Stoke-on-Trent has historically had little investment and some of the lowest property prices in the United Kingdom.
But today, it is an up-and-coming area.
Whilst property prices are still significantly lower than elsewhere in the UK, there has been an evident rise.
Let’s explore the possible causes of this rise and look more broadly at the property market in Stoke-on-Trent – for both buyers and sellers.
What does it mean to be a buyer’s market?
Put simply, a buyer’s market favours the buyer. Here, properties often stay on the market for long periods, and many new properties enter the market while the number of buyers remains the same or even drops.
The result is that buyers have more choices, more leeway to dictate the price, and less competition from other buyers.
These dynamics cause property prices to fall, so sellers often need to drop prices to attract buyers.
What does it mean to be a seller’s market?
In a seller’s market, there is more demand for property than there are properties on the market.
Properties are on the market for short periods, and sellers know they can push the price up and still sell.
A seller’s market brings consistent price rises as buyers get into bidding wars or pay more to gazump other buyers.
How much does property cost in Stoke-on-Trent?
Property prices vary across the six towns that make up Stoke. Here, we’ll look at the difference in property prices by property type and area.
By property type
Land Registry data gives the current average selling prices in Stoke-on-Trent as of March 2024.
PLease note that these are prices properties have sold at, not the average price on the market. (The listed price could have started higher before being reduced to attract buyers.)
- Detached Properties: £215,149
- Semi-Detached Properties: £140,815
- Terraced Properties: £110,285
- Flats: £89,294
These prices are fractionally lower than March 2023 levels, but that’s to be expected.
Property prices are rising slightly but not significantly in 2024. This is largely due to the unpredictability of the wider UK property market.
Prices in different areas of Stoke-on-Trent
Average property prices differ depending on where you plan to live in Stoke-on-Trent.
As you can imagine, crime levels, property availability, amenities, etc., will all impact property prices.
As things stand, you can expect these prices as of March 2024:
- Hanley: £117,421
- Burslem: £123,657
- Barlaston: £432,914
- Florence: £148,997
- Trentham: £264,327
- Penkhull: £144,309
- Middleport: £132,260
- Harshill: £144,584
- Newcastle-under-Lyme: £188,122
As you can see, there are huge variants between Barlaston and Hanley.
Buy to let
Even buy-to-let owners are starting to benefit from the increased demand in Stoke, with average rental yields of 6.63%, higher than in nearby areas.
Is Stoke-on-Trent a buyer’s or seller’s Market?
Whether Stoke-on-Trent is a buyer’s or seller’s market depends heavily on where a property is bought or sold.
Overall, Stoke-on-Trent is veering toward being a seller’s market. While property prices in the city are below 2023 levels, this is similar to most places throughout the UK.
Stoke is one of the few areas where property prices have increased slightly recently, indicating that this is a seller’s market, with sellers able to get slightly higher prices in some cases.
In addition, properties in Stoke sell on average faster than in other cities. Semi-detached houses in Stoke-on-Trent are selling in around 45 days, a massive decrease from last year.
This indicates the demand is there, but the number of properties available isn’t there to meet the demand, so it’s an ideal market for sellers of these types of properties. However, properties in Stoke are selling a bit slower than they were just a few years ago.
Things can change at a moment’s notice, but Stoke will likely continue to be a seller’s market for the foreseeable future.
Property in Stoke is in hot demand right now, particularly since the city has started to be seen as an investment for the future. So, expect property prices to rise slightly within a few years. We don’t foresee a fall in the immediate future, only if something happens to the UK economy.
Sell Your Property in Stoke-on-Trent
While Stoke-on-Trent is a seller’s market, properties still take longer to sell than they were just a few years ago.
If you have a property that needs to be sold quickly, talk to us at We Buy Any Home. We can buy houses in cash in Stoke-on-Trent, so we can make you a free offer within minutes.
As the UK’s leading home-buying company, we can guarantee a sale at a time that suits you, regardless of your home condition or location. Call us today for a free cash offer and you could receive funds in as little as seven days.
