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A Stumble But No Fall For Chester Property Market
A STUMBLE, BUT NO MAJOR FALL FOR THE CHESTER PROPERTY MARKET
Chester is well positioned to weather the current property market storm in 2009, recording only a marginal fall in property prices during 2008, says Email4property.co.uk, the largest online network of local estate agents.
In its monthly regional house price index, Email4property.co.uk indicated a resilient housing market in Chester, buoyed by its appealing local culture and dynamic economy.
Chester has long been a draw for tourists and day visitors, but its increasing popularity among home buyers was underpinned by a major increase in property supply between 2005 and 2006. Prices reached their peak in 2007 and have only dropped by 0.8% so far in 2008*.
Apartments have suffered the most from the credit crunch, with the average price falling by 11% from the end of 2007. Larger, family properties have held their value better in the current climate, with semi-detached homes recording a 5% price rise this year.
Steven Lees, Head of Marketing for Email4property.co.uk, comments: “Chester has soared in popularity in recent years, becoming one of the most desirable addresses in Cheshire, if not the North West. The city boasts a dynamic local economy, generating much of the region’s employment and wealth, thanks to its significant tourist appeal and major business presence.
“The location is also highly desirable, with its proximity to the coast and picturesque Cheshire countryside, as well as good links into Liverpool and Manchester city centres.”
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Notes for Editors:
Article date: 12/16/2008 12:00:00 AM