Mitigating risk as a letting agent or landlord is key, but when job cuts are taking place at major companies such as Marks and Spencer, Tesco, House of Fraser, Poundworld and BT the risk of tenant defaults is creeping up.
A recent report suggested that more than 5 million working tenants are at possible risk of not being able to pay their rent if they lost their job.
The split of a 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.
In the residential property world, the most important macroeconomic indicator we’re obsessed with is interest rates. Interest rates are the main tool the government uses to cool down the market when it shows signs of overheating. They have a massive impact on the housing market because they determine what your mortgage costs every month.
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 Stockport market as a whole. Here average sales values have risen by 9.4 percent over the last ten years. However, there are several tactical decisions you can make to push up the final price.
More great news as Stockport is ranked as the fastest growing economy in the North West, once again highlighting our town’s position as a leading business location.
The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr). It provides an estimate of GVA growth and job creation within 45 of the UK’s largest cities 12 months ahead of the Government’s official figures. The latest report revealed that Stockport was the top location in the North West in terms of GVA growth during the last quarter of 2017. In contrast, Manchester and Greater Manchester recorded GVA growth rates of 1.2%, while Liverpool only registered growth of 0.7%.
The study also considered the future prospects for all of the major conurbations in the UK, with Stockport expected to once again register growth of 1.3% .