We have just updated the property prices section with the latest data from the Land Registry. That brings the total number of sales reported in Alderley Edge for last year to 92, with a total transaction value of £33,482,099.*
Therefore property sales in the village in 2009 did surpass the 75 sales made in 2008 but fell significantly short of 2008's total transaction value of £41,916,950.
In theory this should complete the sales picture for last year but due to a delay on the administrative side some sales from November and December may well be added to the Land Registry at a later date.
2009 started off particularly slowly with only 2 sales registered for both January and February and a disastrous March, which is the only month where no sales were completed in Alderley Edge since records began in January 1995.
The market picked up considerably in April, with 20 sales completed. To put that in perspective the highest volume of sales in a particular month during 2008 was 10.
Michael Chapman, who recently opened an independent estate agents in the village said "Despite early 2009 experiencing drops in UK house prices and transactions in Alderley Edge, there was a distinct change during the second quarter of the year – with average house prices rebounding. In fact, whilst monthly changes have been minimal, according to the Land Registry, the upward theme has been consistent since April in Alderley Edge."
Looking more closely at the sold prices it is interesting to note that the top end of the market was much quieter in 2009 with only four sales taking place over £1 million, compared with 10 sales for 2008. We have been advised that some of this shortfall can be attributed to a number of football players deciding to rent rather than buy.
The ceiling price for last year of £1,550,000 was less than half the figure of £3,250,000 for 2008 and the average sales price for 2009 was well below recent years at £363,936. These figures of course are dramatically effected by the sale of one or two mansions at the top end and it is worth noting that a house on Whitebarn Road apparently sold at the beginning of last year for about £4.6 million. It does not appear on the Land Registry, probably because it was a commercial transaction.*
The Land Registry shows that both 2008 and 2009 were significantly down in terms of sales volume and total transaction value on the previous five years. Our sold prices by date table in the property section provides further insight.
Looking to the future Michael Chapman commented “As we move into the New Year, one of the most prominent challenges facing the market is the imbalance between supply and demand. The increase in buyers has not been matched by the number of vendors putting their properties on the market; and this needs to be addressed to improve conditions over the next 12 months. However, overall, we predict that 2010 will see UK sales prices settling.”
"Taking into account all of these factors, we predict some growth in the sales market of approximately 3% in 2010 if the demand for property out strips the supply."
"If we look to 2010, my biggest concerns for the residential market are the anticipated increase in interest rates, taxation later in the year and also the impact of political uncertainty around the election. These decisions are likely to hinder progress in the market." added Michael.
To see the price paid for any property in Alderley Edge since 1995 visit our property section.
* For details of sales which are excluded from the Land Registry click here.
