With the FIFA World Cup kicking off on 14th June, we have been reflecting on the last time that England was victorious and how much the housing market has changed since then.
When England last won the championship in 1966, the average price of a home was just £3,558. More than half a century later, average prices have increased by a massive 5853% to almost £212,000. Back then, just over half of homes (51%) were owner-occupied. Now the proportion of households living in their own home has increased to 63% (although it did peak at 70% in the early 2000s).
The proportion of households renting privately is at the same level as it was, at 20%. However, this masks the massive change in private renting in the intervening years, having dropped to less than 10% in the early 90s.
Finally, there have been many changes to the fabric of our housing stock. Since Bobby Moore lifted the World Cup, more than 6.5 million new private homes have been built across England.
I have reported in previous editions of ‘The Landlord’ that there has been an increase in average rental figures across Manchester so I thought I would look further into this date and look specifically at the area’s Julian Wadden covers.
The split of population by age group has a big effect on the local housing market; the demographic profile affects prices, but more importantly the tenure mix and the rates of sales. The patterns you can see here gives you a good insight into the profile of local residents.
The rate at which properties are sold in the market is probably the best indicator of what we in the trade call ‘buoyancy’. In this chart, we show the number of properties which have been sold each year since 2008.
Some people rattle around in their home like two beans in a can whilst others are packed in like sardines in a tin. There is a formula, created by the Office for National Statistics which gives the occupancy rating of each home. This number shows whether a property has the ‘right’ number of rooms given the number of people living there. This shows the picture in our local housing market.
The last few years have been something of a rollercoaster ride for property markets up and down the country and our area is no different. Here we show how prices of different house types have changed relative to one another over time.
In some parts of the country, the split between a house and flat sales is very extreme while elsewhere there is more of a balance. It primarily comes down to the nature of the area and how densely populated it is. Rural, semi-rural and suburban areas are dominated by houses whereas urban districts are awash with flats. The chart shows the picture in our area.
When it comes to selling your home, a significant amount of your home’s resale value will depend on what’s happened to the Marple and Marple Bridge market as a whole. Here average sales values have risen by 17.2 percent over the last ten years. However, there are several tactical decisions you can make to push up the final price.
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.