After the gold rush
PUBLISHED: 15:17 13 September 2012 | UPDATED: 21:51 20 February 2013
Nick Chivers of Knight Frank looks at the effect the country's optimistic mood has had on the property market
After the gold rush
Nick Chivers of Knight Frank looks at the effect the countrys optimistic mood has had on the property market
At the time of writing we are amidst a gold rush for Team GB in one our most successful Olympic games of all time, the weather is doing its best to cheer up and there is generally an up-beat feeling across the country with the British public in an optimistic mood, however is this reflecting on the property market.
In the following few paragraphs we look at what the housing market is doing both locally and on a more national and international level.
Country properties are growing in favour, with Londoners enjoying record prices in the capital and overseas buyers benefitting from currency movements. According to the latest Knight Frank Country House Index, average country house prices fell in the second quarter of 2012, taking the annual decline to 4.8 per cent.
The significant gap in market price performance between the country and that of booming prime central London does however present an opportunity for the country; with some London homeowners cashing in on the record-high values in the capital to get more property for their money in the country.
More locally, despite some difficult conditions, the Cheltenham market continues to perform well. Interestingly, we have seen a decrease in the number of applicants registering and as a result less viewings, however the number of sales agreed are up on the same period last year, demonstrating that the applicants that are viewing are very serious about buying.
In particular, we have seen strong sales in the town market, with traditional and contemporary town houses between 600,000 and 900,000 making up a large proportion of our business for the first half of the year. Other areas of note include parts of Leckhampton, Charlton Kings and Prestbury where large, quality, family houses are in short supply and high demand.
It is always very difficult to predict where the market may go, but as we look towards the traditionally strong autumn market we fully expect there to be a continued shortage of quality homes and more crucially, priced sensibly to reflect the market conditions.
Nick Chivers, office head at Knight Frank LLP Cheltenham, tel: 01242 246 959, www.knightfrank.co.uk/cheltenham