Latest trends for the Chester housing market in September 2024

Key Takeaways:

• Average house price in Cheshire West and Chester rises to £273,000
• Private rental costs increase by 7.2% year-on-year
• First-time buyers face an average price of £225,000

Are you curious about the latest developments in the Cheshire West and Chester housing market? As your local property experts, we’re here to break down the most recent data from the Office for National Statistics (ONS). Let’s dive into what these numbers mean for homeowners, buyers, and renters in our area.

House prices continue to climb

The average house price in Cheshire West and Chester reached £273,000 in June 2024, marking a significant 4.9% increase from the previous year. This growth outpaces the North West region’s average increase of 3.7%, indicating strong demand in our local market.

Property type breakdown:

• Detached homes: £428,000
• Semi-detached properties: £264,000
• Terraced houses: £208,000
• Flats and maisonettes: £145,000

Rental market heats up

If you’re a landlord or tenant, you’ll want to know that private rental prices have also seen a substantial rise. The average monthly rent in Cheshire West and Chester now stands at £855, up 7.2% from July 2023. While this increase is significant, it’s actually lower than the North West average of 9.5%, potentially making our area more attractive for renters.

First-time buyers and mortgage trends

First-time buyers in our area are now looking at an average price of £225,000, a 5% increase from last year. For those buying with a mortgage, the average house price is slightly higher at £281,000.

What does this mean for you?

Whether you’re looking to buy, sell, or rent in Cheshire West and Chester, these trends have important implications:

• For Sellers: The market remains strong, with prices continuing to rise. It’s a good time to consider listing your property.
• For Buyers: While prices are increasing, they remain below the Great Britain average of £291,000. Acting sooner rather than later could be beneficial.
• For Renters: With rents rising more slowly than in other parts of the North West, Cheshire West and Chester remains an attractive option for tenants.
• For Investors: The combination of rising house prices and increasing rents could present opportunities for property investment in the area.

Looking Ahead

As your local property experts, we’re here to help you navigate these market trends. Whether you’re looking to buy, sell, or rent, our team has the knowledge and experience to guide you through the process.

Want to know more about how these trends affect your specific situation? Contact us today for a personalised consultation.

Get in touch with our team for expert advice on your property journey in Cheshire West and Chester.

Data source: Office for National Statistics, UK House Price Index and Price Index of Private Rents, released August 14, 2024