An analysis of commuting preferences in Marple shows that the majority of people use a car to get to work (72%). This is followed by on foot (7.2%), and then train (6.6%). It will be interesting to monitor how this pattern changes over time given the trend in Marple and everywhere else to more flexible working, i.e. working from home.
It’s 5.50am as I start to type this article and David Dimbleby has just announced the UK will be leaving the EU as the final votes are counted. As most of the polls suggested a Remain Vote, it came as a surprise to most people, including the City. The Pound has dropped 6% this morning after the City Whiz kids got their predictions wrong and MP’s from the Remain camp are using words like “challenging times ahead”.
.. and now the vote has been made .. what next for the 17173 Marple homeowners especially the 8016 of those Marple homeowners with a mortgage?
The Chancellor in the campaign suggested property prices would drop by 18%. Using Treasury estimates, their method of calculating this was tenuous at best, but focused around the abrupt and hasty increase in UK interest rates, which in turn would raise the cost of mortgages, and therefore lower demand for property, causing a drop in property prices.… and I would say, yes .. that will probably happen.
Marple Property Values
Since the last In/Out EU Referendum in June 1975, property values in Marple have risen by 1578.1%
The Chancellor in the campaign suggested property prices would drop and whilst property prices did drop nationally by 18.7% between the peak of 2007 and bottom of the market in 2009, when one compares property values today in the country, compared to that all-time high of 2007, (the period before the financial crisis of the Credit Crunch of 2008/9) .. they are still up 10.14% higher.
Another Credit Crunch?
And so, notwithstanding the Credit Crunch, the worst global economic outlook since the 1930s and the recession it brought us, a matter of a few years later, the Government were panicking in 2012/3/4 that the housing market was a runaway train.
Now the same Credit Crunch doom-mongers and Sooth-Sayers that predicted soup kitchens in 2008/9 are predicting Brexit meltdown. Bad news sells newspapers. Stock markets may rise, stock markets may fall, yet the British public continued to buy property in 2009/10 and beyond. Aspiring first time buyers and buy to let landlords dusted themselves down, took a deep breath and carried on buying… because us Brit’s love our Bricks and Mortar .. we need a roof over our head.
However, as mentioned previously, if the value of the pound drops, in the past UK Interest Rates have risen to reverse that drop. However, whilst a cheaper pound will make your pint of Sangria a little more expensive on your Spanish holiday this year and make your brand new BMW pricer .. it will make British export cheaper! Which is great for the economy.
Soon to open on Hollins Lane “The Works”. The shop is looking great, looks like will have to pop in for some treatments and a cut!
Great to see new businesses open in Marple!! Click below to find out more…
In the last 12 months, semis have accounted for 40.6% of all transactions making this the most common type of property on the market in SK6 (897 in total). Over the same period terraces accounted for 26.2%, detached properties accounted for 25.4% and flats provided 6.6% of transactions.
A standard measure of a full working week is about 48 hours. That is what the EU uses in it’s ‘Working Time Directive’ to ensure employees are not being over-stretched. In Marple, 88.2% of full-or part-time workers work those hours or fewer. That means 11.8% work more than that, a total of 2,800 people. Many of our clients fit into this category, and if you are one of them we are ready to work around your busy schedule.
A quarterly analysis of the last four years achieved sales prices from the Land Registry show some interesting patterns in Marple. Achieved sales prices of flats have increased by 4% per quarter since 2012. This compares with 0.2% for terraces, 1.4% for semis and 2% for detached properties. In total, it is detached properties which have increased the most with prices now 30.1% higher than in 2012.
Built in 1900 by the Duerr’s Jam family this Edwardian residence stands apart from many homes in Marple and was frequently visited by Sir Winston Churchill on route to Oldham when it was his constituency. However he was only ever allowed to smoke his cigars in the summer house at the bottom of the garden.
To have a walk around “Rivington” click on the link and view our video tour.
This came on the market with us the other day a great way to get into the buy to let market or just to increase your portfolio!! … A selection of well presented and unique apartments which are all currently rented on short hold tenancy agreements which is currently yielding £24,600 pa, with the potential yield of £26,640.
There are three apartments being sold collectively, two 2 bedroom apartments which both come with their own parking space, a further three bedroom apartment also comes with allocated parking and the block benefits from visitors parking also.
Give me a call at the office on 0161 427 0755 or click on the link if you want further info!
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 Marple 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 17,200 homeowners of Marple or even the landlords of the 1,869 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 Marple, there are 1,122 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, Marple is fairly reliant on the financial services industry. Consequently, Marple’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 SK6 and UK housing markets -interest rate rises. Theoretically,this could see the cost of mortgagesgrow swiftly, pricing many out of themarket and generally making lifedifficult for buyers. However mostbuyers take fixed rate mortgagesand two-thirds of landlords buywithout 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.