As we venture into 2024, it’s crucial for local buyers, sellers, landlords, and tenants to stay informed about the property market in Northwich and Congleton. This overview, using Dataloft data and general property market predictions, will provide valuable insights into the current market and what to expect in the coming year.
Market Overview: Sales and Rentals in the Last 12 Months
In the last year, the Northwich and Congleton areas have seen a subtle yet noteworthy shift in property sales and rentals. The average sales price has experienced a 2% decrease, with the average transaction standing at £215,344. There were a total of 922 property transactions in the area during 2023. Despite this recent dip, there’s been a significant 17% increase in average sales prices over the past five years, highlighting long-term growth in the area.
The rental market tells a different story. The average rent for properties in Northwich and Congleton has risen to £807 per month, marking a 9% increase from the previous 12 month period. Notably, flats comprise 33% of these rentals, fetching an average rental figure of £647 per month, while houses average at £902 per month. Interestingly the average age of renters in the area is 37 years old.
Predictions for 2024: Insights from the Homeowners Alliance
According to the Homeowners Alliance, the property market is poised for changes in 2024. These changes are expected to be influenced by economic factors, government policies, and shifting consumer preferences. The predictions suggest a stabilisation in property prices and possibly more opportunities for first-time buyers.
Impact on Buyers
For potential buyers in Northwich and Congleton, these predictions imply a more stable market. The slight decrease in property prices could be a window of opportunity, especially for first-time buyers. However, it’s essential to stay aware of the broader economic context, including interest rates and mortgage availability.
Impact on Sellers
Sellers might face a more challenging market, with the need to be realistic about pricing and expectations. The key will be to understand the local demand and to market properties effectively, highlighting unique features that appeal to the current buyer demographic.
Impact on Landlords and Tenants
As a Landlord you should note the steady increase in rental prices, which could mean higher yields. However, they must also be mindful of evolving regulations and tenant expectations. Tenants, on the other hand, might see a gradual increase in rental costs but also potentially more choices, as some investors might convert sale properties into rentals, given the market conditions.
Navigating the Market: Strategies for Success
Whether you’re buying, selling, renting, or letting, staying informed and adaptable is key. Engaging with experienced estate agents, like Belvoir Congleton and Northwich, who understand the nuances of the local market, can provide a significant advantage.
Your Property Partner for 2024
As we navigate the coming year, it’s more important than ever to have a trusted property partner who understands your unique needs and the specifics of the Northwich and Congleton markets. Whether you’re a first-time buyer eager to take advantage of stabilising prices, a seller looking to maximise your return in a shifting market, a landlord aiming to optimise your investment, or a tenant seeking your next home, expert guidance can make all the difference.
Belvoir Northwich Lettings Agents is committed to providing you with the latest market insights, tailored advice, and exceptional service to help you make informed decisions in 2024. We’re here to support you at every step of your property journey.
Call the office today on 01606 783599
