Thu 10 Nov 2016
Helen Pass, Director
The Runcorn Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Runcorn property buyer has faced over the last few years is a lack of choice – there simply hasn't been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Runcorn, the market is likely to see upward pressure on property values continue.
For example, in the last month or so, WA7 has seen an average of 160 new properties coming on to the market, not bad when you consider for some months in the last year, the average been as low as the mid 60’s. With the average Runcorn property value hitting a record high, reaching almost £130,300 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure.
As I write this article, 5.2% of Runcorn properties are up for sale. In terms of actual chimney pots, that equates to 943 properties on the market in Runcorn (within 4 miles of the centre of Runcorn) – which, when compared to only a year ago when that figure stood at 973, is a slight decrease in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading...
- Detached Properties in Runcorn - 293 on the market a year ago compared to 302 on the market now – an increase of 3%
- Semi Detached Properties in Runcorn - 277 on the market a year ago compared to 250 on the market now – a decrease of 10%
- Terraced Properties in Runcorn - 190 on the market a year ago compared to 207 on the market now - an increase of 9%
- Flats / Apartments Properties in Runcorn - 92 on the market a year ago compared to 88 on the market now – a decrease of 4%
This is evidence of strength in the Runcorn housing market that many didn't expect. Many believed that the Runcorn property market wasn't going to be strong enough post Brexit - as what was a sellers' market before the Brexit vote and Buyers' market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won't continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won't be down to Brexit but a re-balancing of the Runcorn Property Market – which is good news for everyone.
If you’re interested in investing or have already invested in the Runcorn property market and want to discuss maximising your investments, pop in for a coffee at 60A High Street, Runcorn, WA7 1AW or visit our website www.homesmartlettings.com