Everyone I am speaking to seems to be interested in the state of the market. I thought it would be a good idea to do a post on what we are seeing with house prices in the Stockport area.
Just to give a warning that we are far from authoritative on this subject. However on the basis there is a lack of local information specifically about Stockport as everything seems to be about the UK as a whole I thought there would be no harm in putting a bit of information out there.
What is happening in Stockport?
Stockport at the minute is an area receiving a lot of investment. We have the town centre being heavily invested in. Business, both retail and more office based are moving to the town centre and surrounding areas. There are less vacant premises and that combined with the improved social scene in Stockport is helping the place to look and feel like it is definitely on an upward trend.
In addition the local transport infrastructure is receiving a lot investment. We have cycle lanes being built all over the place. The central transport hub in Stockport town centre which will help to connect the bus station with the train station. And also talks of the met making it to Stockport within the decade, all of which make it easier to get to and move around Stockport. My thinking there is that as the centre improves it creates a wave that spreads outwards and helps to make the area more desirable.
What is happening with house prices
So what about house prices? Well… lets look at the negatives first.
With rising interest rates, the cost of living and a potential recession on the cards all of those things are putting pressure on house prices. If people have less money each month that effects savings and how much people can actually pay towards their mortgage.
Those things are definitely hitting house prices.
On the other hard, Stockport is a place going up in the world. That is putting an increased demand on houses. In addition according to some estate agents there are people moving from Hong Kong to Stockport because its a lovely area with good schools.
With an increase in demand they are helping to keep Stockport from feeling the worst of the pressures put on house prices.
Summary
Lets be clear though, house prices are dropping. We are seeing maybe a 10% drop give or take. What I find quite interesting though is that when houses come on to the market some of them are selling very quickly. But it feels like if you have not sold within a week or 2 then you need to consider whether to sit and hold or take a look at whether you need to review the price.
Obviously with anything like this it is always worth speaking to the agent. It is worth gauging their opinion before making any changes. I think this is also a good reason as to why you should use a local agent if you are looking to sell.