Our local market
Property prices in Altrincham are more than double the average for the region as a whole. Over the last year, the average sale price in Altrincham was £293,000 compared to £141,000 across the North West. The rate of activity has increased too, with a 3% rise in the number of transactions.
Altrincham is an affluent commuter town, which together with its surrounding villages, offers a wide range of housing types. The suburbs are largely characterised by semi-detached homes popular with families, within catchment of the excellent primary and grammar schools (Altrincham Girls, Altrincham Boys, Loretto). Closer to the town centre, two and three bedroom period terraces appeal to young professional couples, often upsizing from city centre apartments in Manchester.
Work started on the £70 million regeneration of the town centre this year which should increase Altrincham’s appeal to buyers in 2017. The development of Altair will deliver 150 new apartments and town houses, with 59 apartments in the first phase, offering an attractive alternative to Manchester city centre.
The bigger picture
The UK housing market has proved resilient since the EU referendum, supported by economic performance that has exceeded expectations. However, official Brexit negotiations are yet to begin and financial markets are still unsettled by the uncertainty. Activity rates across the housing market are more subdued than a year ago, mortgage lending is down and, as a result, transactions have dipped by 8.2% (HMRC). The lack of available stock however, has supported house price increases at both national and regional levels.
Meanwhile, a pick up in the availability of finance to homebuyers and continued low mortgage rates could boost transaction levels at the beginning of 2017. This, combined with low stock levels and signs of improved demand, is likely to exert some upward pressure on prices in the short term. But there is a risk that a weakening economy could undermine demand and prices. As such we are forecasting a price fall of 0.25% in 2017.
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