September 2022 to August 2023
Sales Volume:
In September 2022, the property market in Chester recorded 416 sales.
Sales volume experienced fluctuations throughout the year.
By August 2023, Chester recorded 263 sales, indicating a decline in activity compared to the start of the year.
Average Prices by Property Type:
Detached Houses: The average price of detached houses in Chester began at £420,379 in September 2022 and saw a modest increase to £423,139 by August 2023, reflecting a 0.66% change.
Semi-detached Houses: Prices of semi-detached houses started at £253,222 in September 2022 and showed a slight decrease to £252,203 by August 2023, marking a -0.40% change.
Terraced Houses: Terraced houses, with an initial average price of £201,283 in September 2022, experienced a decline to £198,477 by August 2023, representing a -1.39% change.
Flats and Maisonettes: The average price for flats and maisonettes began at £137,510 in September 2022 and showed a decrease to £136,653 by August 2023, indicating a -0.62% change.
All Property Types: The average price for all property types in Chester started at £264,659 in September 2022 and experienced a minor decrease to £263,758 by August 2023, representing a -0.34% change.
Trends in the Chester Property Market:
Over the past year, the Chester property market has experienced mixed trends. Detached houses have maintained their value, showing steady growth while semi-detached houses, terraced houses, and flats have seen minor decreases in their average prices. Above all for those wondering if its still Ok to buy, the overall sales volume remained relatively stable throughout the year, with a slight decline in the later months indicating on a month by month basis, there are still plenty of buyers in the market.
Future Trends and Predictions:
While predicting the future of the property market is challenging, we can make some educated assumptions based on the observed trends:
Steady Growth for Detached Houses: It is likely that detached houses will continue to be in demand and maintain their value in the coming 12 months.
Slight Changes in Semi-Detached Houses and Flats: The slight decrease in the average prices of semi-detached houses and flats may attract potential buyers looking for more affordable options.
Terraced Houses Regaining Appeal: The decrease in the average price of terraced houses may make them more attractive to first-time buyers.
Sales Volume Stability: The sales volume is expected to remain relatively stable in the coming months, with potential variations influenced by seasonal factors and market conditions.
Economic Factors: The property market is sensitive to economic factors, including interest rates and economic recovery. Staying informed about these factors will be crucial for understanding the market's future trajectory.
In conclusion, the Chester property market has exhibited resilience and a diverse range of trends over the past year, with each property type experiencing different percentage changes. The future appears to be one of stability, with slight changes in property values and potential opportunities for buyers, particularly in the semi-detached and terraced house segments. Staying informed about economic developments will be essential for those interested in the Chester property market.
If you're looking at buying a property and need advice on a mortgage speak to one of our mortgage brokers today for help obtaining the best deals in the market.
Chester Mortgage Broker
Information obtained from the UK Land Registry - https://landregistry.data.gov.uk/app/ukhpi