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Cheltenham prices rise above average Image

17th September 2018
Cheltenham prices rise above average

It has been a mixed picture for prime housing markets in the first half of 2018, with notable regional variations, the Knight Frank Prime Market update reveals.

On average, values in prime residential markets were relatively subdued during the first six months of 2018, rising by a nominal 0.9 per cent and by 0.7 per cent in annual terms.

Ongoing political and economic uncertainty means there is still an element of caution among buyers.

This has kept a check on prices, but well-presented and competitively priced homes continue to sell.

Drilling down into the data reveals a more nuanced picture. At a regional level, localised pressures have contributed to wide variations in price growth.

Markets outside the traditional London commuter zone have generally enjoyed the strongest rises.

The ongoing pressure on property prices in prime central London is being reflected in the markets immediately surrounding the capital.

The highest level of annual price growth was recorded in the prime markets of the Midlands and the North - although this was still a modest three per cent.

A handful of urban markets have outperformed, with Harrogate, Bristol and Cheltenham all seeing price rises above the country average, primarily due to a shortage of homes for sale relative to demand in these areas.

On average, prices for prime urban homes have risen by 16 per cent over the past five years. By comparison, a few years of more subdued price growth has left more rural markets looking good value.

As demand picks up, Knight Franks say they expect to see house price growth in rural locations converging with urban markets.

Pricing is key

It is now over three years since the overhaul of stamp duty (December 2014) and the market above £1 million remains price sensitive. The data suggests the need to price realistically at the outset remains as important as ever.  

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