Stoke-on-Trent has experienced a notable shift in its housing market, transitioning from significant declines in 2023 to promising growth in 2024. According to data from Halifax, the average house price in the city surged by 17.2% in the twelve months leading up to September 2024. Despite this impressive figure, local estate agents report that the growth is more modest, estimating an increase of around 4% based on official statistics.
As of November 2024, Stoke-on-Trent's average house price stands at £142,500, a figure that underscores the region's evolving real estate landscape. Ramona Hirschi, a prominent estate agent in the area, expressed cautious optimism about the market. "Now, we can say price rises, on average, are up 4%, which is steady and sustainable," she noted. She emphasized that these increases are likely to align with inflation and wage growth, ultimately benefiting the local economy.
The housing market's volatility is evident, with some properties taking longer to sell than they did previously. Detached houses now often remain on the market for six to twelve months, while terraced homes have seen their sale timelines stretch to three to six months. This marks a significant change from earlier trends when these homes would sell within just a few weeks. "There are inflated prices already," Hirschi warned. "You'll see some terraced houses on the market now for three to six months, when just a few weeks ago we could sell them in a few weeks."
Despite the recent growth in house prices, Stoke-on-Trent faces critical challenges related to housing availability. Currently, there are approximately 3,000 individuals on the council housing waiting list, with many more seeking social housing options. The shortage of affordable homes continues to pose significant obstacles for potential buyers and renters alike.
In response to this pressing need, Stoke-on-Trent City Council has taken proactive measures by securing £2.2 million in government funding aimed at reconditioning brownfield sites for housing development. Among the initiatives underway is a project on Booth Street, where nearly 100 new homes are being constructed. Additionally, plans are in place for a new development featuring over 150 homes, comprising both apartments and houses, on land that previously housed a primary school and the former Olympus Engineering works.
Amanda Bryden, another local estate agent, highlighted the shifting dynamics in Stoke-on-Trent's housing market. "This trend is causing house prices in some areas to flip from slowing to growing," she remarked, specifically referencing Stoke-on-Trent's recent resurgence.
Looking ahead, estate agents across the Potteries anticipate a steady winter season for housing sales; however, they do not foresee any dramatic fluctuations or headline-making changes.