If you’re not keeping a close eye on the Leigh property market at the moment and you own rental property in Leigh then you could be in for a pleasant surprise when you get it valued. I bumped into a client of mine last week who has a couple of flats that we manage for him and he wanted to know if he could re-mortgage to get a bit of money out so he could buy another. He was astounded when I helped him to work out the value of his current properties and this is a real indicator of what’s gone on in the last 12 months.
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According to Mouseprice.co.uk if you look at the average asking price now against the average asking price 12 months ago you may well be very surprised too. The average asking price for flats in Leigh was £202,341 in Feb 2014 and now,12 months later, it is £277,921. This is an incredible increase of 37%. but Terraces property have not seen as much of a increase increase only 28% going from £260,237 to £333,465 in the space of 12 months.
| Feb 2014 | Feb 2015 | Change | |||
| Detached | £454,146 | £450,812 | -1% | ||
| Semi | £327,898 | £359,588 | +10% | ||
| Terraced | £260,237 | £333,465 | +28% | ||
| Flat | £202,341 | £277,921 | +37% | ||
| All | £331,971 | £357,772 | +8% | ||
also very impressive is the average asking price for a semi-detached property has increased 10% in the last year and I was quite shocked to see that the average asking price for a detached house increase so much to 35% it was ££247,238 12 months ago and now a brilliant £332,842 Had you only looked at the first 6 months of 2014 it would have been a different story as detached houses were showing a small increase of only 4% over the last year from £338,555 to £352,661.but still a great performance.
Let’s go back to the flats and terraces. When researching the increase in asking price by number of bedrooms I found that the average asking price for a 1 bed property increased 20% in the last 12 months from £122,926 to £157,742 whereas the average asking price for a 2 bed property increased 23%. below is a chart of the latest stats for Leigh on sea as of the end of February 2015.
Summary of Properties for Sale in SS9
| Total properties for sale in SS9: | 297 |
| Properties for sale in SS9 listed in the last 14 days: | 49 |
| Average* price of properties for sale in SS9: | £361,736 |
| Median* price: | £325,000 |
| Average time on market (ToM) of unsold property in SS9*: | 100 days |
| Median time on market (ToM) of unsold property*: | 50 days |
The best yield in Leigh can often be found on the 1 bed flats however according to the above figures the better growth would be on the 2 bed units regardless of whether they are flats or houses. So what do you go for? The yield or the potential growth?
If you’re considering an investment property in the local area then give me a call on 01702 477754. There is no one-size-fits-all option with property and everybody has a different priority or reason to invest. I’m happy to take the time to help work out what is best for you. I don’t charge for my time and I don’t try to sell you my Letting service during this process. I know from experience that the information I offer is valued by my clients and when they buy a rental property they often return to ask me to market it for them.
If you'd like to know more about me just pop in to see us at 91 Broadway west, Leigh on sea. the coffee will be waiting.
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