A look back at the Darwen housing market over the last decade.

Darwen Property Market: 2011-2021

A look back at the Darwen housing market over the last decade

 

With all of us completing the Census, a couple of weeks ago, it made me realise profoundly that mine and my family’s life, which from our own point of view seems unique and delightful, makes us all into a series of statistics for the Census gatherers to pore over. To digest and regurgitate facts, figures and trends for those who are interested in the ever-changing social circumstances of these islands.

 

However, the information from the Census is vital to improving our lives – Governments can plan the future with the information it provides and we in turn can wonder about the lives of our past generations with the information provided therein historically if we so wish.

 

Whilst the information from this Census won’t be published until March 2023, let us have a look at what has been happening in the Darwen property market since the last time we completed the Census in 2011.

 

Just to remind you, 2011 saw the wedding of Prince William and Kate Middleton, Mr Cameron was the PM, there was the last flight of the Space Shuttle and Game of Thrones premiered.

 

Whilst in the Darwen property market ….

 

  • The average price paid for a Darwen detached home in the last 12 months has been £257,000. The average value of a Darwen detached home has risen by 30.4% in the last 10 years or £52,500

 

  • The average price paid for a Darwen semi-detached home in the last 12 months has been £160,000. The average value of a Darwen semi-detached home has risen by 32.2% in the last 10 years or £44,900

 

  • The average price paid for a Darwen town house/terraced home in the last 12 months has been £95,900. The average value of a Darwen town house/terraced home has risen by 31.3% in the last 10 years or £33,900

 

  • The average price paid for a Darwen apartment/flat in the last 12 months has been £92,500. The average value of a Darwen apartment/flat has risen by 28.7% in the last 10 years or £12,500

 

 

 

 

 

 

 

 

 

New properties built in Darwen…

 

Irrespective of any dip in Darwen house prices or transactions when the Stamp Duty Holiday ends in the summer, this is a trend that looks set to continue, with no sign that supply of new homes is anywhere near to keeping pace with demand for households.

 

There have only been 152 new properties built in Darwen in the last 10 years, that’s just over 1 a month. That means the population in Darwen has risen by 1.43 people for every new home built over that decade.

 

Nationally, the country has only built just over 180k homes a year over the last decade 120k less than the national target of 300k. In the meantime, the population has grown by more than 4 million.

 

When looking locally at the size of new build property in Darwen, the average property is just over 850 sq. ft., which is 22% larger than a decade ago.

 

Rents in Darwen…

 

Whether you are a winner or loser in terms of rental values depends on whether you are a Darwen landlord or a Darwen tenant.

 

The average rent for a property in Darwen currently stands at £522 per month, whilst a decade ago, it was £475 per month

 

This means private rents have increased by 40p a month for the past ten years. Interesting, when compared to the national average of 98p a month whilst in London, rents have grown by £4.64 a month.

 

The next 10 years of the Darwen Property Market…

 

The next ten years will be just as fascinating. To try and predict would be a fool’s game.

 

For example, who would have believed what the Darwen property market has done in the last 12 months since the start of Lockdown 1.0. The number of transactions (i.e., people moving) in turn with UK house prices having risen so much in the last year … all during a worldwide pandemic and at a time of such mayhem and havoc in the UK and world economy, is nothing short of remarkable … the question is – is it sustainable?

 

Read these articles in the coming months and years and I will share with you what is happening to the value of your Darwen property, be you a Darwen homeowner or Darwen landlord.

About ALE Admin 92 Articles
Property Profession based in Darwen, having lived and worked in the area for the last 35 years, I like to think I know the area extremely well. I have an extensive network of colleagues and friends within the Property Business and related Professions around the country. Expert opinion from my Power Team is just a phone call away...