Should you sell or should you buy in this most interesting Marple property market?
I have calculated that at least 16 Marple house sellers have rented a home to break their house chain in the last 12 months, although at a cost as they face paying many thousands of pounds in rent.
There are a number of reasons behind this. One is because they cannot find another Marple property to buy amidst a continuing shortage of new Marple properties coming to the market. Although, there are others who have achieved such a high price for their home they have decided to cash in and are (hopefully for them) waiting for the Marple property market drop?
Or will it drop? (More on that later).
Those selling their home have seen the…
average Marple home rise in value in the last 12 months by £29,400.
Yet, if they have had to go into private renting, they have paid for that privilege in the rent they have had to pay.
The average cost of a six-month rental agreement in Marple is £7,159, meaning accidental Marple tenants have pumped £114,539 into the Marple rental market in the last 12 months.
The unevenness between the number of properties for sale and demand for them is at its widest since the early 2000’s. Whilst we have seen a slight improvement in the number of properties for sale in Marple, there are still…
40% fewer homes up for sale today in Marple, compared to August last year.
This serious shortage of Marple property for sale is discouraging some hesitant Marple homeowners from putting their property on to the housing market, anxious they will not be able to find their next home and will be left renting.
Yet some savvy Marple homeowners are moving into a rented property as a way to navigate the shortage of properties to buy. If you have someone offering you top dollar for your Marple home, whilst you will have the hassle of two moves, the increase in value of your Marple home will more than offset the rent.
Also, when you come to buy your next Marple home, you will be chain free and in pole position to buy your ‘forever home’, rather than being overlooked for the home because you are sold stc and burdened with a chain.
Yet this trend has made life tougher for long-term Marple tenants.
On average there were normally 10 to 20 properties available to rent in Marple on Rightmove at any one time (pre-pandemic), today there are only 5 available.
To give you an idea of how this has affected the Marple rental market, with heightened demand and lower supply, demand for rental properties has grown to such an extent…
the average rent in Marple has grown from £1,193 per month a year ago to £1,248 per month today.
Tenants are suffering from less choice and higher rents in the Marple property rental market, with few indications it’s going to significantly ease on the run up to Christmas.