Are you looking to move to Wolverhampton?
You’re not alone.
Over 254,000 people live in the brilliant city, and that number is increasing by the day.
But before you pack your bags, let’s explore what you need to consider about the city and its property market.
Things to consider before moving to Wolverhampton
1.Work opportunities
Do you have a job lined up, or is this something you need to finalise before moving?
When moving to a new area, you should also consider your commute. A commute of up to and slightly over an hour is reasonable.
2. Schools
Do you have school-age children who need to enrol in a local institution? If so, it’s essential to consider the OFSTED score and catchment areas for the school you like.
3. Local developments
You’ll need to check whether there are any development plans in your local area before buying.
For example, if you have a beautiful view of some fields, you need to ensure that there are no plans to develop them into a housing estate…
4. Local amenities
Check out whether there are local shops, pools, libraries, doctors, surgeries, or dentists to suit your needs.
If there aren’t, what’s the distance to these amenities, and is this something you’re willing to compromise on?
A roundup of the Wolverhampton housing market
According to home.co.uk, the average cost of a home in Wolverhampton has increased by 290% since 1995.
The average price of a property by type
Let’s examine the average property price by property type.
Detached
According to home.co.uk, the average cost of a detached property in Scarborough was £284,939.
Detached homes tend to be the biggest and most popular with families, professional couples, and other more affluent demographics.
Semi-detached
Semi-detached properties in Scarborough fetch an average of £201,476 as of January 2024.
These properties are popular for those seeking a balance between space and affordability.
Plus, they offer plenty of space for growing families, young couples, and people looking to invest in their first home without breaking the bank.
Terraced
Terraced properties are another popular choice for those on a budget.
Their proximity to other homes makes them cheaper, especially those in mid-terraces.
Terraced homes in Wolverhampton sell for an average of £152,804, making them popular with first-time buyers or individuals.
Flat
Flats are a fantastic option for individuals seeking a low-maintenance lifestyle or those looking to enter the property market with a smaller investment.
The average price of a flat in Wolverhampton is £73,148. This provides an affordable entry point for first-time buyers and investors.
Just watch out for each flat’s specific ground rent costs!
The next five years in the Wolverhampton property market
According to Belvoir, house prices have increased an average of 26.8% in the last five years.
However, they have dipped a little this year (early 2024), with properties losing 2.4% of their value in the previous 12 months alone. Wolverhampton could be a solid long-term investment instead of a stopgap.
This steady increase in the housing market means that the average semi-detached home could be worth approximately £255,471 in 5 years.
How this will impact buyers and sellers in Wolverhampton during 2024
Buyers will likely find fewer homes on the market this year. This may mean they face increased competition and challenging negotiation processes.
However, for sellers, holding onto their investments during this temporary dip could yield higher returns as the market is projected to rebound and continue its upward trajectory.
This news may be disheartening if you’re hoping to sell quickly and move on. However, rest assured that We Buy Any Home is always ready to purchase your home.
We can buy in as little as seven days and help you move onto pastures new. Ready for your next adventure? Get your free, no-obligation cash quote today.
Tips for those looking to buy soon
1. Talk to neighbours
Take some time out of your busy house viewing schedule to chat with your potential neighbours. They’ll be able to tell you what it’s really like to live in this area and all about the previous owners.
You can find out about, for example:
- The parking situation
- Community events and activities
- Noise levels
- Crime and safety concerns
And more.
Their firsthand experiences can help you paint a clearer picture of what daily life might be like in your prospective new home.
Plus, establishing friendly relationships with neighbours from the get-go can make things easier once you move in.
2. Test the commute
Test the commute during different times of the day to get a feel for traffic patterns and travel times. This can help you gauge the convenience of getting to work, school, or other essential destinations from your potential new home.
If you don’t drive, consider factors like public transport, whether you can get picked up, or whether walking is an option. You should also check out road conditions and try alternative routes to see how they impact your daily commute.
3. Stay positive
Buying a house can be stressful, and getting caught up in the whirlwind of decision-making and uncertainty is easy.
However, it’s important to stay positive throughout the process. Remember that finding the perfect home takes time and patience, and setbacks are often just temporary bumps on the road to your dream home.
So, take time out for yourself. Make sure you take a few days away from the process to relax, it will hopefully lift your spirits and keep you in the right frame of mind to find your dream home.
