The Housing Market in Stoke-on-Trent
According to the most recent census returns the population of Stoke-on-Trent is 249,000 and Newcastle-under-Lyme around 120,000. The housing market in Stoke-on-Trent is broadly replicated across “The Potteries” – which includes Newcastle and the surrounding areas.
Local housing stock is predominately late Victorian and Edwardian, traditionally in the style of an extended “workers terrace” – two up/two down with single storey extensions to the rear with a kitchen and bathroom, leading to a small yard or garden.
Semi-detached properties from the mid-20th century also form a significant chunk of the local stock. Most frequently properties are two or three bedrooms.
There are, however, pockets across the city of more substantial period property, generally located on the outskirts of the six towns that form the City of Stoke-on-Trent.
A number of the most recent developments of large, modern, housing estates were built on redeveloped brownfield sites following the closure of traditional industries such as the steelworks at Etruria and the coalmines of Trentham Super Pit. The previous government’s “Path-Finder” programme saw the demolition of numerous residential communities, although little was ultimately built to replace them.
The market for flats is relatively small and there are few city centre apartments as were often built in other northern cities over the past 20 years.
The Market Recently
Like all parts of the country, the housing market in Stoke was hit by the global crash of 2008, although generally the impact was less dramatic than much of the UK as house prices were already low. The market has shown steady but gradual improvement across the area since 2012.
Houses have generally sold more quickly since January 2014 with the median time before sale falling to below 200 days by 2015.
The average asking price rose by around 9% over 2016 -17 and are now well above the average prices of 2007.
The area has not yet seen any sign of the recent market decreases experienced in London – in fact it appears external investment is continuing to drive the north Staffordshire market during 2018, particularly at the auction houses. We expect the market to rise by around 3% over the next year.
Stoke-on-Trent still remains in the top 20 cheapest places to buy property in the UK for 2019.
The rental market in Stoke and Newcastle remains strong with two bed terrace houses across the region attracting rents of about £425 – £450 per month. Property of this kind can be bought from around £50,000 or less dependent on location and condition. Similar houses in specific areas – such as Penkhull, close to the new university hospital which employs over 7,000 staff – often sell for £105 K +, but enjoy greater rental returns.