Chester Property Market: Which homes are selling the best?
Those of you that read my articles on the Chester property market know I like to look further afield to compare the Chester market with the regional and national markets. The one thing that is immediately apparent is that the UK does not have only one property market.
House prices are up in one region of the UK, yet down in another. It is like a mosaic of numerous small property markets all performing in different ways.
That got me thinking…
Is there just one Chester property market, or many?
So I decided to dive into the dynamics of the Chester housing market to see if it operates as a singular entity or if the diverse price ranges significantly influence a property's saleability.
This curiosity stems from the observation that properties, much like a spectrum, range from modestly priced to premium priced. Such variations in pricing could potentially carve out distinct segments within the market, each with its own trends and buyer behaviours. I decided the best way was to split the Chester property market into four equally sized distinct price ranges, each representing a unique slice of the market.
Imagine the range of house prices as a four-layer cake
The lowest quartile forms the base layer, representing the most affordable 25% of homes - these are typically the most accessible for first-time buyers and buy-to-let landlords. Next up is the lower middle quartile, the second layer, encompassing properties priced between the 25th and 50th percentiles. These homes offer a step up in features, style or location while remaining within a moderate price range.
Ascending further, the middle upper quartile, the third layer, includes homes priced between the 50th and 75th percentiles, appealing to buyers looking for more amenities or premium locations. At the top sits the upper quartile, the cream of the crop, representing the most expensive 25% of properties in Chester. These homes are often luxurious, boasting high-end features and coveted locations, and are sought after by those who desire the best the market has to offer.
By segmenting properties into these quartiles, we gain insight into their saleability and can tailor strategies to target buyers effectively within each segment.
The best performing price ranges/quartiles in Chester are the lower quartile and lower middle quartile markets, with the upper quartile (the top 25%) range finding things tougher.
Market Analysis Results
From analysing the Chester property market, it's clear that the dynamics are multifaceted and cannot be neatly categorised under a single umbrella.
The market's behaviour is akin to a kaleidoscope, with each turn revealing a different pattern based on the price segment. This diversity in performance across various price bands/quartiles is indicative of a market that caters to a wide spectrum of buyer preferences and financial capacities.
The most illuminating insight from this investigation is the relative success of different price quartiles.
The lower and lower middle quartiles have shown remarkable resilience, with a high percentage of properties going under contract.
This trend likely reflects a robust demand from first-time buyers and investors
In contrast, the upper quartile, representing the most expensive homes, faces a more challenging landscape. With a lower percentage of homes sold, this segment could be experiencing a slowdown, possibly due to its limited buyer pool or the broader economic factors affecting higher-end property investments and underlines the need for realistic pricing.
This disparity in market performance underscores the importance of understanding Chester's property landscape through a segmented approach.
By recognising the unique characteristics and demand drivers within each quartile, estate agents, buyers, and sellers can make more informed decisions.
As a Chester estate agent, this insight into the local market's nuances not only enhances our ability to advise clients but also reinforces our commitment to providing tailored solutions that resonate with the diverse needs of the Chester community.