Cheshire Property Market Insights

Here are the latest trends in the UK housing market with a detailed focus on key Meller Braggins market areas of Knutsford, Altrincham, and Wilmslow.

House Prices Across the UK

House prices across the UK continue to grow at a modest rate, with average house prices increasing by 4.9% to £268,548 in January 2025, according to the UK House Price Index summary: January 2025 (1). 

For larger detached properties (valued at £400,000 and above), January house prices have increased by 4.7% between 2024 and 2025. 

Provided the economy continues to recover, projected house price growth is expected to remain within the 2-4% range for 2025 despite some volatility, according to the Nationwide House Price Review and Outlook for 2025 (2).

Knutsford

Insights

Altrincham

Insights

Wilmslow

Insights

Macclesfield

Insights

House Prices in Cheshire East

House prices across Cheshire have continued to grow, outpacing both national averages and those of the North West. 

According to the ONS, the average house price in Cheshire East was £295,000 in January 2025 (provisional), up 7.8% from January 2024. This was higher than the rise in the North West (6.8%) over the same period (3).

For larger, detached properties, the average home price in Cheshire East was Detached properties: £482,000.

Within our key market areas, average house prices for detached properties over the past 12 months are:

Altrincham - £839,668

Knutsford - £708,222

Macclesfield - £440,425

Wilmslow - £682,803

First-Time Buyers in Cheshire East

The average (provisional) price paid by first-time buyers was £240,000 in January 2025 (ONS), representing an 8.5% rise compared to the average of £221,000 in January 2024. 

During January 2025, the average price paid by first-time buyers across the North West was £180,000. The average price in Great Britain was £230,000.  

The increase in price for homes for first-time buyers could represent a good opportunity for property developers to secure good returns on their investments.

Mortgage Buyers

For homes bought with a mortgage, the average house price was £300,000 in January 2025 (provisional). This was 8.1% higher than the average of £278,000 in January 2024 (revised).

The UK Economy

The UK economy continues to show modest signs of recovery, with the country’s monthly real gross domestic product (GDP) estimated to have grown by 0.5% in February 2025, according to ONS (4).

This uptick in GDP was driven by growth in all main sectors following January 2025. Received figures from that month indicate zero growth, up from a previously reported fall of 0.1%.

Services were the greatest driver of the economy, with output growing by 0.3%. Services remain the largest segment of the UK economy, accounting for 81% of total UK economic output (gross value added) between October and December 2024 (5). 

Manufacturing output increased by 2.2% between January and February 2025, following a decrease of 0.9% between December 2024 and January 2025. 

While an increase in manufacturing output is welcome news, it should be noted that the sector accounted for just 8.6% of total UK economic output (gross value added) between October and December 2024 (6). 

While monthly growth figures can be volatile, the longer-term perspective provides a more stable overview. Here, the outlook remains tentatively optimistic, with the three-month average to February showing that growth is up 0.6%.

Although these figures come ahead of the impact of tax increases, rises in energy costs, and the impact of US tariffs on the economy, the resilience of the UK economy may create future opportunities as the country gains a reputation as a growing, trade-friendly market.

Inflation

Although still above the government’s target of 2%, inflation fell to 2.6% in March 2025, down from 2.8% in February. 

However, this may be a temporary fall as rising business costs and higher bills are expected to impact inflation over the coming months. 

The biggest downward contributors to both Consumer Prices Index, including owner occupiers’ housing costs (CPIH) and the Consumer Prices Index (CPI), were recreation and culture, and motor fuels (7).

Housing and household services were also a significant downward contributor to CPIH. 

The largest upward contributor to CPIH came from clothing.

Interest Rates

The current Bank of England (BoE) Base Rate is 4.5%. With inflation falling to 2.6%, there has been some speculation over whether Base Rates will fall in May.

However, some within the BoE have expressed the need for caution when considering further cuts to Base Rates (8). 

With the level of uncertainty in the market generated by tax increases, energy costs and the ongoing implications of US tariffs globally, it is reasonable to expect the Bank will maintain its cautious approach.

Transactions

The March 2025 RICS UK Residential Survey reports a national drop in both buyer demand and property transactions between February and March 2025 (9).

This is reflective of an annual drop in property transactions of 17.4% across the North West, although house prices have risen, according to Dataloft. 

Within our key market areas, it is reported that property transactions in Knutsford have fallen by 22.4% annually. 

Macclesfield property transactions have dropped by 19% annually, while Wilmslow sales have slowed by 7.1% since last year. 

Altrincham property sales have slowed by 8.3% annually. 

We have certainly experienced clients approaching the market with greater caution in recent months. Demand for property remains strong, but buyers are more determined to make sure that they are making the right decisions when buying a home.

One part of this trend that we have observed is that buyers make more repeat viewings of homes before committing to buying. 

As the market gears up for the busy spring season, we are also beginning to see more buyers making enquiries. Although the number of property sales across the UK has fallen over the past 12 months, the indicators are that there is still a demand for good-quality homes amongst buyers.  

Investment

Respondents to the latest RICS sentiment survey reported a significant rise in tenant demand, contrasted with a decrease in landlord instructions over the past month. 

This has been a common trend in recent months, as some landlords have chosen to exit the rental market rather than adapt their properties to meet upcoming EPC regulations and new rental rules. 

However, landlords within the upper quartile of the rental market have been less impacted by the announced changes, as properties in this space are of a higher quality and less likely to fall foul of new rental rules. 

Likewise, rents in the wealthier market segment are much more secure, meaning landlords are shielded from problem tenants.

RICS respondents have also reported a consistent increase in national rent prices, which has been reflected in rents across the North West, which have increased by 9.9% annually according to Dataloft.

Likewise, rents have also increased in our key market areas, meaning that there are excellent opportunities for landlords to achieve good yields on their Cheshire properties. 

Sources

1 - UK House Price Index summary: January 2025

2- Nationwide House Price Review and Outlook for 2025: Housing market resilient despite ongoing affordability challenges

3 - Housing prices in Cheshire East

4 - GDP monthly estimate, UK: February 2025

5 - Service industries: Economic indicators

6 - Manufacturing industries: Economic indicators

7 - Consumer price inflation, UK: March 2025

8 - Exclusive: Bank of England's Pill 'cautious' about further rate cuts

9 - UK Residential Market Survey March 2025

Further data from Dataloft

 

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