There are many factors that impact on someone’s decision to buy a home or move to a particular area. The cost of the property is always going to be the biggest financial factor in someone’s thoughts when they are buying a property but there are many financial elements to consider when buying property. There are a number of one-off costs that arise at the time and then there is a wide range of monthly costs to take on board. Even if you believe you can afford the mortgage payments associated with buying a home, you need to make sure that you can afford the other monthly bills associated with owning a house.
This is very pertinent for people in Stockport as it looks as though Stockport residents will soon be paying more council tax than people in any other area from Greater Manchester. The changes to council tax, which come into effect from early April will see people in Stockport paying around 5% more than they did during the 2016/17 financial year.
Council tax is costly for Stockport residents
This increase means that the average level of council tax imposed on a Band D property, with two adults staying in the home, will stand at £1,744. This is a rise from the level of £1,666 last year, which means that people in this bracket will need to find to find another £78. This may not sound like a massive jump over the course of a year but given that many people are currently struggling financially and have very little leeway, any increase is likely to have a negative impact.
After Stockport, the highest level is found in Oldham, which stands at £1,729. Of course, there is anger at the fact that the lowest level of council tax in Greater Manchester is found in Trafford, which is recognised as one of the more affluent areas of the country. The average level in Trafford stands at £1,407, which is a big drop down from the comparable level in Stockport. The English average is £1,591; a figure which is £153 less than the Stockport level while the average in Manchester stands at £1,502.
There is an acceptance that council tax is necessary because it helps to pay for services like adult social care, refuse collections and other important factors that can be taken for granted. However, with so many people struggling financially at the moment, these increases are a cause for concern, particularly at a time when Stockport looks appealing for many other reasons.
When it comes to the Stockport property market, Spencer Harvey are on hand to help you find the best solution for your needs. If you want to discuss anything or get advice for your next move, get in touch or come along and see us.