There are many different factors that impact on the property market but the availability of homes in an area will have an impact on the overall price buyers have to pay. This is simple Economics because if the demand for an item is bigger than the supply of the item, the people selling the item have the chance to push the price up. This makes sense because the level of competition looking to buy the available items will be keener to pay the higher price to ensure that they get their hands on one of the available items.
This is as true for the housing market as it is for any other market and when there are not enough homes in an area, the prices rise. This is fantastic news if you are looking to sell because it helps you get more money for your home but it is not as positive if you are looking to buy. If you are already struggling to raise the funding or deposit you need to buy a home, finding that there is a small supply of homes in the area you are looking to buy in isn’t good news.
Compulsory orders can bring more properties to market
You may think that there is not a lot that can be done to impact on the supply of housing, but there are steps which can be taken. This can be seen in Stockport with the local council looking to take a tougher stance on developments that have stalled. There is a notable housing shortage in the borough, which has prevented many people from getting on to the property ladder in Stockport, but this may change in the near future.
The owner of St Augustine’s, a former church in the Cheadle Heath area of Stockport, obtained planning permission to convert the church into 9 flats in 2012. This permission was renewed in 2015 but no work has been undertaken and the church is falling into a state of disrepair. This is far from being the only property or proposed development in Stockport that has stalled in recent times and the local council looks set to make compulsory orders to regain these opportunities and speed up the process of bringing new properties to the marketplace.
Other areas which were discussed at a meeting to decide what action should be taken include a disused petrol station located in Kent Road in Cheadle Heath, the Bow Garret pub which is also in Cheadle Heath and the Springmount Mill, which is in Edgeley.
At Spencer Harvey, we welcome steps that get the property market moving and we will keep you fully informed of anything which changes how the Stockport property market behaves.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk