During the back end of last year, Theresa May announced the next stage of her Transforming Cities Fund. This initiative has shortlisted 10 city regions to receive a cash injection to bolster and upgrade public transport links. These developments will take place over the course of the next 4 years. The additional funding will in-turn make commuting easier, and more appealing for those looking to move or work across cities.
In this week’s delving into data we will be diving into some housing statistics across the ten cities/regions chosen by the PM; Derby & Nottingham, Leicester City, the North East, Norwich, Plymouth, Portsmouth, Southampton, Sheffield, Stoke-on-Trent and West Yorkshire.
- First up we have Derby & Nottingham where the average asking price is £236,025 and £222,401 respectively. The average time on the market is 142 days in Derby and 129 in Nottingham.
- Leicester’s asking prices average £273,065 and the time on market 130 days.
- For the North East we will average all postcode areas instead of listing them all. The average asking price being £169,032 with an average time on market of 202 days.
- Around the Norwich area we see the average price at £280,109 with an average time on market of 139 days.
- Moving onto Plymouth we are seeing an average asking price of £261,232 and time on market being 151 days.
- Portsmouth’s average asking price is £319,280 and average time on market 142 days.
- Southampton is so far our highest in terms of asking price on this list averaging £391,566 and time on market 139 days.
- In Sheffield we see an average market price of £187,580 with the time on market around 148 days.
- Stoke-on-Trent is averaging £212,747 asking price and 141 days on market.
- Again, like the North East, with West Yorkshire we are averaging all postcode areas together, which we see as £210,422 with an average time on market of 156 days.
What we see here is that, with the exception of the North East, the average time on markets are all quite similar. We can see Nottingham with the lowest time on market, suggesting a higher demand with an average price of £222,401.
The North East has both the lowest average price and longest period on market, making it a good area for these upgrades. Whether it will make a dent on the housing prices though, that remains unclear. But with public transport being pushed more and more in other regions, and countries - to reduce carbon emissions and congestion - it couldn’t hurt.
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