Stoke on Trent lies between Birmingham and Manchester. It was, in the past, known for its heavy industries, pottery, mining, iron and steel. Since these industries declined in the l980’s the most prominent businesses are the service industry, distribution and tourism.
With the regeneration programme starting to take place it is expected that the population will increase by around 20,000 by the year 2020.
Over the next three years regeneration will improve the area for residents and businesses. It is hoped that by 2014 Stoke on Trent will be a diverse and thriving city and will aim to create 5,000 jobs over the next five years and 25,000 long term.
This area has some of the lowest property prices in the Midlands with Land Registry figures stating the price of the average property is £100,084. With a detached house at £144,556, semi at £116,394, terrace (which covers most properties in Stoke on Trent) at £85,732 and flats at £75,000.
City Waterside is a £170m investment that will provide 1332 homes for the open market and 300 for affordable housing. Other areas are planned with the emphasis on affordability.
This autumn is expected to bring in plans for a University Quarter to the city.
Sadlers Park is in the heart of Burslem with restaurants, bars, the Ceramica Museum and art galleries. Its regeneration will include shops, offices and modernisation of the Burslem School of Art building. The development offers l and 2 bed apartments and 3 and 4 bed houses. Phase l is sold out. Other phases offer 3 bed houses from £177,950, 1 bed apartments from £117,950 and 2 bed apartments from £147,950.
At Lock 38 on the Trent and Mersey canal is a development, on the site of the former Twyfords factory, of 184 1 and 2 bed apartments in 10 blocks more than half of these have already been reserved.
Signs of slowing in the housing market have been seen in Stoke on Trent probably because there was an influx to get properties on the market before HIPs, the holiday season, end of fixed rate mortgages and the recent interest rises. Buy to let properties are still selling well with good rental yields of 6%-8%. Areas around the university and city centre are good for rental and well presented properties are always in demand.
Investors are drawn to this part of the country because they see the potential growth of properties. Prices have doubled in the last five years and there is still room for them to increase. Investors should study areas carefully as each offer different opportunities.
Agents think that the lower end of the market will keep rising but the middle of the market may slow down.
However others feel that North Staffordshire will in 2007/08 be around 63.9% of the regional average and decline to 57.7% by 2020/21.
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