We last considered trends in housing here. With summer and the unusually mild & dry October now such a long way behind us, it's time once again to take stock of the local housing sales position. As the season closes down, as before, it remains a game of two halves.
At the cheaper end of the market, we see some considerable movement. Take this two-bed terrace on Mwrog Street. It sold the very day it appeared on Rightmove. This sort of activity is reminiscent of the mid-1980s. Indeed, 20 per cent of houses priced at £150,000 or less are currently SSTC. 15 per cent of houses priced between £151,000 and £249,000 are STTC. Only 12 per cent of properties priced between £250,000 and £399,000 are sold.
The upper end of the market's been in the doldrums for a couple of years. Why is it struggling? We probably can no longer blame the recessions.
Rhuthun has always commanded a higher average price per comparable house than most of its neighbours. Rhuthun's is currently about £200,000. That for Yr Wyddgrug/Mold is about £170,000. In Dinbych, it's about £160,000. In Rhyl, try about £140,000.
Can Rhuthun still justify this premium?
This owner of this house steadfastly refuses to budge from her £325,000 price. The home is in good condition, nicely appointed (if a little dated), has a reasonable rear garden for its age, a good-sized front garden and is on the favourable Parc Brynhyfryd. There's plenty going for it… save the price.
Lower priced houses are also being reduced but at least a higher proportion is shifting. Where, though, are its owners going? Generally, not within Rhuthun, it would seem, or there'd be movement further up the chain.
Recently marketed as brand new is one of two on Glasdir that have been complete for some time but, post flood, have remained unsold. Both were reduced from £154,950 to £139,500 (-10%) and one sold. Perhaps other (second hand) houses on Glasdir are over-priced.
Finally, we can report that the on-off-on sale of Rhuthun's ugliest dwelling, above, is again currently SSTC.
Meanwhile, beyond Rhuthun, Llidiardau, just outside Clawddnewydd, has at last sold. It's been on the market for three years, although its owner did remove it for several months pending some work. It's now marked SSTC. It lies in a very rural position to the west of Clawddnewydd, between the village and Tol Borth, set back a little from the B5105. It was latterly on the market for £375,000. This gets you four bedroom, two en-suites, a ground floor study and five acres of land. Compare this with houses for sale in Rhuthun at £340,000 to £350,000 and the contrast between Clawddnewydd and Rhuthun couldn't be more marked: is Rhuthun over-priced? Possibly. Are properties in the poorer-located villages sold on price alone? Definitely.
The upper two are recently added. That for £350,000 has not as yet had any viewings. The others were all on for £350,000 till reduced. This includes the third from the bottom, on since May and reduced a month ago
The upper end of the market's been in the doldrums for a couple of years. Why is it struggling? We probably can no longer blame the recessions.
- For one thing, Ysgol Brynhyfryd is also struggling. Parents with any sort of aspiration whose new house search is wide will probably alight on better school catchments than Brynhyfryd's.
- There’s considerable uncertainty among those employed in the public sector. Denbighshire as a whole and Rhuthun/Ruthin in particular relies heavily on income from this segment, whether council, school or health employees. For them, it would probably be imprudent to consider a move just now.
- For another, the Glasdir market is yet to break out of its lethargy. Whether this ever will must now be a cause of concern. Glasdir would otherwise be expected to provide a reservoir for those wishing to move up the ladder.
- This section of the market will struggle because those who can afford half-a-million-plus will look towards the extra-ordinary, the country property. Those who cannot aim at something more modest thanthe executive sector. The lower end is moving and the upper end is attractive to the monied. Executive homes at the £350,000 level are generally beyond the reach of many Ruthinians and stuck in the middle.
- There is an over-supply of such housing, a legacy of the affluent commuter-driven 1980s.
- The lower end of the market is either seeing people leave Rhuthun or it has its own micro-market: first time buyers enter and this releases customers immediately up the ladder. Only some of these are moving further up. But a number of them are moving down, by down-sizing.
Rhuthun has always commanded a higher average price per comparable house than most of its neighbours. Rhuthun's is currently about £200,000. That for Yr Wyddgrug/Mold is about £170,000. In Dinbych, it's about £160,000. In Rhyl, try about £140,000.
Can Rhuthun still justify this premium?
Lower priced houses are also being reduced but at least a higher proportion is shifting. Where, though, are its owners going? Generally, not within Rhuthun, it would seem, or there'd be movement further up the chain.
