How commuting patterns are helping the local property market

 

 

How often we commute to the office and how long it takes each day has major implications on where we all choose to live. While the ever-increasing use of technology has made it easier to work from home, most people living in Britain still take part in the ‘daily grind', with a staggering three-million commuters now spending more than two hours to get to work.
But what does the commuting landscape look like in Preston? The first thing we know is that most people have a commute of less than 10km (57.6 per cent of the total work force). This is the case for most of the UK and probably won’t come as a massive surprise. The second most common commute is 10km to 29km which accounts for 19.4 per cent of the total workforce in our area.

 

Those thinking of buying a property in Preston will want to consider its proximity to local transport. However, with house prices sitting 15 per cent lower for every five miles you move away from a station, the temptation to find a home further afield is certainly strong. The prospect of getting more bang for your buck will make sense for less frequent commuters.
Longer journeys won't be disappearing anytime soon, but we do expect the number of commutes in England and Wales to reduce slightly over the next five years with more virtual offices and technologies like Google Hangouts and Skype. Why don't you pop into our office so we can advise you on all things property, whether buying, selling or renting.

 

The fact that 57.6 per cent of local buyers travel less than 10km to work influences the local market a great deal

 

 

 



How Long To Find A Buyer
 

I had a Landlord call me the other day. She said she had been following my blog (the Preston Property Market Blog) for a while and wanted to pick my brain on when is the best time of the year to sell a property. Trying to calculate the best time to put your Preston property on the market can often seem something akin to witchcraft and, whilst I would agree that there are particular times of the year that can prove more productive than others, there are plenty of factors that need to be taken into consideration.

What does the future hold for house prices in Preston?

What does the future hold for house prices in Preston?

There have probably never been more factors at play in the UK property market than there are right now. The national market is pausing for breath as it reaches the end of the cycle which started with the credit crunch. 2016 saw stamp duty changes as well as the Brexit vote, and the impact is very much still being felt. The result of the election has added to the uncertainty surrounding the economy.
So why are we so bullish about the market in Preston? Well the data shows us that in the second half of 2016, sales levels were 17.6 per cent higher than the first half, which is even more impressive when we account for the stamp duty rise in April of that year. Based on market trends, we expect the price of the average home here to reach £162,800 by the end of 2018.

Projecting future price trends is never straightforward. The construction of new homes impacts on this heavily; residential developments will often increase the value of other properties in the area due to the way valuers use 'comparables'. Other important aspects they consider when determining the future value of property are upgrades to travel networks and new businesses opening in the area.
The future looks bright for the local property market; now is the time to think about getting on it if you're not already, especially while interest rates remain so low. If you would like to sell your property, pop into our office for a friendly chat with one of our local experts. We’d love to help. Alternatively, find us on social media.

Based on market trends, we expect the average price of a local home to reach £162,800 by the end of 2018.

 

Source: ResiAnalytics, Office for National Statistics and Land Registry © Crown copyright 2016. Note: Dotted lines indicate estimates based on historical patterns.