When there is a high level of demand for any item, it usually means that the price of that item rises. This is very basic economics because if there isn’t enough to go around, some people will be willing to pay more to get their hands on their tem. Scarcity is a factor that leads to price increases and this is very apparent in the UK property market. The experts will invariably focus on London when it comes to scarcity of property but all across the country, there is a greater demand for property than there is a supply of property.
This is the case in Stockport. If it was possible to wave a magic wand, an abundance of new homes would magically appear in and around Stockport, allowing all of the people who want to buy a home to find a home that meets their needs, and of course, their budget. Of course, this isn’t going to happen. Developing property takes time and it takes a lot of money. There is also the fact that many people benefit from ensuring that property prices remain high.
More homes in Stockport is of benefit to many people
If you are a current property owner, the value of your home will be impacted upon by the availability of other homes in the area. If there are no homes for sale in your area and you then decide to place your property on the market, all potential buyers will flock to you. This means you are likely to receive a high price for your home. Conversely, if there were 100 properties on the market around your home, your home wouldn’t stand out and no one would be willing to pay over the odds for your home when there were so many other homes you can buy.
However, even if you do have a home, more homes coming to an area can bring positive changes, so on the whole, there are benefits to new properties being supplied to the market. This is why the news that Elan Homes is releasing a further supply of properties in Stockport is positive news. The Cherry Tree Park development will see extra three, four and five bedroom properties being added and this should alleviate some of the pressure in the Stockport property market.
With Cherry Tree Park being located in the Great Moor suburb, it lies close to areas like Woodsmoor, Offerton and Hazel Grove. It is also handily located to Stepping Hill Hospital, which may make it an attractive location for professionals employed at the hospital.
Anyone looking to discuss the Stockport property market or find out more about their options, contact Spencer Harvey and we’ll be more than happy to offer assistance or guidance with respect to your next move.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk