In recent years, there has been an increasing trend in house prices in Stoke On Trent. This is due to a number of factors, including the city’s regeneration programme, which has seen significant investment in the local economy. As a result of this, more people are looking to buy property in Stoke On Trent, and this is driving prices up. This report will take a closer look at the trends in house prices in Stoke On Trent and what this means for buyers and sellers in the city.
How demand for housing has changed in Stoke On Trent over the years
The demand for housing in the UK has been on the rise in recent years. This is especially true in larger cities and metropolitan areas, where the population is constantly growing, and space is limited. This has led to prices for both rental and purchase property to increase significantly in these areas.
Interestingly, this isn’t always the case in smaller towns and villages. The population in these areas is shrinking as people move away to find work or retire elsewhere. This can often lead to a decrease in demand for housing, which in turn causes prices to drop in these places.
Stoke On Trent is a city located in the West Midlands region of England. It’s the largest city in Staffordshire and is well known for its ceramics industry. In recent years, the city has undergone a regeneration programme, which has seen significant local economic investments. This has led to an increase in the population, as more people are moving to the city for work or taking advantage of the improved lifestyle.
The average house price in Stoke On Trent has been £174,475 for the past 12 months. This is an increase from the previous year and is significantly lower than the national average. If you’re looking to buy a property in Stoke On Trent, now is a good time to do so. Prices are rising, but they are still relatively affordable compared to other parts of the country.
Factors that influence house prices in Stoke On Trent
Many factors influence house prices in Stoke On Trent. Here is a closer look at some of the most important ones.
● The city’s regeneration programme: Stoke On Trent is undergoing a regeneration process. This means that a number of new businesses and developments are springing up in the city centre. This is positively impacting the local economy and is starting to attract new businesses and investment to the city. As a result, there is an increasing demand for housing in Stoke On Trent, which drives up prices.
● The city’s proximity to other urban areas: Stoke On Trent is close to other large cities such as Birmingham and Manchester. This makes it an attractive option for people who work in these cities but want to live somewhere with a lower cost of living.
● The city’s decline in manufacturing: Stoke On Trent’s manufacturing industry registered a decline in April 2022. This is having a negative impact on the city’s economy and is causing many people to lose their jobs. As a result, the prices of houses are slightly declining as people struggle to afford them.
In the short to medium term, the city’s regeneration programme will likely significantly impact prices. In the long term, however, the city’s declining manufacturing industry is likely to cause prices to start falling.
Tips for buying a home in Stoke On Trent
If you’re thinking of buying a property in Stoke On Trent, there are a few things you need to bear in mind. Here are some tips on what to look for when searching for a home in the city.
Look for areas on the rise
There are plenty of areas in Stoke On Trent that are up-and-coming, so it’s worth doing your research to see where these are. Not only will you be able to get more for your money in these areas, but you’ll also be investing in a property that is likely to increase in value over time.
Consider transport links
Stoke On Trent is served by a good network of roads and railways, so it’s easy to get around. If you’re looking for a property that’s well-connected, then this is definitely something to bear in mind.
Think about your budget
It’s important to have a clear idea of how much you can afford to spend on a property before you start your search. This will help you to narrow down your options and focus on homes that are within your price range.
Get professional help
If you’re not sure where to start when it comes to searching for a property in Stoke On Trent, then it’s worth getting in touch with AVRillo conveyancing solicitors in Stoke On Trent. They can help you to find the perfect property and make sure that the buying process goes smoothly.