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Demand for homes in commuter towns is on the rise in conjunction with house prices. For those who regularly keep up to date with the property market – ‘property price inflation’ comes as no surprise. Since the start of the pandemic, property prices have continued to climb.
The latest data published by Nationwide reveals house prices are rising to the highest level in nearly seven years. Figures show a strong 10.9% annual growth in house prices, from the year to May. Interestingly, despite the economic downfall with many businesses coming to a standstill, the property market is booming. The average house price continues to increase. Over the last year alone, prices grew by £23,930, boosting the average price to a record-high of £242,832.
Robert Gardner, Nationwide’s Chief Economist comments on the upsurge in market activity:
“The market has seen a complete turnaround over the past twelve months. A year ago, activity collapsed in the wake of the first lockdown with housing transactions falling to a record low of 42,000 in April 2020. But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March.”
March witnessed the highest levels of sales transactions due to the strong influence of the stamp duty deadline on the market. The market continues to move with speed with the momentum it gained throughout this year.
Demand Soars in Suburban Areas
Interestingly, a higher number of individuals are looking to move to less urban areas. This directly relates to the growing interest in commuter towns and suburban areas. Property investors are now looking to invest in neighbouring towns rather than cities. The main reason for this is affordability. Investors can acquire a lot more properties in smaller towns – as opposed to acquiring a sole property in the city centre.
The housing markets in neighbouring towns consist of a higher percentage of inexpensive properties. Also, those with smaller budgets benefit by stepping onto the property ladder or into the world of property investment much more quickly. Albeit the lower prices, rental demand in towns is still high. Therefore, the prime location for property investment. Our latest developments are situated in the towns of Brighouse and Woodhouse.
Brighouse | Calder House
Brighouse is a vibrant market town strategically located in West Yorkshire. What really sets Brighouse apart, however, is its extraordinarily central location to many major towns and cities in the north of England. The town sits conveniently just off the A62 and is only a 20-minute drive to the ever-growing cities of Leeds and Bradford. Residents can easily commute to the northern powerhouse, Manchester in just 40 minutes. This brilliant location allows workers based in Brighouse to enjoy lower house prices than its larger neighbours but offers the chance for easy commuting where necessary. Find out more.
Woodhouse | Brockwood Park
Brockwood Park is a beautiful completed development, located in the traditional suburban town of Woodhouse. Only a 15-minute drive and 10-minute train journey from Sheffield city centre. Brockwood offers buyers the chance to own high specification property at an affordable price close to the ever-growing capital of South Yorkshire. As well as having all the typical local amenities on its doorstep, Brockwood is situated close to the popular Crystal Peaks Shopping Centre and Drakehouse retail park which attracts over 11 million visitors a year.
Since the wake of the pandemic, outdoor space has become increasingly important to many homeowners. People are now shifting their focus to homes closer to country reserves and parks. Research shows that nearly 50% of renters are seeking homes closer to outdoor gardens. Unfortunately, city centres do not offer the same standard of outdoor space suburban towns do. As a result, the demand for property in Sheffield’s commuter belt has soared. Invest in Woodhouse today.
If you have never considered investing in a commuter town, maybe now is your chance. Why not get in touch with one of our investment consultants today?
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