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March 3,2008
 Amid all the doom and gloom and property blues, the sun is beaming down on the bomb-proof parts of the North. “Even if the worst property crisis ever to hit in the history of man happens this year, people will still want to live in Chepstow House and the Century Buildings in Manchester,” says Stephen Hogg, a partner at King Sturge Residential in the city.
It is the same across the North. There are thriving pockets of prosperity, or “micro-markets”, in Cheshire, the Lake District, North Yorkshire and well-connected suburbs and small towns around the major cities. Sellers might have to adjust their expectations a little, but - whatever happens - buyers will still want to live here.
Such bomb-proof spots are not characterised by recent sudden price rises, which can indicate either a local market catching up with its neighbours or the sudden influx of new housing; nor necessarily by predictions of price rises, which tend to highlight places where significant growth is still feasible (in Liverpool, for example, singled out by the Halifax estate agency recently as a “hotspot” for 2008, there is plenty of scope, especially in the city centre).
No, we are talking about established residential favourites that offer attractive surroundings, period properties, a lack of supply (sometimes boosted by new-build planning restrictions, such as in Wilmslow, Cheshire), strong population growth and inward migration, outstanding local education, proximity to airports and motorways, fast rail links to London and decent shops.
To put it bluntly, the four major indicators of the bomb-proof North are: nice scenery, good commuter links, a thriving student population and old-fashioned glitz.
The scenery factor
Sellers of prime properties in the Lake District often have to wait months to find a buyer - but they rarely complain, as those buyers (usually southerners looking for second homes) have deep pockets. “Larger properties, with four bedrooms and upwards and lake views, priced at between £2million and £3 million, are what most people are looking for,” says Colette Higgins-Keane, a senior negotiator at Carter Jonas in Kendal. “Because sellers know that a buyer will come along eventually, they are prepared to wait for the highest offer on their asking price.” The phenomenon is common throughout Lakeland Cumbria, but especially in popular locations such as Windermere, Ambleside and Grasmere, she says.
Across the Pennines in North Yorkshire, the most sought-after scenic villages, according to Tim Waring, a partner at Knight Frank in Harrogate, are Kirkby Overblow, Sicklinghall, Harewood and Linton. “Good, traditional family houses in a village or country setting are what people want,” he says. “They are looking to spend £750,000 to £1.5 million.”
The commuting factor
Recent research by the Halifax identified Wetherby in North Yorkshire as having one of the fastest-growing rates of popularity in the North. “There is a wide choice of stock,” says a spokesman for the Halifax, “but the key attract-ion of Wetherby is its proximity to the A1.”
Tim Waring identifies the town - where the average price of a detached house is £309,370, according to the Land Registry - as one point of Yorkshire's “Golden Diamond”, the others being Leeds, Ilkley and Harrogate. “This is pure Leeds/Bradford commuter belt.”
Around Manchester, Didsbury still looks like one of the safest berths for families, who are attracted to the large Victorian and Edwardian properties that sell for an average of £286,016. “Places with the tram link into Manchester, such as Didsbury and Altrincham, will be in the best position to hold their values,” says Stephen Hogg at King Sturge.
The student factor
Lots of students means a high population, plenty of churn and the associated benefit of academics and support staff who seek good-quality homes. Durham has a double whammy: stunning university architecture and a generally affluent student population with parents keen to invest in buy-to-let. Prices are relatively affordable: the average cost of a property here is £115,645. Between 2001 and 2006, Durham recorded the highest property price growth of all the top-performing student towns in the UK, at 122 per cent, according to the Halifax.
Lancaster has emerged as the surprise success among academic towns. Prices have crept up these past few years without anyone really noticing - until now. Expect to pay £155,668 for a student-suitable property, according to the Halifax. Proximity to the ultra-expensive Lake District should help to maintain the trend.
Many northern agents agree that student tenants are part of the solution for all those empty city flats. “Pick the best-quality schemes, within easy walking or public-transport distance of the universities,” says Tearle Phelan, head of residential at Knight Frank in Sheffield.
The glitz factor
Cheshire, with its country estates, modern mansions and wealthy business community (plus the odd footballer and his WAG) has never been more fashionable. In the very smartest enclaves, a shortage of stock is keeping the market hungry, says Michael Chapman, the head of residential at Savills in Wilmslow: “I would identify these as Wilmslow, Hale and Prestbury, although there are highly affluent spots elsewhere. We're seeing the most activity in the £500,000 to £5 million market, particularly around £1.5 million. These kind of buyers are not really interested in the market: they are in it for the long term.” Chapman says that two of his properties have already gone to sealed bids this year, and a bungalow plot in Nether Alderley, with several acres and permission to redevelop, went on the market for £750,000 and sold for £1 million.
City-lovers might want to give over-priced penthouses in Manchester city centre a miss. Stephen Hogg maintains that the most consistently sought-after apartments are period conversions in the Century Buildings on St Mary's Parsonage and Chepstow House on Chepstow Street. “These were among the first conversions back in the Eighties,” he says. “They will have been stripped out and redone three or four times since then. Everybody wants one."
Source: http://property.timesonline.co.uk/ |
