Stockport House Market: What to Expect in 2023 tips, South Manchester property guide, Cheshire homes advice
Stockport House Market: What to Expect in 2023?
17 July 2022
As soon as the new financial year starts, most estate agents start their research to give a preview of what to expect in 2023 when it comes to the Stockport House Market.
However, certain patterns are real between present-day and future trend predictions for the Stockport House Market, which can give us an idea of how the future will affect this particular suburb’s real estate markets.
For one to understand what kind of housing supply we can expect in the Stockport House Market by 2023, it is important to look at the current trends and forecasts:
Improved Transport Links
One of the biggest changes that Stockport House Market will see is an improved transport system. Such will lead to better accessibility and more visitors, especially those who live outside the borough.
For instance, the new tram line will link directly to the market, while the railway station will also be upgraded and expanded. The new tram service will provide more convenient access to the market.
The tram journey from Bramall Lane to Stockport Park and Ride takes just under 10 minutes, so it’s an ideal way for visitors to get around without having to struggle with traffic congestion or parking issues.
The new tram line opens in 2023 and is expected to create over 1,000 jobs during its construction phase alone. It also provides a vital link for commuters who want to travel from Greater Manchester into Stockport town center without needing their car.
More Luxury Developments
With the growing interest in Stockport House, developers are expected to continue to focus on the area. More luxury developments will emerge in the area. Estimations indicate that there will be a total of 4,000 new homes in the area by 2023. The development will include both affordable and high-end homes.
Notably, there are plans to build a new master plan for the area, including a mix of houses and apartments. Such will likely attract more people who want to live in the area and invest in real estate.
Many new buildings are under construction in Stockport House Market. They will be modernized and refurbished over time to make them suitable for businesses that want to relocate from other areas in Greater Manchester or even from London itself.
That means you can expect more high-quality buildings to come up soon, which will surely attract more businesses into this part of town.
House Prices to Continue Rising
The Stockport House Market will increase by 9.86% in the next five years. The current house price in Stockport is £99,939, and the average property value in this area stands at £112,427.
House prices have been rising quickly over the past few years due to an increasing number of new homes and a steady rise in property demand.
However, certain factors can affect house prices, such as interest rates, which will likely affect house prices negatively over the next few years. Ensure to consult Stockport conveyancing solicitors such as AVRillo for better deals.
Supply and Demand
The following is a look at some of the key factors which will affect housing supply and demand:
- Age distribution – younger people are more likely to move home than older people, so that we can expect an increase in demand for younger properties, especially during their first few years of ownership.
- Size of properties – larger properties tend to be more expensive than smaller ones so we can expect an increase in demand for larger homes over time and an increase in demand for smaller ones.
- Location – locations with good transport links are likely to attract families who want easy access to schools, community facilities, shops, restaurants, and other amenities.
Stockport House Market In Summary
By this time next year, will the market be as vibrant as it is now? Given what we’ve seen over the past few years, it’s likely that prices will continue to rise.
But, in time, we expect to see new properties come onto the market, enticing families and other buyers looking for more affordable options.
Pricing trends may shift upwards once again at that point, but there will still be decent house-hunting opportunities for prospective buyers who are willing to keep an eye on a changing real estate environment.
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