You only have to take a drive around the Rossendale Valley to see that consumer optimism is fast growing again. More and more properties are coming on to the market and plenty of sold signs are appearing - even upon properties that have been for sale for some time. Commuting to Manchester can be achieved from the local motorway network in just 35 minutes by car. There has been continuous investment in the area with a new bus terminal being constructed as well as a large shopping complex which includes a M&S Food Hall.
The last significant rise in local property prices which began at the turn of this century and spanned over a seven-year period, saw properties soaring to three times their original value. This resulted in some first time buyers being outpriced - especially lone first time buyers on lower incomes that would have previously been able to acquire a property for say £40,000; many of these people turned to the rented sector as an alternative. Although house prices subsequently declined to a point, properties were and are still not within easy reach of all first time buyers as they once were. It is still possible to acquire a property for £50,000 or under, usually requiring a full refurbishment
The average price for property in Rossendale stood at £168,636 in January 2018. This is a rise of 1.53% in the last three months (since October 2017) and rise of 3.55% since 12 months ago. In terms of property types, flats in Rossendale sold for an average of £134,323 and terraced houses for £109,145. This is according to the current Zoopla estimates.
6.78% average price increase over the last 12 months for terraced properties
33.56% average price increase over the last 10 years for terraced properties
This former textile town in West Yorkshire might be called a property disrupter. Home to a diverse mix of creative types and people who commute to Manchester, Leeds and Bradford, it’s a place apart, in a similar way to its better-known (and far pricier) neighbour, Hebden Bridge. And it’s bucking the market trends.
Wherever it is, it’s one of the few locations in the north of England to have seen a significant uplift in property values in 2017. Since January of that year, the average sold price in Todmorden has increased by 7% to £150,180, according to the property portal Rightmove.
Despite its remote setting, Todmorden has great appeal for commuters to Manchester (about 30 minutes by train) and Leeds (an hour), as well as Bradford and Huddersfield (both 30-40 minutes).
6.00% average price increase over the last 12 months for terraced properties
19.17% average price increase over the last 12 months for terraced properties
Sales information has been taken from the Zoopla House Prices data in January 2018.