12th August 2022
Property prices in Chester: Will house prices keep going up?
Prices around the nation have been steadily on the rise for a while now, and the property market in Chester is no exception, with record levels of demand sending prices soaring.
But can this trend continue? Will Chester house prices keep going up? And what should you do about it?
Why are house prices rising?
There are a number of reasons for rising prices around the country. Large levels of demand for property aren’t being matched by supply. This was exacerbated by the slowdown of new property development during the pandemic.
The pandemic also saw many people reassessing their priorities and looking to buy new homes, downsize, or move closer to family. Right now, demand continues to outstrip supply, which has driven prices around the UK rise to record levels — and this is certainly true in Chester too.
Will Chester house prices keep rising?
With these economic factors in play, house prices look set to keep rising for now. Market experts predict that the recent astronomic rate of growth will slow down, and we’ll see a gentler rise in prices for the foreseeable future.
The post-lockdown world has seen a renewed interest in city properties, which works in Chester’s favour, meaning we ought to expect a healthy property market in Chester for a while to come.
Hoole remains one of the most popular suburbs to live due to its vibrant community and close proximity to the city and rail stations. There is a strong demand for property in Chester’s key areas: Christleton, Upton, Rowton, Waverton and Great Boughton.
Watch our video on Hoole below and why it’s such a great place to live.
Is now a good time to sell?
This is a brilliant time to sell, with many properties attracting record prices. It’s a very healthy market with lots of buyers — both first-timers and those already on the property ladder.
Recent research suggests that more than 50% of market properties are selling at or above the asking price — an all-time high, and a marker of a robust seller’s market.
If you had put selling a property onto your long-term to-do list, it’s well worth getting a valuation now. It might just speed up your plans.
Is now a good time to buy?
While the upward trend is slowing, prices are set to continue rising for a while, which means a property you buy now will continue to accrue value.
More and more properties are coming to market, redressing some of the scarcity of the pandemic years of 2020 and 2021. That means an increasing amount of choice for the buyer.
Looking to buy or sell in Chester?
If you’re looking to sell, make the most of the hot market by getting a valuation now. You might just be pleasantly surprised by how much your home is worth.
If you’re on the hunt for a home then now’s a great time to search, with increasing numbers coming on the market.
Speak to our friendly local team today to see how we can help you.