As a cash house buying service in Stoke-on-Trent, we understand that the housing market can be complex and ever-changing. That’s why we are always monitoring the latest trends and prices in the Stoke area and beyond, so we can provide you valuable insights and information so that if the time comes for you to sell, you can make an informed decision and have a good idea of what we could potentially offer you for your home.
With 2023 in full swing, we thought it would be a good time to check in on the local property market here in Stoke and see how it is fairing compared to the parts of the West Midlands as well as nationally.
Average Property Prices in Stoke-in-Trent
With interest rates going on up on mortgages significantly over the past few months, it was widely reported that house prices could start to tumble, which would be either good news if trying to buy but bad news if trying to sell. However, to date, we have not seen much evidence of this. Here is how property prices in Stoke are looking currently:
- The housing market in Stoke-On-Trent has seen a steady increase in prices over the last year, with an overall average price of £168,059.
- The most popular type of property among buyers in the area were semi-detached homes, which sold for an average of £170,546.
- Terraced properties also saw a fair share of sales, with an average price of £112,580, while detached homes had the highest average sale price of £292,579.
- In comparison to the previous year, sold prices in Stoke-On-Trent have risen by 2%, with a 9% increase from the peak of £153,821 in 2020.
This upward trend in the housing market in Stoke-On-Trent suggests a strong demand for properties in the area, thanks to its affordable cost of living, it is easily accessible to other major cities such as Birmingham, Manchester, and London and continues to offer a good quality of life with excellent schools, healthcare facilities, and leisure activities.
How does this compare to local areas?
With Stoke on Trent’s average prices up 2% year on year, it is interesting to compare this to other local areas to see how it stacks up. After all, looking at just one location will only give us a very narrow view of what is going on in the property market.
In nearby Macclesfield, which is just over the border in Cheshire, 20 miles from Stoke, the overall picture looks a little different.
- The average price of properties was £266,797 over the last year, that’s nearly £100k more than Stoke.
- Unlike Stoke though, the majority of sales were terraced properties, which sold for an average of £204,936.
- Semi-detached properties sold for an average of £289,358, while detached properties had the highest average sale price of £452,158.
- Sold prices in Macclesfield were 4% down on the previous year and 1% up on the 2020 peak of £264,104.
Whilst it is difficult to pinpoint the reasons, perhaps the increase in mortgage rates has made some people in Macclesfield put the brakes on their plan to move which has dented the average house prices slightly. It will be interesting to see how the market fairs as we get further into 2023.
Over in Crewe, there is a slightly different picture once again.
- In Crewe, the overall average price of properties was £210,223 over the last year
- The majority of sales were semi-detached properties, which sold for an average of £184,658.
- Terraced properties sold for an average of £192,698, with detached properties fetching £287,174.
- Sold prices in Crewe were 7% up on the previous year and 14% up on the 2020 peak of £184,009.
This 7% increase in sold prices year on year outstrips the 2% we are seeing in Stoke. Crewe has previously been a hotspot for property developers and investors and it looks like this is set to continue into 2023 and perhaps beyond, attracted by its cheap house prices (compared to other areas) and good transport links.
Stafford, famous for its Castle and the medieval St. Chad’s Church, boasts good schools and healthcare facilities and is considered relatively affordable compared to other major towns in the area. But is this still reflected in its house prices?
- The overall average price of properties was £232,882 over the last year.
- The majority of sales were semi-detached properties, which sold for an average of £215,823
- Detached properties sold for an average of £340,891, with terraced properties fetching £172,250.
- Sold prices in Stafford were 3% up on the previous year and 6% up on the 2019 peak of £219,744.
With a 3% rise, driven by demand for semi-detached properties, it is a similar story to other local towns. It seems that the predicted drop in property prices and sales has not yet materialised, which is great news if you are looking to use cash house buyers such as We Buy Any Home, as the demand for Stoke property is still growing despite all the economic and political turbulence over the past year.
Stoke-on-Trent’s Most Affordable Areas to Live
With only a 2% increase year on year, there are still some fantastically affordable areas in Stoke to live in.
The most affordable places to live in Stoke-on-Trent include the central districts of Hanley and Stoke, the northern districts of Burslem, Tunstall, Middleport, Longport, Stanfield, Bradeley, Smallthorne, Little Chell, Chell Heath and Great Chell, and the southern districts of Fenton, Longton, Blythe Bridge, Blurton, Wedgwood and Trentham.
The central districts of Hanley and Stoke are known for their traditional terraced houses and student accommodation options, whereas the northern districts offer a mix of inner-city and rural areas, with average house prices ranging from £118,000 to £190,000.
In the southern area of the city, known for its traditional pottery industry and good city access, average house prices range from £112,000 to £140,000. For landlords, yields in the ST3 and ST4 postcodes for example typically reach 4%.
As we can see, the housing market in Stoke-on-Trent is currently showing a steady increase in prices. Nationally, according to the Office of National Statistics, average UK house prices increased by 10.3% in the year to November 2022, down from 12.4% in October 2022. It will be interesting to see how the local market fairs as we move further into 2023 and remember, check back here regularly as we bring you more news, blogs and articles on the Stoke on Trent property market and insider tips on the benefits of using cash house buyer services like We Buy Any Home.