News & Updates | Page 14 of 43

The Rugeley Property Market  and the importance of realistic pricing (if you want to sell) The UK's property market landscape has experienced a significant shift over the last couple of years. In October 2021, there were 424,809 properties for sale in the UK. That now stands at 664,780, a rise of 56.5%. Looking at the number of property sales in the UK in October 2021, 111,229 properties were sold subject to contract (stc). In October 2023, that figure dropped to 88,737 properties sold stc, a reduction of 20.3%. Yet, then I thought to myself, this drop in property sales could have just been an October 2023 thing, so I looked at the year to date (YTD) figures for both 2021 and 2023. Looking at the number of property sales, the number of properties sold stc by the YTD to the end of 31 st  October 2021 in the UK was 1,252,108. YTD to 31 st  October 2023, the number of property sales reached just 933,690, a reduction of 25.44%. With the number of properties coming on to the market for sale in the UK increasing, contrasted against a decline in house sales, we find ourselves in a peculiar environment regarding the property market.  

The consensus among economists and the wider public is clear: the remarkable ascent of Rugeley's property prices over the previous twelve years has reached its peak and is now starting to drift downwards. Major national publications splash headlines filled with pessimism about the UK housing market, citing issues such as buyer affordability caused by challenges with average salary growth not keeping up with inflation, higher interest rates also hitting buyer affordability, and the hangover of the pandemic making recruiting people hard work. However, these gloomy projections don't seem to resonate with the fact that Rugeley's property market activity in the past year closely mirrors that of 2017/18/19.  

The town of Rugeley has witnessed a profound transformation in its housing landscape over the last few years, and the surge in private renting has led to significant debates about the morality of the buy-to-let market. Let us look at the current statistics compared to 40 years ago to show the seismic shift. Looking at our local authority area of Cannock Chase Council.

In an age of soundbites and sensationalism, the UK property market—particularly here in Rugeley—often finds itself misconstrued by general narratives. While we cannot ignore the challenges of increasing mortgage rates and shifting buyer preferences, it is vital to appreciate the broader context to understand what's happening in the Rugeley property landscape. The UK housing market is currently at a crossroads, characterised by its lowest house price growth since 2012. High mortgage rates are making a significant dent in market activity, affecting everything from buyer demand to the volume of property sales. Rugeley properties are still selling but not at the rate or level they were in 2021. Therefore, correctly pricing your property for sale cannot be underestimated. Let me explain why, then the reasons behind the current state of play nationally, and finally, the exact story of what is happening now (and in the future) in Rugeley.

Are Rugeley Landlords Profiteering? The private rented sector for both Rugeley landlords and Rugeley tenants is facing immense challenges, with a shortage of available homes for rent putting renters under significant pressure. And you can see why when the average UK rent in 2021 was £1,381 and in 2023 it has been £1,706, an increase of 23.53%. Let’s look closer to home in the Rugeley area.

Call me old-fashioned and nostalgic, but I am fond of terraced houses. I've conducted some research that my fellow readers of the Rugeley Property Market Blog will find intriguing!