Read the National newspapers, and they talk of doom and gloom in the British housing market with such things as strained buyer affordability (as property prices have increased over the past six years at a far faster pace than average salaries), a lack of new properties being built and the Brexit uncertainties over the last two and half years being blamed for the slow down – yet in the last 12 months, people have still been moving, buying and selling in Northwich at levels similar to the last six years – something tells me we have a case of ‘bad news selling newspapers’.

So instead, let me share with you what, exactly, is happening in the Northwich property market, and more specifically, who is moving and why in Northwich. In the last twelve months most of the property sales in Northwich were semi-detached properties, which sold for on average £174,600. Detached properties sold for an average price of £338,600, while terraced properties fetched approximately £143,200.

In Northwich, in the homeowner sector in 2018 (i.e. owner occupation), 492 households moved within the tenure (i.e. sold the home they owned and bought another one) and 96 new households were created (i.e. they moved from living with family/friends and bought their first home without privately renting).

What does this mean for Northwich buy to let landlords? Well looking at the graph, it appears bad news for landlords. There were 229 households that moved into the home owning (owner occupation) tenure from the private rented sector, whilst on the other side of the coin, 180 Northwich households moved to the private rented sector from owner occupation … which appears on the face of it, a reduction in the private sector.

My research has calculated that in 2018, an additional 238 new households in the Northwich private rental sector were created …and it will continue to grow at those levels for the foreseeable future.

I have one final thought and opportunity for you Northwich property investors. 118 owner occupied households in Northwich sold in last year where the homeowners had passed away. These properties can be a potential goldmine and offer great returns. The reason being is some members of the older generation who have owned these homes for decades have spent money on high capital items (double glazing / central heating etc.) but not spent money on more superficial low-ticket items such as up to date carpets, kitchen, bathroom and decorating (vital if you want to sell your property for top dollar). These properties can often be bought cheaply because most buyers can’t see past the avocado or brown bathroom suite from the 1970’s and the dated decor, so if you were to buy wisely and do the works, you could sell it on for a healthy profit.

So, whatever is happening in the world with Brexit, Trump, China, and the Stock Market … the Northwich housing market is in decent shape for the medium to long term. If we do have small corrections in values in the next 12 to 18 months, in the long term, house prices have always returned … and returned with vengeance. Like I say to anyone buying a property, be they a first time buyer, landlord or homeowner … property is a long game … and if you play the long game, you will always win (although isn’t that true in most aspects of life?)

Ian
07501723253 / ian@storeysofcheshire.co.uk

Copyright 2021 Storeys

Therefore, I promised that I would compare the average number of properties sold by the actual number of properties on that street, to find out the streets whose owners proportionally moved (or sold) more often than the rest of the locality.

To give some foundation to the article, in 2017 Northwich homeowners had, on average, lived at their existing address for 17 years and 6 months.

However, when I looked at the difference between homeowners with and without a mortgage; Northwich homeowners without a mortgage had lived in their Northwich home for an average of 23 years and 9 months compared with 10 years and 1 month for homeowners with a mortgage.

Interestingly, Northwich’s Cheshire West and Chester Council house tenants have on average resided at their present home for 11 years and 4 months, whilst finally for those who rent from a private landlord, tenants generally have lived in their property for an average of 3 years and 11 months (up from 3 years 5 months only five years ago).

The CW8 street in the top 25 saleable streets with the highest number of households on it is Chester Road, which has 522 residential addresses (including surrounding villages).

Yet since 1995, only 510 properties have changed hands (some multiple times!)  .. which means the street’s saleability or churn rate is 97.7%.

However, the street or road that has the highest saleability or churn rate is White Hart Gardens … which has 42 households on it, yet since 1995 there have been 107 house sales … a saleability rate of 254.8%. Here is the full breakdown of the top 25 streets

Street (in CW8) The Street’s Saleability

(or Churn) Rate since 1995

White Hart Gardens 254.8%
Rowan Rise 236.6%
Castle Street 190.2%
Burnside Way 190.0%
Hollybank Close 184.6%
St Catherine Drive 170.7%
Solvay Road 170.1%
Gordale Close 165.5%
Huxley Street 156.5%
Romanes Street 148.6%
Moreton Street 146.9%
Mornant Avenue 123.6%
David Street 113.6%
Lydyett Lane 98.0%
Chester Road 97.7%
School Lane 97.5%
Spencer Street 94.2%
Runcorn Road 93.6%
Moss Road 90.5%
Cromwell Road 90.3%
Beach Road 89.5%
Church Road 88.3%
Townfield Lane 82.1%
Norley Road 76.1%
Northwich Road 76.0%

So, as you can see, some interesting statistics and a lot more correlation between saleability rate and property values (unlike the article last time where we compared value to ‘out and out’ raw sales figures).

Therefore, what does this all mean to Northwich homeowners and Northwich landlords?  Well these 25 streets are the best performing streets out of the 697 streets in the Northwich (CW8) area so if you live/own a property on those 25 streets … you are sitting on a very saleable street. If you want to find out how saleable your street is .. please drop me a line and we can discuss this further.

Ian
07501723253 / ian@storeysofcheshire.co.uk

Copyright 2021 Storeys

We wish we could be instantly transported like in Star Trek “Beam me up Scotty to a blissful moved in state”.

Yet the week you move, it’s like an episode from the original 1960’s series Star Trek, when the crew had a transporter accident with an ion-storm sends Kirk and Spock into an alternate reality, where the caring Federation is the merciless Terran Empire, and the USS Enterprise is a warship and chaos eschews!!!

Star Trek aside, when you decide to move and before the stress of living out of cardboard boxes for months descends; first you trawl the portals (Rightmove/Zoopla/On The Market) to find a new house, which out of the hundreds of properties available to buy, you will probably only view around four or five of them, for no more than 20 minutes each.

Then, you will arrange a second viewing of one or two of those initially viewed properties for the estate agency industry stated average of 30/45 minutes maximum (fascinating when you think most people take hours to decide what clothes or shoes to buy but minutes to spend hundreds of thousands of pounds on their next home!).

Then you put your property on the market with an estate agent, find a buyer for your Northwich property, agree a price for both, then instruct solicitors.

The property becomes sold ‘subject to euphuism’ … sorry ‘contract’ … as solicitors and surveyors and mortgage companies pick holes in the paperwork, threatening to wreck the chain at any moment, whilst you can’t get too attached to the property you want to purchase in case the sale falls through … phew – stressful or what??!!Is it worth it? Worth the stress? The brown cardboard boxes? Well many Northwich people think so.

In the last 12 months, 654 families have sold and moved home in Northwich (CW8)

Yet the question I want raise is … do people on certain streets in the CW8 postcode move more often than others? Well, the answer might surprise you. I looked at the Land Registry for the all the property sales going back 23 years (to 1995) in the CW8 postcode whilst also calculating the average value of a property on a particular street/road (to see if there was a correlation between price and moving). So initially looking at the top 10 streets in the postcode, in terms of pure out and out house sales, Chester Road is the winner with an average of 22.17 house sales per year (since 1995) as on the graph below. (This is combination of Chester Road in Northwich, Delamere, Hartford, Sandiway and Oakmere).

And to look at the bigger picture, the table below shows the top 25 streets, with the average value of a property on that street.  As you can see, there is no correlation between the average value of a property and the number of times a property gets sold on that street.

Street Average Value of a Property
On that Street/Road
Average Number of
Properties Sold per Year (since 1995)
Chester Road £321,200 22.17
Runcorn Road £156,823 10.22
Mornant Avenue £284,474 6.61
Solvay Road £97,867 6.43
Northwich Road £193,294 6.35
Lydyett Lane £131,129 6.30
Cromwell Road £164,851 6.09
Burnside Way £185,250 5.78
Huxley Street £99,593 5.78
Castle Street £111,888 5.04
Beach Road £276,696 5.17
Moss Road £226,827 4.96
School Lane £246,540 5.04
White Hart Gardens £222,475 4.65
Norley Road £407,251 4.43
Romanes Street £108,143 4.52
Spencer Street £101,825 4.26
Townfield Lane £154,659 4.39
St Catherine Drive £286,130 4.30
Hollybank Close £125,132 4.17
Rowan Rise £141,392 4.22
Moreton Street £102,511 4.09
Gordale Close £179,226 4.17
David Street £141,241 4.00
Church Road £153,627 3.96

However, I still felt the information wasn’t telling the whole story … some roads in Northwich have many more properties on than others, so I wanted to then compare the average number of properties sold by the actual number of properties on that street, to find out the streets whose owners proportionally moved (or sold more often) than the rest of the locality.

In the next article, (and I promise I won’t mention Star Trek again), I will answer that question in great depth … and the results should (as they did me) certainly raise an eyebrow. The question is … do you live on one the top 25 Northwich most saleable streets in Northwich (CW8)?

Come back to my Cheshire Property Blog for the next article to find out!

Ian
07501723253 / ian@storeysofcheshire.co.uk

Copyright 2021 Storeys