House Prices in Morley Increase Year on Year

Property is the single biggest investment most of us will make in our lifetime, for the majority of people it’s the home they live in, for quite a few it’s also in buy to let properties.  For some enterprising young people wanting to get on the property ladder, it’s an investment in a property they can afford in an area they don’t want to live, which they then let out whilst they continue to rent a home to live in which is located in an area they want to live, but can’t afford to buy.

Naturally this makes the majority of us curious about how this investment performs.  We want to know if our own property has increased in value, by how much and how this compares to other properties and other areas.

Property Asking Prices in Morley

So I thought I’d look at house prices in Morley and how they have changed over the last year between May 2015 and May 2016.  On average, property asking prices increased by 5% in Morley from £149,724 to £157,495 which is pretty healthy, especially when compared with neighbouring Batley where they dropped by 1% in the same period from £152,897 to £151,864.

As you might expect, detached and semi-detached properties had a very healthy increase of 10%, £250,453 to £274,397 and £140,518 to £154,513 respectively, (In Batley detached properties actually decreased by 2% whilst semi-detached increased by 1%).  The average asking price of a terrace house in Morley fell by 4% from £123,681 to £118,957, whilst they increased by 1% in Batley.  But the most surprising change was for flats in Morley with the average asking price rising by a whopping 16% in Morley over the last 12 months from £88,396 to £102,488 (in Batley they increased by 2%).

Number of Properties For Sale in Morley

Of course, like anything, supply and demand is likely to play a part in this.  There are currently 24% less properties for sale in Morley than the same time last year (128 compared to 168 in May 2015), there are 13% more terrace houses (51 compared to 41 last year) 30% less detached, 20% less semi detached and almost half the number of flats available, down from 33 to 17, a decrease of 48%.

The big decrease in availability of flats, likely fuelled by the surge in buy to let purchases in the first quarter of the year to beat stamp duty increases, is pushing up prices.  So if you are thinking of selling a flat, now would be a good time to do it!

House prices in Morley remain strong and investing in Morley property continues to be a positive thing to do, whether you are investing as a landlord or in your own home.  As always, if you would like to discuss your property investment plans, I'm always happy to talk property.