A Snapshot of House Prices and Rental Trends in 2024
As an estate agent in Stoke-on-Trent, I’ve seen firsthand how the local property market continues to evolve. The city’s housing scene has remained resilient, with gradual increases in both house prices and rental rates over the past year. Here’s a closer look at the latest market trends, and what they mean for buyers, sellers, and renters in the region.
House Prices in Stoke-on-Trent
As of October 2024, the average house price in Stoke-on-Trent stands at £147,000. This represents a modest rise of 2.0% from the same month in 2023. While this increase is slightly lower than the regional average for the West Midlands, which saw a rise of 3.7%, it still indicates a steady and stable market for property investors and homeowners alike.
When compared to other areas, Stoke-on-Trent’s relatively affordable house prices make it an attractive option for both first-time buyers and those looking to downsize or relocate. With a market that’s growing steadily, it presents a solid opportunity for anyone interested in making a move in the region.
First-Time Buyers
First-time buyers in Stoke-on-Trent have been paying an average of £136,000 for a property in October 2024. This is a 2.4% increase from the previous year, when the average price was £133,000. Although this rise is relatively modest, it’s worth noting that it’s still a great time for first-time buyers to get into the market before prices rise further. The affordability of properties in Stoke-on-Trent, especially compared to more expensive areas in the West Midlands and beyond, continues to make the city a great choice for those looking to take their first step onto the property ladder.
Mortgage Buyers
For those purchasing homes with a mortgage, the average house price in Stoke-on-Trent in October 2024 was £152,000. This represents a 1.9% increase from the previous year’s average of £149,000. Despite the rising costs of living, this gradual rise in property prices suggests that Stoke-on-Trent remains a stable and affordable market for mortgage buyers.
The city’s housing market continues to offer good value for money, especially when you compare it to areas in the West Midlands and further afield. With mortgage rates stabilizing and housing affordability still relatively strong, many are choosing Stoke-on-Trent as a place to buy their next home.
Rental Market
The rental market in Stoke-on-Trent has seen a more noticeable rise in recent months. In November 2024, the average monthly rent for private properties hit £635, an increase of 9.6% from the previous year. This growth outpaces the regional average in the West Midlands, where rents rose by 8.7%.
For landlords, this rise in rental prices indicates strong demand in the area, particularly as more people are opting to rent instead of buy due to affordability challenges. Renters, on the other hand, will need to budget for slightly higher costs, though Stoke-on-Trent’s rental prices are still lower than in larger cities like Birmingham or Manchester, making it an attractive option for many.
Final Thoughts
The property market in Stoke-on-Trent continues to show promising signs of growth, with modest increases in both house prices and rental rates. Whether you’re a first-time buyer, mortgage buyer, or a landlord looking to invest, the city offers a variety of opportunities. With its affordability compared to other parts of the West Midlands and beyond, Stoke-on-Trent remains a hidden gem in the UK property market, offering both stability and potential for growth in 2025 and beyond.
