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Chester Annual Housing Market Index
CHESTER ANNUAL HOUSING MARKET INDEX
December 2008
HIGHLIGHTS:
• The average price of a home in Chester in 2008 currently stands at £200,913* - down 0.8% on figures recorded by Land Registry at the end of 2007
• The average price of a home in Chester at the end of 2007 was £202,523, showing an annual increase of 4.5% since 2006 - up from £193,696
• Apartments have dominated the housing mix in Chester in recent years, comprising around 30% of all property sales since 2000 - 32% in 2008
• Semi-detached homes have lead the way for price growth in Chester, recording the only increase of 2008 and rising by over 140% since 2000
SUMMARY
Following many years of robust growth, the Chester property market has recorded a decline in 2008, although this has been far less substantial than in other areas of the UK. The average house price has decreased by 0.8% so far in 2008, following an increase of 4.5% between 2006 and 2007, and strong year-on-year growth since 2000 (99%).
The number of home sales reached their peak in Chester in 2006, buoyed by a surge of apartment sales. However, sales volumes decreased in 2007 and are likely to end the year significantly lower in 2008.
Prior to 2005, the property mix in Chester was quite evenly spread. However an influx of apartments in 2005 and 2006 resulted in this property type accounting for around 50% of total sales. Prices reached a peak in 2007, and have fallen sharply in 2008 – down by nearly 11%. Semi-detached homes are the only property type to record a price increase so far in 2008.
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Notes for Editors:
Article date: 12/16/2008 12:00:00 AM