Revealed: Stoke-on-Trent home of some of the cheapest house prices in England and Wales
By The Sentinel
Stoke-on-Trent is one of the cheapest places for house prices.
PROPERTY prices in Stoke-on-Trent have been among the cheapest in England and Wales over the last 20 years.
New Land Registry data shows the Potteries is the place to be for bargain properties with the average home selling for just £69,862 this summer.
The data – which allows people to track the cost of UK homes since 1995 for the first time – shows the average property price in Stoke-on-Trent was £32,000 in 1994 20 years ago.It comes as plans to build 1,700 new homes in Fegg Hayes, Middleport, Hanley and Meir were approved last year.
James Brindley, aged 26, of Tintern Street, Hanley, who is buying a four-bedroom house in Milton for £95,000, said: "What you get for your money here is unbelievable. There's nothing quite like it – it's a great place to pick up a bargain."
The average property price in London was £83,000 in 1995 – and has now risen to £392,000.
Stoke-on-Trent is in the top four cheapest places to buy a house in England and Wales, according to new figures.
Latest Land Registry data shows the average Potteries house price now stands at £69,862.
Only houses in Hull and properties in Blaenau Gwent and Merthyr Tydfil in Wales offer better value for money.
Estate agents say Stoke-on-Trent's property market is showing real signs of recovery – although it still has a long way to go before it hits the peak of £91,532 of December 2007.
Dean Reeves, branch manager at Butters John Bee, in Hanley, said: "One of the reasons I believe Stoke-on-Trent is one of the cheapest places for people to live is because there is a lot of affordable housing. There are lots of terrace properties, which are towards the bottom end of the price bracket, and for that reason Stoke-on-Trent appeals to landlords and investors because the yield makes for a very good return.
"The majority of people who come to us wanting a property are relatively local, although we do see first-time buyers who live in more expensive areas and see Stoke-on-Trent as being affordable.
"The positive aspect of having a cheap property market is that first-time buyers can get on the property ladder, unlike in other more expensive areas of the country where it is much more difficult."
Property experts say the bargain property prices are linked to the low wages paid in the city.
Knud Moller, from Mow Cop-based KVM Research, said: "House prices have had to be low to be affordable for the average person living here. With low house prices people were able to settle for low wages and employers were under no pressure to pay high wages. The latest available figures suggest that in 2013 average earnings in Stoke-on-Trent were £21,959 compared to £27,487 nationally. Although house prices in Stoke-on-Trent have picked up in recent months they have not reached the level of late 2007 or early 2008."
The latest Land Registry data comes as council officers are attempting to build bigger and more expensive homes in the Potteries.
Plans have already been approved to build hundreds of homes within part of Wedgwood's Barlaston HQ and designs are also being drawn up for 'executive' homes in Penkhull and Hanford.
Staffordshire Chambers of Commerce deputy chief executive Jane Gratton, below, said: "For our growing businesses to attract and retain essential talent, we need quality housing stock in the city.
"This includes executive homes for our job creators, as well as a good range of competitively priced homes for everyone who lives and works here.
"We are the third fastest-growing city in the country and there is increasing demand for new homes. We also have the brownfield land and the appetite for new development. The availability of low-cost homes is a key part of the housing mix and ensures that first-time buyers have a chance to get on the property ladder."
The Land Registry reveals the average house price in Staffordshire in July was £135,337 and £154,916 in South Cheshire.