East. The remaining 19% were spread across the North, Yorkshire and the Humber and Wales.
  • Unsurprisingly, buyers are prepared to pay a premium for a rural idyll. Chocolate box cottages sold this year for an average of £364 per square foot. This is 33% higher than the average price paid for all homes across rural locations.
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JUST 35% OF THOSE AGED 25–34 OWN THEIR OWN HOME

  • Just 35% of 25 to 34 year olds were homeowners in 2017, down from 55% twenty years ago. Only 60% of young adults with a 10% deposit and a loan based on an income multiplier of 4.5, can afford the cheapest properties in their local area according to a new report produced by the Institute of Fiscal Studies.
  • Rising property prices, primarily prior to the financial crisis, compared to incomes have been the major factor in this change. Adjusting for inflation, average house prices in England have risen by 173% over the last twenty years, compared to real incomes of those aged 25 to 34 which have risen by just 19%.
  • Regional disparity in house prices is far more acute than among incomes. Across London and the South East over 90% of young adults would need to save at least six months’ income for a 10% deposit on an average priced home in their area. This compares to under 60% across the North East, North West and Yorkshire and the Humber.
  • The introduction of incentives such as Help to Buy, have undoubtedly proved beneficial for many first-time buyers. Nearly 170,000 have benefitted from a Help to Buy equity loan since its introduction in 2013. Similarly, over 69,000 first-time buyer households have saved on average £2,300 each thanks to the first-time buyer stamp duty tax relief announced in the 2017 Budget.
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New HMO legislation

In England on the 1st October 2018, the criteria for what kind of House in Multiple Occupation (HMO) needs a mandatory licence was extended.

The UK Government announced in May 2015 that it would be changing the criteria for Mandatory HMO Licensing in England in a bid to address poor conditions and overcrowding in the private rented sector. This means that from October this year, all HMOs must be licensed if they house five or more occupants, from at least two unrelated households irrespective of the number of storeys that the property has.

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new ‘green walk’ development

Following the success of the St James Park development here in the heart of Didsbury village, PJ Livesey Group have started to release new homes on the Green Walk development situated off Nell Lane, West Didsbury. Phase one comprises of a stunning collection of 3, 4 & 5 bedroom new build family homes with a selection of preview properties available to see on the developers website.http://www.pjlivesey-group.co.uk/register-interest-siemens-didsbury/ If you are in the market for a new build home here in Didsbury, but need to sell your existing home in order to proceed, we can help!

Here at Julian Wadden Didsbury we offer a free no obligation sales valuation where we can advise on a recommended marketing and pricing strategy. Our sophisticated marketing coupled with the structured launch approach ensures your existing property realises its true potential, achieving the very best price in the appropriate time scale, enabling you to pursue your new home! Contact a member of our team on 0161 434 4311 or call into our high street branch to learn more.

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gusto pumpkin trail – happy halloween

Gusto Bar & Restaurant Didsbury is holding a Pumpkin Trail throughout Didsbury village, starting at 5pm on Wednesday 31th October for Halloween. This a superb family event will take you on a trail around Didsbury village where you are ‘dared’ to spot all of the pumpkins, the start of the trail begins at Gusto restaurant here on the high street where you can collect your map and the first trick or treat! https://thedidsburymap.co.uk/event/gusto-pumpkin-trail/

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didsbury beer festival

Coming soon! The annual Didsbury Beer Festival returns next month and promises to be bigger and better than ever before. Expect over 100 craft beers, ciders and perries, coupled with delicious hot and cold foods to appeal to all. This much anticipated event brings the community together at St Catherine’s Social club on School Lane over the last weekend of October and is a great opportunity to try a range of craft ales whilst catching up with neighbours and friends. A variety of live music performances will feature over the weekend to make for a great atmosphere! The event is managed and staffed entirely by volunteers and the festival is now on the look out for staff for this year, so if you can spare anything from a few hours to a full weekend see @dbf_beer to learn more! Keep the date for your #Didsbury diary 25th/26th/27th October, £5 entry includes a glass.  http://didsburybeerfestival.org.uk/#/

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BACK TO SCHOOL

  • The new school year is underway for over 10 million children across England and Wales and school catchments rate highly for many choosing a home. How much more are home buyers prepared to pay to live close to an Ofsted rated outstanding school?
  • An analysis of property sales across England and Wales (excluding London) over the last year reveals a 10% price premium associated to homes close to an outstanding primary school and 17% price premium associated to an outstanding secondary school.
  • Properties located within one mile of an outstanding primary school sold for, on average, £22,686 more than properties within one mile of other schools, the price premium for secondary schools was £37,558.
  • Detached houses attract the largest price premium, with buyers here having to find an extra £90,000+ to live within one mile of an outstanding school.
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Why it’s a good idea to make your move in Didsbury before 2019

The benefits of owning a home in Didsbury are huge. While it’s true that across the country homeowners are benefitting from steady and reliable capital growth, here the rewards are even greater. The core reason is that the area we live in is popular and just keeps getting more so.

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In the Didsbury property market, timing is everything; here’s why.

We can’t remember a time when there’s been more excitement about the Didsbury property market. We’re having more and more conversations with the buyers and sellers we advise who realise that they’ve ‘timed their runs’ perfectly. As we’ve seen many times before; as the market turns a corner, momentum starts building very fast.

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