Onwards and Upwards
Over the last couple of years the property market has really taken off and Cockermouth in Cumbria is no different from the rest of the UK. It has seen huge demand struggling to cope with very little supply. The recently published Rightmove Report charts an 11.7% increase in prices over the last year alone and the average house price in the North West averaged £354,000, breaking the £350,000 barrier for the first time.
It is a misconception that only people outside the area are moving here. We are also finding that many locals want to relocate to the town as they get older or downsize from a larger family home.
We sell all types of property, however, along with the huge demand for rural houses following the pandemic, the demand for bungalows is also unprecedented, with many people looking for an easy to run and maintain single storey house. They are popular not only with the older generation, but also with younger buyers, particularly those with small children. A two bedroom bungalow often reaches around £300,000, depending on size, situation and condition.
With prices rising so fast, a lot of first time buyers can no longer afford to live in Cockermouth itself, but are buying in the surrounding villages which are slightly cheaper, such as Broughton and Branthwaite. They are also struggling to compete with the increasing number of cash buyers.
Cockermouth is a beautiful part of the world, family friendly and everything is within an easy walk. It is the perfect gateway to the Western Lake District. Our demographic tends to be the on the older side and a lot more retirees are moving into the area.
Whether old, young or middle aged, everyone is struggling to find somewhere to buy or rent. A shortage of supply and such a dramatic rise in prices has made it very difficult for many people to afford to buy a house, particularly those trying to get their foot on the property ladder for the first time. This has had a knock on effect on rental prices and availability. Currently every property we put up for rent gets at least 15 different people viewing, they are so few and far between. It also means that first time buyers are spending so much on rent that they have little left to save for a deposit.
The office is continually busy, but we really need to get more properties to sell as everything is going within a week. Now seems a good time to put your house on the market, particularly with the prospect of rising interest rates and inflation. It is certainly an important time to network and build relationships as it is certainly not what you know but who that counts. My top tip is to make sure that you make very good friends with your estate agent and get on their mailing list!
If we can help in any way, please contact me on 01900 828239.