Rising Property Prices in Altrincham
Housing prices in Altrincham, UK has been on the rise for the past few years. For instance, the price of an average house in the market town in 2015 was £430,000. Fast-forward 12 months and the rates of Altrincham homes have gone up to £470,000, which is a £40,000 increase. Moreover, the average house price in the town was £381,675 in 2013; in 2016, it rose to touch £468,955. The national average during the same period was £289,323. The most expensive street in the town is Broadway, where the average house value is close to £2.8m. The housing prices in Cheadle, which is the next expensive area in Greater Manchester to reside in after Altrincham, are approximately £200,000 less expensive than Altrincham. With property increasing securing the right mortgage has never been more important which is why we advise in talking to local Mortgage Adviser in Altrincham like Eddison Wells.
Average Altrincham House Prices Over the Years
The average property value in Altrincham has been on a significant increase from 2013. The property price in August 2013 was £381,675. In 2016, the value stood at £468,955, which is a 23 percent increase in property value over a period of three years. The average property value in 2014 and 2015 was also more than 2013 prices at £420,394 and £428,831, respectively.
As aforementioned, Broadway is the highest valued street in the town. Hill Top, Rappax Road, York Drive, and some other places follow suit. The other most expensive towns to live in the Greater Manchester area beside’s Altrincham and Cheadle are Sale, Stockport, Bury, Manchester, and a few others.
Why is Altrincham So Expensive, Comparatively?
Altrincham is a 724-year old town in Greater Manchester. It’s basically a market town situated in the northern part of England. Originally, the town was part of Cheshire. It’s now the leafiest southern suburbs of Greater Manchester.
The “leafiest southern suburb” moniker doesn’t necessarily mean the town is the greenest of them all, though the place has its fair share of trees, shrubs, bushes, and the likes. However, the thing that predominantly drives the housing prices in Altrincham is the town’s posh status. You would see a lot of home and industry owners, and professionals residing in the place. In fact, the town’s prosperity is almost unmatched outside the south-east.
The town’s popularity can also be attributed to the fact that it’s replete with nice houses, posh shops, good schools, and also some bit of pleasant-looking countryside. The airport is close to the town, but it’s not too close to render the town constantly buzzing with noise and activity. Moreover, Altrincham is only a few hours away from Manchester, and several other places that are known for their football teams. And some footballers call Altrincham their home as well. Long story short, Altrincham maintains a perfect balance between modern and peaceful living.
With so many facilities and amenities to avail and benefit from, Altrincham must be as expensive as London? No! Not even close! Places such as Southwark, Hackney, and Lambeth are still more expensive than Altrincham, and these places represent only 1/10th of the cost you’ll pay to live in London. So you can imagine Altrincham is nowhere near as premium as London. But honestly, this is the reason why Altrincham is so appealing. It is great value for money overall.
On a macro level, Greater Manchester as a county is witnessing tremendous business growth, with its economy widening at a rate of two times the national average. And, as a result, the housing prices in the county are increasing on a whole, with already popular destinations within its fold such as Altrincham benefiting the most.
Housing Prices in 2017
In 2016, house prices exhibited remarkable resilience. The EU referendum outcome’s uncertainty and stamp duty alterations may have been more impactful, but they weren’t. Strong buyer demand and shortage in proper housing have together ensured the price levels remained steady. Though the house prices are expected to keep going up, the rate at which the prices would increase may come down, when compared to previous years.
In other words, the housing market is expected to lose its pace a bit. However, there won’t be any hard landing as such, which is great news for the market in general. In 2018, the market is expected to regain its momentum. So if you’re looking to buy a property in Altrincham or considering getting a mortgage, this is the best time, for your purchase may become more expensive if you do not spring into action by the end of 2017.