June 14, 2016
At the time of writing, a £10 bet on the good people of the UK voting to leave the EU would yield a profit of £22.50, whereas the same bet on staying-in would return just £3.30. For those of you who don’t regularly have a flutter, that means the likelihood of Brexit is very slim. But then again that’s what the pollsters and bookies said about a Tory majority at the last election.
So if we believe the bookies, it seems the most likely impact of this referendum on the Didsbury property market will be fairly negligible. There could be some mild economic uncertainty followed by a return to business as usual following a vote to stay in. In fact, even this mild uncertainty will come to be seen as nothing compared with the rush to snap up buy-to-let properties before the April 2016 stamp duty hike and subsequent flood of properties onto the rental market.
But what would an ‘out’ vote mean for the 9,800 homeowners of Didsbury or even the landlords of the 7,308 private rented properties? Well we think it all comes down to how reliant each local market is on buyers who work in the financial services industry. Some commentators claim that in the event of Brexit, the large global banks could pull out of the UK and relocate to somewhere within the EU, most likely Frankfurt. That would result in an exodus of relatively high income workers from the market, and it is these people who have been instrumental in putting upward pressure on house prices since the 1980’s.As we all know, people working in financial services are mainly concentrated in South East England, within commuting distance to the City of London and Canary Wharf. However, there are also provincial outposts in the north of England, particularly in Leeds.
In Didsbury, there are 1,247 people working in financial services, equal to 4.7% of all jobs. In the context of the national picture, that puts it in the top half of all areas in terms of the concentration of financial services jobs. So the bottom line is that in relative terms, Didsbury is fairly reliant on the financial services industry. Consequently, Didsbury’s property market would be moderately exposed in the event of Brexit.However, there is a broader economic consequence of Brexit which would pose a menace to the M20 and UK housing markets – interest rate rises.
Theoretically, this could see the cost of mortgages grow swiftly, pricing many out of the market and generally making life difficult for buyers. However most buyers take fixed rate mortgages and two-thirds of landlords buy without a mortgage, so this would dampen the effects in the short-term. It’s also conceivable that inflation would ramp up substantially if the price of imports went up, and if the Bank of England responded by increasing interest rates we might get into the situation we were in in the late 1980’s when mortgages were sky high, but inflation was eroding the debt.
So in reality, if we really knew what was going to happen, we wouldn’t be agents in Didsbury, but City wizz kids earning billions. But what we can say is that you should make your own decision on the 23rd of June 2016 safe in knowledge that whatever the result, there will always be threats but also opportunities that the savvy homebuyer can take advantage of.
June 14, 2016
Hi potential landlords! Couldn’t help but notice this cracking buy to let opportunity in West Didsbury. Situated within a stones throw of the metrolink and fashionable Burton Road, this property will be a great hit with professionals.
Currently marketed joint agent with Bridgfords and Philip James for £135,000, this is not one to miss.
I’d suggest this would acheive £650 PCM generating a yield of 6%.
Continue reading for the link!
May 30, 2016
Didsbury homeowners and buy-to-let landlords in M20 should be pleased to know that prices have risen recently.
Our latest analysis of the Didsbury property market shows that month-on-month, M20 prices for flats have increased by 2.7%, whilst the year-on-year figures showed that prices for flats in M20 have increased by 13.4% in the year, taking the average price for flats in the Didsbury area to £198,600.
It gets even more interesting when we look at the last few months of 2015 and see the patterns that seem to be emerging.
• December 2015 – a rise of 2.7%
• November 2015 – no change
• October 2015 – a rise of 2.7%
• September 2015 – a rise of 3.3%
The lack of new building developments has been the biggest factor contributing to the M20 property values being 8% higher compared to 2009, and an eye watering 283% higher than in 1995.
Until the Government addresses this issue nationally, and allows more properties to be built, things will continue to get worse. The UK population grows at just under 500,000 people a year, whilst the country is only building 152,400 properties a year – no wonder demand is outstripping supply. When one looks at the local picture in M20, between the last two census’, the population in M20 grew by 5,900 people a year, yet the number of properties built was only 2,300.
We firmly believe the property market in M20 (and the country as a whole) is changing its attitude towards homeownership, which in turn will have major ramifications for the homeowners and buy-to-let landlords of M20 alike. Back in the late 20th century, getting on the property ladder was everything. However, since the late 1990’s, we as a country (in particular, the younger generation of would-be homeowners) have slowly started to change their attitude to homeownership. We are moving to a more European model, where people choose to rent in their 20’s and 30’s (meaning they can move freely and not be tied to a property), then inherit money in their 50’s when their property owning parents pass away, allowing them to buy property themselves.
Some of the highest levels of home ownership are in Romania at 96.1%, Hungary at 88.2% and Latvia at 80.9% (hardly European economic powerhouses). In Western Europe, Spain has homeownership levels at 78.8% and Greece has 74.0% (and we know the economic woes of these countries well). At the other end of the scale, whilst we in the UK stand at 64.8% homeownership (and interestingly in Didsbury is 48%), in Europe’s powerhouses, only 52.5% of Germans and 44.0% of Swiss people are homeowners.
May 30, 2016
Gardens…art…and a lovely day out…all for charity.
The Didsbury Open Gardens event will take place on Sunday, 12 June, 2016, and gardens will open their gates between 11.30am and 5.30pm to visitors. This year promises to be another lovely event with gardens old and new and hosts sharing their beautiful planting schemes and lots more with the public.
May 30, 2016
Now into its remarkable 37th year, we are delighted to once again be sponsoring the Didsbury Festival which takes place in Didsbury Park on Saturday 11th June.
It’s a great local event which starts with a procession from St Catherine’s Primary school and heads into Didsbury park for the day’s many stalls and events…
The Arena events include the wonderful children’s dance troop from the village, a varied display of musical talent as well as the chance for you to join in a lively Zumba session!
The procession includes children from all the local schools in Didsbury, as well as the 5th Manchester Boys Brigade band.
All this in addition to the Festival fairground, the annual dog competition and the variety of food and drinks stalls in the Festival café area as well as selected stalls around the park.
May 30, 2016
Its great to see another new business open in Didsbury village, and this one looks set to be a cracker and is just across the road from our branch.
Having just opened on 16th May, 3 Little Pigs is an exciting new Butchery business at 735 Wilmslow Road and has a state-of-the-art display with customers being able to see the preparation area and maturing fridge through a full length window!
3 Little Pigs will shamelessly aspire to the premium end of the market place, looking at innovative styles associated with new products and responding to contemporary cooking styles.
Whilst ‘premium’ indicates to some high end cost, they make the distinction more in terms of supply chain, traceability, quality assurance, animal welfare and the expertise of butchery in the shop.
They even have their own supply of home reared life stock in their family owned Cheshire pasture land where their own cows, pigs, chickens and ducks are free to roam.
This family affair are very much part of the Didsbury community already, and we wish them every success with this exciting new venture.
May 30, 2016
The number of sales in a given area is a powerful measure of the buoyancy of local housing markets. There were a total of 938 transactions in M20 in the last calendar year. This is an increase of 46.8% over the year. In comparison, there was an increase of 35.2% in the North West, and an increase of 29.4% across England & Wales.
May 28, 2016
In M20, the largest proportion of residents (36.8%) are of ‘Professional occupations’ (Prof.). This is 20.4% higher than the average in the North West. Next most common in M20, with 16.2% of all residents, are ‘Associate professional and technical occupations’ (Technical). This is 4.7% higher than the average in the North West.
May 26, 2016
Sales as a percentage of total housing stock available is a useful measure of an area’s turnover. Of the total private stock in M20, 4.5% of properties changed hands in the last calendar year. This is 0.7% more than in the North West, where the turnover was 3.8%, and 0.4% more than the whole of England & Wales (4.1%).
May 25, 2016
Situated on Wilmslow Road on the border of Withington and Fallowfield is this purpose built two bedroom apartment being marketed by JP & Brimelow. With an annual yield of 6.7% this would make an excellent buy to let investment and will not be on the market for long!