Summer Property portfolio 2024 - Flipbook - Page 4
MARKET OVERVIEW
BY REBECCA FIFIELD
The residential sales market in the North
West & West Midlands has demonstrated
resilience following the recent general
election, buoyed by political stability and
sustained demand for quality housing.
While
economic
challenges
such
as
interest rate hikes, potential increased
taxes and inflation pose risks, the overall
outlook for the remainder of 2024 is
cautiously optimistic. Price growth is
expected to continue at a moderate pace,
with steady market activity and robust
demand in both the sales and rental
sectors. The residential sales market in
the North West/ West Midlands counties
of Cheshire, North Wales and Shropshire
has
been
subject
to
significant
fluctuations, largely influenced by the
recent general election. Market activity is
likely to remain steady but subdued
compared to the peak levels seen during
the pandemic.
PROPERTY PRICES
Property
prices
are
anticipated
to
continue their upward trend, albeit at a
slower pace. In Cheshire, premium
properties are expected to see the most
significant
gains
due
to
continued
demand from affluent buyers. Mid-market
properties
might
experience
more
tempered
price
increases
due
to
affordability constraints. In Shropshire
and North Wales the price growth is
expected to remain modest. Rural and
semi-rural properties are likely to see
steady interest, particularly as remote
working continues to influence buying.
INTEREST RATE DROP
A welcome drop of 0.25% to 5% came in
August which combined with lower
inflation at 2% will increase market
activity.
PRICE TRENDS
In Cheshire, property prices have seen
moderate
growth
post-election.
According to the latest figures from the
Land Registry, the average house price in
Cheshire has increased by approximately
3% year-on-year. In contrast, Shropshire
and North Wales has experienced a more
modest
increase
of
around
2.5%,
reflecting its different market dynamics
and broader base of property types.
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