Thursday, June 18, 2009
What’s Going Wrong in Gloucester?
Gloucester Property Prices Falling Faster than National Average
Gloucester Property Prices Falling Faster than National Average Gloucester property prices fell around 2.5% between February and April according to the Land Registry house price index. In February the average Gloucester house price was £166,924 and in April it was £162,426. If you look at the current average house price according to Zoopla.co.uk, it is £157,364, making the 3 monthly fall closer to 7%. This is in contrast to other recent indices which have recorded 3 monthly falls slowing to around 1%.
Posted by problem pete @ 11:38 AM (897 views)
4 thoughts on “What’s Going Wrong in Gloucester?”
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Si says:
Well for one the two largest employers, (cheltenham and gloucester, and renishaw, one of the few remaining manufacturing companies left in this country) have both had mass redundancies recently. Renishaw employees are also currently suffering a 20% wage cut.
Sandy says:
Pete, the average fall since December 08 to June 09, as officially published on-line is nearer 10%. Some areas more some less. Adding up all the falls since peak time Sept 07 reaches 39.4% (average). So why do agents still value houses at ridiculous levels. Example: Jan 2007 Victorian 3 bed semi £165,000 asking price. Today similar house asking price £175,000 in same area. My own house sold in Aug 07 and today Zoopla calculates it is worth £85,000 less. Based on that calculation a property may even be worth less in actual terms. Rightmove’s new discount menu shows some owners are trying to equate this 39% fall by offering huge discounts. How kind they are! An item is worth only what the buyer thinks its worth and in my case I am still waiting for the house market to drop further. If Agents came clean and valued correctly we would not see this stagnation in property sales.
iguana says:
The article refers to Gloucesters proximity to London, when did this happen? When Gloucester based I used to work in the smoke, train times were usually an hour and twenty IF the line was not restricted at Stonehouse, the usual result was a change at Swindon and at least an extra 30 mins. The record was helped by a scenic coach tour of the Cotswolds and came in at a creditable 7 and a half hours. No, there is no proximity to London, the excessive price rises were driven by the relocation of a large number of formerly London based insurance and finance institutions that have mostly closed or have laid off staff.
letsgetreadytotumble says:
I left Gloucester in 2005 having lived there for 55 years. Used to be a friendly place, lots af amenities and plenty of technical engineering jobs. The jobs dried up over 10 years, and the place went downhill. there has been little investment and houses have been built in preference to facilities. Most people now have to commute to Bristol or Swindon, so Gloucester is just a scruffy housing estate. The council have so far scrapped about 6 attempts at redevelop the town centre. The leisure centre was rebuild in the ass end of town and there’s hardly any parking. The Bank of England left along with the RAF at Innesworth. Gloucester is dying. Best get out like I did.
BTW, the vested interest guy is wrong. There is no shortage of housing for sale. Just check the numbers on Rightmove. There’s plenty of stock.