Relocating to a new area can be an exciting time and a fantastic opportunity to make a fresh start.
However, before you purchase your dream property, you also need to understand the local property market so you can make informed, financially astute decisions about your future.
Whether you simply want to escape the chaos of the city, have found a new job, or prefer a better area for your children to grow up, you need to be sure that the area offers everything you’re looking for.
Here at Cobb Farr, we understand how important this is. That’s why we’ve created a step-by-step article on how to research the local property market, detailing everything you need to consider before you purchase.
1. Define your budget
Before you start to do any research into the local property market, pause and consider first how much you can afford to spend.
Consider factors such as your current financial state, investments, the cost of living and any potential overheads before you set a figure. It’s also a good idea to define your absolute maximum budget in case you find the home of your dreams and it’s slightly more than you had budgeted for.
2. Consider your ideal location
Next, get clear on exactly what you are looking for in the new area you want to move to by asking yourself the following questions:
- Am I looking for a rural or more urban environment?
- Do I have any pets, children, or elderly relatives that I need to take into consideration?
- Am I looking for somewhere with excellent amenities, good schools, and easy commuting options?
- Do I want to be close to restaurants, bars, and entertainment or somewhere more secluded?
- How many bedrooms will I need?
- What are your non-negotiables, ‘nice to haves’ and deal breakers?
- How long do I intend to keep the property?
3. Start your online research into the local property market
By this point, you hopefully know where you want to live so you can start to narrow down your options and start your local property market research. Here’s how to do it:
- Use the excellent Which? Area Comparison Tool to research the best areas for you to live based on house prices, schools, quality of life and council tax.
- Conduct a general Google search using the keywords “local property market + [area you want to live in], for example, “local property market Bath” for further insight.
- Join local Facebook groups created for people living in or moving to your preferred location and take time to read through people’s opinions and feedback.
4. Narrow down an area or neighbourhood by postcode
Review your property market research so far and create a shortlist of three to five areas that could tick all your boxes before diving deeper into your research.
Visit the Property Data website and enter the postcode of the area you’re interested in moving to. You’ll get detailed information on details like house prices, demographics, crime, amenities, rental demand, rental yield, and availability for this specific area. Repeat with the other areas on your list.
You can also use the Local Data tool to research details like price per square metre/foot, construction levels and other relevant economic information.
5. Ask your estate agent for help
Of course, the best people to ask about the local property market is a prominent estate agent. They will have vast local experience, and excellent up-to-date insight, and can provide you with the advice and guidance you need to find your ideal property and make a good investment.
If you happen to be searching for properties in Bath, Bradford on Avon, Wiltshire, or Somerset, then let Cobb Farr be your guide. We can advise on some of the top locations for house prices and give you all the insight you need.
Whether you’re looking for key property features like an annexe, garden, or parking, need a detached property or bungalow, or simply prefer to live in a rural setting, we can help you find it.
You can ask us about local property market trends, what’s available, how different properties and sizes perform and information such as environmental issues, flooding, external factors, or potential restrictions such as green belt land or listed properties. Contact us today.
6. Visit the area
If there is a specific area that you’re interested in moving to, one of the best things you can do to understand the local property market is to visit.
Walk around the neighbourhood you’re interested in and get a feel for how it would be to live there. Have a look at the properties that are available and consider how you feel. Are you happy to be there? Do you feel safe? Is it quiet or busy enough for you? Do you have all the amenities you need?
If you can, strike up a conversation with locals and ask them if they like living there, why and if the area has changed over the last few years. You can also share that you are considering relocating and ask them for their opinion.
By doing this, you’ll get real insider information that can significantly affect your property purchasing decision.
If you’re considering relocating, it’s essential to first get clear on your requirements and then conduct local property market research.
This won’t only give you an insight into the properties you could potentially find, their prices, features and state of the local market overall. You’ll also learn more about whether your chosen area meets your various needs, will be a good investment and whether relocating could be the ideal solution.
In this article, we’ve shared our insight into how to research the property market like a pro. Follow these steps and speak to our team of trusted experts at Cobb Farr for the up-to-date information you need to know when purchasing a property in Bath, Bradford on Avon, Wiltshire, or Somerset.
Want more help researching the local property market? Our experienced team at Cobb Farr can help.
Contact us today for a free, no-obligation chat.