Following the investment in Stockport’s regeneration, neighbouring Reddish is becoming more popular with buyers, says Philip James Wilson’s James Armitage.
With millions of pounds of investment being poured into the regeneration of Stockport town centre, the nearby suburb of Reddish is becoming an even more popular choice for home hunters.
Reddish’s ultra-close proximity to Stockport means that it’s already benefiting from the new leisure amenities and commercial developments which will bring in a multitude of new jobs and visitors.
In 2016, Philip James saw an increase of 7% in our selling prices across Reddish, and sold more than £10m worth of property in the area. In addition to this, during 2016 Philip James also achieved an impressive average sale rate of 98.6% of their asking prices.
2017 has already seen a definite increase in buyers and renters searching for a home in Reddish, with the most prime properties having multiple offers and achieving at least their asking price.
Investing in Stockport
Stockport MBC has invested £7 million in the historic market place and the Underbanks, which now have numerous independent traders, as well as the very popular Vintage Village and Foodie Friday.
The £45m leisure development Redrock in Stockport town centre is due to open in November 2017, and has secured restaurant chains Zizzi and Pizza Express, as well as The Light Cinema. The Stockport Exchange commercial scheme next to the train station is now complete, offering new office space and a Holiday Inn Express hotel.
The 5,000 new jobs brought about by these new developments, as well as the draw of the leisure attractions, means Stockport and Reddish are inevitably going to continue growing in popularity.
Rising Prices
In contrast to Philip James own figures Zoopla are reporting that property prices have increased in SK4 (The Heatons) over the past 12 months by 5%, and over five years the prices have increased by 28%. Comparatively, in SK5 (Reddish) Zoopla report property prices increased similarly by 4.5% over 12 months and also by 28% over five years. So wherever you look prices in the Stockport area are definitely on the up!
Ideal for young buyers
In The Heatons (SK4), the average property price is currently £275,000, whereas in Reddish (SK5), the average property price is much lower at £137,000, making it a far more affordable option for young buyers and families.
Our advice to both homeowners and landlords is to buy in Reddish now, before we really see larger price increases in the next few years.
Reddish really does have everything – whether it’s for a first time buyer or a family. The suburb’s rich industrial heritage means there are plenty of Victorian terraces, just ripe for renovation.
Even after the decline of cotton mills, Reddish remained a very popular area on the outskirts of Manchester, with large Edwardian housing in South Reddish, which is incredibly close to the centre of Stockport. And a number of the beautiful mills have been converted into period apartments with plenty of original features.
Well-Placed for Commuters
In terms of commuting, Reddish is incredibly well placed for travelling into Stockport, just a short bus journey, or even a short walk. Commuting into Manchester is just as easy as there are regular buses running from Reddish into Manchester city centre every 10 minutes during rush hours, as well as regular trains from North Reddish train station.
Landlords have always known that Reddish offers a good investment and good year-on-year returns, but we are definitely seeing more interest from people wanting to buy-to-let in the area.
A report by PWC predicted that by 2025, one in four households will be renters as “generation rent” continues to grow, whether that’s due to lifestyle choices or simply through struggling to get on the property ladder.
I live and work in Reddish and am really pleased to see the Stockport areas continually improving and becoming more popular. To best assist our customers we happily offer flexibility in viewing times, with evening and weekend appointments available. Due to our team’s experience, and the abundance of local knowledge there really is no agent better placed to negotiate your sale, and achieve the best possible price for your home.
If you have a property you are looking to let in Reddish please do give me a call on 0161 431 5556, or directly on 07950 266345.
E: James@philipjames.co.uk