Property Market Update - April 2024

#housebuyer #homeseller #firsttimebuyer #property

0:00 Introduction

0:29 Cadishead Market Report

1:46 Irlam Market Report

3:12 Rixton Market Report

4:33 Turog Update

Welcome to my monthly detailed look at the property market for the areas of Irlam, Cadishead and Rixton for the month of April. Are you interested what the markets doing? Then please watch on…

Lets start with Cadishead, there are currently 70 houses for sale in this area, with 19 new listings brought onto the market in April, average asking price for the houses that are currently for sale is £259,473 which works out to £238 per square foot. Moving forward with sales agreed , there were 12 sales agreed with an average asking price of £202,499 that works out at £205 per square foot. Its interesting to see the difference in asking prices to those stats of the ones sold. For me the most interesting stat is the asking prices compared to achieved sales with a 24% drop in these figures. The average square foot is not as severe with a 14% drop for sales agreed. This shows that the current market conditions in cadishead, has houses sellers struggling to achieve a top value. If we go back a month and re-visit march it shows a much stronger scene with an average of £270per sq foot for asking prices and £233 per sq ft for sales agreed. Both figures are much higher than April. Comparing over a 5 year period the month of April saw the following Stats 2019 - £171 per sq ft, 2020 - £85 per sq ft (covid times) – 2021 £173 per sq ft – 2022 £216 per sq ft – 2023 was £252 per sq ft. This shows the growth in the market since covid and also shows the dip in the market we have all seen over the past 12 months. Lets move on to Irlam using the same process.

There are currently 88 houses for sale in Irlam with 21 new listings being brought onto the market in APRIL, average asking prices for the area for houses for sale its £245,713 which calculates to £297 per square foot, surprisingly a lower figure than its neighbour Cadishead. There were 16 sales agreed in Irlam this April with an average asking price of £232,187, calculcated to £293 per square foot. Unlike its neighbour cadishead, Irlams average prices only went down 6% if we compare the average to those houses that sold. Looking at the square footage this only went down 1.3% which is barely anything again if you compare to Cadishead which saw a 14% drop. Comparing over a 5 year period the month of April saw the following Stats 2019 - £190 per sq ft, 2020 - £0 per sq ft (no sales recorded covid times) – 2021 £219 per sq ft – 2022 £283 per sq ft – 2023 was £284 per sq ft. This shows the growth in the market since covid and also shows that Irlam as a whole hasn’t changed much in the last year. So what does this mean, well it shows that Irlam is achieving the prices whereas cadishead may have an element of some houses being priced too high and simple not achieving the figures.Or alternatively the cheaper houses in the area are selling whereas the higher prices one are simple not selling.

If we swing across the border and look on the areas of Rixton and Birchwood. There are currently 59 houses for sale, with 11 new listings, an average asking price of £234,273 that calculates to £293 per square foot. There were 17 sales agreed in April with an average asking price of £194,353 that calculates to £235 per square foot. That equates to a 21% drop in the price per square foot. There were also 13 prices changes in the area, 3 homes were withdrawn and 3 home sellers saw 3 sales fall thru. I would appreciate any feedback on this market report, I have done a deeper dive this month and it would be helpful to know if you would like me to provide even more info or not. Often these types of reports are liked by more analytical people but happy to adjust where needed. I have just written our first Q1 market report for the area and these will be posted out shortly, to make sure you receive one please message me your adresss. Have a great May everyone, il see you again next month.