Monthly Property Market Report: August 2019
At Jordan & Halstead, our team are passionate about the property market, and are always making sure they stay on the ball to understand how best to navigate our local market. Here is my monthly market report, to help you understand how the market close to you is performing, and what you should do to get the most out of your property.
In Chester, the property sales market has slowed marginally since last year, with 45 fewer sales agreed in July 2019 than July 2018, even though the number of instructions to sell has increased (263 instructions in July 2018 compared to 274 in July 2019). This is also shown in a 20.3% decrease in the number of properties sold when compared to the same month last year. Over two thirds of homes have sold since instruction over the course of the year, with 1835 homes instructed to market and 1216 sales agreed by the team at Jordan & Halstead.
The average house price in Chester has also decreased by 2.4% compared to 2018, and is now £260,497. However, this is still higher than in 2016 and 2017, when the average price was around £225,000.
Across Wilmslow and East Cheshire, there has been a 10% increase in properties going on the market, and while average prices remain high in this desirable area, they have been declining in the last 12 months:
- Alderley edge – £646,488 – down -1.56% in the last 12 months
- Wilmslow – £431,538 – down -1.58%
- Bramhall – £456,490 – down 0.10%
- Prestbury – £834,677 – down 4.68%
The rental market in Chester is on the rise, with 275 new instructions and 222 lets agreed in July 2019, compared to only 266 instructions and 216 lets agreed over the same period last year. Over the course of the year, Jordan & Halstead received 1774 new instructions to market, and saw 1221 lets agreed. Currently, the average monthly rent in Chester is £725 pcm.
Across Wilmslow and East Cheshire, 68.1% of properties instructed in July 2018 were sold. In 2019 this increased to 70.2%. Average rents in Wilmslow and East Cheshire remain high, especially when compared to the North West overall:
- Wilmslow – £1224 PCM
- Bramhall – £832 PCM
- Alderley Edge – £1499 PCM
- Prestbury – £2576 PCM
Key points to take away:
- While the sales market is slowing a little compared to the previous year, the value of Chester homes is still considerably higher than 2-3 years ago.
- Chester’s rental market is thriving, which means that you may want to consider letting your home rather than selling.
The Chester and Cheshire market is exciting and ever-changing, so staying on the pulse of the city’s market is vitally important to us at Jordan & Halstead.
Thanks for reading,