The latest data and analysis has confirmed that house price growth has settled at 2% so far this year, according to Nationwide statistics.* Essentially this means an equal balance between supply and demand. This is the national average, however, with prices in London and parts of the North not fairing so well, whereas our region, here in the South West continues to hold strong. So, why am I recommending, especially with some evidence of steady growth, that this is still a buyer’s market? One word: Brexit
Last month the National Association of Estate Agents reported that during the second quarter of this year, 51% of properties removed from the market were withdrawn by their owners, with 49% actually being sold subject to contract. This is the first time this has happened since May 2016, just before the Brexit referendum. I am not making a direct link between seller’s indecision to move to a new home and Brexit, however, one only needs to turn on breakfast news any day of the week to find another headline of indecision; will we still leave the EU? Will the country be granted a second referendum? Will we face a no-deal Brexit? Whatever you feel about Brexit, the constant speculation in the media of what will happen post March 2019 has the nation gripped with concern and that date looms ever closer.
So, sellers are getting worried over what to do for the best, which is minimising the pool of property stock, however, some buyers are considering being cautious and waiting to make a decision over whether to buy their first property or sell and buy too. Queue the risk averse buyer. Is this you? I say, risk averse, but I’m not sure that’s even what I mean. If you listen to the media, you would think March next year is Armageddon. What if that doesn’t happen? What if we all get on with our lives, go to work, earn money, save towards a new home, like we have done in the past and we notice little difference from not being in the EU? It’s a gamble, for sure, but then, now might just be the time for you to pick up an exceptionally good deal for you. If you ended up purchasing a property a few thousand pounds under the asking price, would that not give you a buffer to ride any economical storm in Post-Brexit-Britain?
Food for thought, for any buyer, I’m sure. So, here’s my top three locations in Gloucester where I currently feel you could head for a buyer bargain:
Over the past decade Gloucester City Council has invested significantly in developing the neighbouring docks area into Gloucester Quays, which has unquestionably contributed to the rise in popularity of Linden during the same period of time. having been developed during the industrial age, Linden comes with a variety of housing from your typical red brick Victorian and Edwardian terraces to 1930s detached homes and more post-modern developments tucked away too; something to meet all needs. In recent years larger, period properties in the area have been bought up by developers and segmented into flats, increasing the housing stock the area provides. Linden is an area of increasing popularity due to the development at the quays. Expect to pay around £140,000 to £180,000 for a two bedroom property and around £160,000 to £200,000 for a three bedroom.
Abbeymead is an extension of the 70s housing development, Abbeydale, constructed in the 80s and 90s, on land between Abbeydale and Hucclecote. Where the area has developed over the last 40 years, so has its road links. With the opening of Lobleys Drive in the past 5 years, Abbeymead is only 5 minutes’ drive from junction 11a of the M5 and the A417, connecting with Swindon and the M4. Both areas have a family vibe which is attributable to the wealth of 3 bedroom+ housing but also local schools. Expect to pay around £180,000 for a two-bedroom property, between £230,000 and £325,000 for a three bed and around £380,000 for a four bedroom detached.
Always a popular area of Gloucester, Longlevens has developed over centuries and therefore provides a wealth of housing stock from Victorian and Edwardian redbrick houses of varying sizes, classic 1930s bay-view semi and detached homes, similar 1950s and 1960s properties and a modicum of newer housing built in the late 80s and 90s, making it popular with everyone. With the increase in student demand in the city and the building of the University of Gloucestershire’s Oxtstalls campus in Longlevens and the expansion of Hartpury College, there has been a significant increase in property purchased by landlords for student lets in the area too. Longlevens’ variety of property continues to rival Cheltenham property as, with the Cheltenham Road running through the centre of the area, travel links to Cheltenham are excellent, making commuting to Cheltenham accessible for those wishing to purchase a Cheltenham style property at Gloucester prices.
If you are currently looking to buy Gloucester and would like further advice on where to buy or make your money go further, we would love to hear from you. We can also put you in touch with a Mortgage Broker for a free of charge consultation. Call us today on 01452 310999 or email us at firstname.lastname@example.org to book your free market valuation. With highly competitive fees, we are here to help you make your next move.
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*Read full article here: https://www.emoov.co.uk/news/2018/10/02/nationwide-house-price-index-3/