We’ve seen it all in the Chorlton and Old Trafford property markets. People have come and gone, homes have been bought, families have moved in, children have moved out and empty nesters have been born. But one ever present reality in the Chorlton and Old Trafford property market is the relentless march of house price growth, much to the benefit of local residents.
The first reason any homeowner in Chorlton and Old Trafford should be excited, is that their home may be worth a lot more than they think. There’s a lot of doom and gloom in the papers at the moment when it comes to the housing market. Yet the hard reality is that average prices here are now 221.4 per cent higher than they were in 2000, and have grown 29.2 per cent just since the credit crunch.
Next, is the growing desirability for our beautiful area. House price growth depends on a ‘dynamic equilibrium’ of supply and demand. While there has been some house building, the ever-broadening appeal of the area means that demand still outstrips supply and house price growth looks very sustainable as we go into the next housing market cycle.
Finally, comes the future. Standing as we are on the cusp of another housing market cycle, house price growth is likely about to ramp up significantly. That means anyone moving now stands to gain the most from the next cycle. If you’d like to know more about the Chorlton and Old Trafford market, just pick up the phone as we would love to help.