Research compiled by RH Financial Consultants has found that aligned with the rest of the country, house prices are soaring in Chesterfield. Detached properties have seen the most significant increase, particularly over the last few months.
Over the last year, the overall average price of properties in Chesterfield was £208,596. This is an increase of 13% compared to 2019 which was £184,408.
Most properties sold last year were semi-detached houses, with an average price of £180,510. Terraced properties sold for an average price of £134,501, and detached houses with an average of £315,780.
When combined this average is a change of 348% compared to 1995.
Will the trend continue? Well, according to Nationwide, over the whole of the UK, house prices have increased by 12.1% in the past year but they state the rate of increase is set to slow.
In a recent Quarterly Regional House Price Update, Robert Gardner, Nationwide's Chief Economist, said: “The housing market has retained a surprising amount of momentum given the mounting pressure on household budgets and the steady rise in borrowing costs.
"The number of mortgages approved for house purchase remained high in February [2022] at around 71,000, nearly 10% above pre-pandemic levels. A combination of robust demand and limited stock of homes on the market has kept upward pressure on prices
“We still think that the housing market is likely to slow in the quarters ahead. The squeeze on household incomes is set to intensify, with inflation expected to rise further, perhaps reaching double digits in the quarters ahead if global energy prices remain high.
"Moreover, assuming that labour market conditions remain strong, the Bank of England is likely to raise interest rates further, which will also exert a drag on the market if this feeds through to mortgage rates.”
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Is now a good time to buy a property? Richard Hancock, the owner of RH Financial Consultants, has been a mortgage advisor for 24 years and says: “I often get asked if now is a good time to buy a property.
"The honest answer is there’s never an ideal time, nobody has a crystal ball and it depends on your needs and circumstances. House prices since records began have fluctuated and they rise and fall but generally over time increase in value.
“You could hold off and they continue to rise and you kick yourself. Indeed the alternative could also apply. I usually tell my clients if you’re buying a long-term home, you can afford the payments and if it’s the home you want, then go for it.
“Prices are indeed at a historical high but interest rates, while having recently increased, are still very low when looking at where they have been in the past, demand is very strong pushed by a shortage of supply and ‘cheap money’…
"Equally, when compared to renting, the few properties available and the huge rents landlords are currently demanding for them you have to question which is the best route!”
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