Wrexham, a bustling market town with a rich history, has always been an attractive destination for homebuyers. Its diverse community, employment opportunities, and the allure of picturesque surroundings have contributed to its dynamic property market. But what trends have we noticed in the last 12 months, and how might they affect the value of your home? In this article, we delve into insights provided by Dataloft Inform to understand Wrexham’s recent market performance.
Property Sales Overview:
From quaint apartments to luxurious houses, the Wrexham property landscape is varied. Over the last year, the average sales price in the area was £187,478, culminating in a total sales value of £241,369,982. A deeper look into the types of properties sold reveals that 7% were flats, fetching an average price of £106,998, whereas houses saw a substantially higher average at £195,543. Records from the Land Registry highlight that properties have reached impressive highs, with the most expensive sales being a flat at £383,000 and a staggering £1,395,000 for a house.
Demographics and Lifestyle:
Understanding the people of Wrexham helps prospective sellers gauge the market. With a population of 131,786 and a density of three residents per hectare, the town is more densely populated than other regions nearby. Between 2011 and 2021, the area saw modest growth, with the population increasing by 0.6%. Notably, 12.5% of residents are aged between 35 and 44, reflecting a vibrant, potentially professional demographic.
The societal makeup is equally interesting, with 30.7% of households inhabited by single individuals and 37.7% being family homes with children. Reflecting the strong community ethos, the predominant employment sector is Public Administration, Education & Health, engaging 29.5% of the working-age population.
Homeownership and Housing Stock:
The dream of owning a home is a reality for many in Wrexham, with 62.9% of residents being homeowners. This stable market sees a smaller segment, 16.2%, residing in privately rented spaces, suggesting a strong inclination towards property investment in the area. As of 2021, the region boasted 56,551 dwellings. The majority of these, 88.1%, are houses, leaving 11.9% as flats.
Reflecting on development, the town has welcomed an influx of new homes, with 1,228 constructions completed over the past five years. This growth, averaging 246 homes annually, indicates sustained confidence in Wrexham’s property market and a continual rejuvenation of the local housing stock.
What Does This Mean for Sellers?
The data underscores a resilient property market in Wrexham. The diverse demographic, combined with a stable employment sector, suggests a sustained demand for various property types. Sellers, particularly those with family homes, might find this market particularly favourable given the demographic inclination and substantial average price for houses.
However, understanding the specific value of your property requires a nuanced approach, considering factors such as exact location, property condition, and unique features. Professional valuation, therefore, becomes an essential step in this journey.
Are you considering selling and wondering, “How much is my home worth in this active market?” Your property could potentially align with the lucrative trends we’ve seen in Wrexham over the past year. Reach out today for a comprehensive, obligation-free valuation from our expert team, ensuring your home’s price mirrors the sophistication and dynamism of the current market. Start your journey with us here: Northwood Wrexham Property Valuation
