The Gloucestershire property market remains resilient, showing positive trends despite broader economic uncertainties. With an average asking price of £281,875*, Gloucester’s housing market presents an appealing option compared to the county average of £390,845. This price point, although modestly above the figures from last year, refutes the pessimistic forecasts often depicted in mainstream media.
Market Dynamics
As of April 2024, properties in Gloucester are selling at a pace that places the city fifth among England’s fastest-selling cities, with an average time of 59 days on the market. This is faster than many other major cities, except for a few like Bristol and Carlisle, with the quickest at 47 days.
There’s been a notable 12% increase in new properties listed compared to the same period in 2023, with March 28th marking the busiest day for new listings since August 2020. This surge in listings corresponds with a stable rate of sales agreements, aligning with figures from 2019, suggesting a robust underlying demand.
Strategic Insights
Current market conditions are very price sensitive. Sellers are advised to price homes realistically to attract more viewings and secure quicker sales, positioning themselves advantageously for subsequent purchases. Notably, properties that have lingered on the market for over 12 weeks have risen to 351, up from 263 last year, with 223 price reductions in April alone, indicating potential bargains.
Future Outlook
With inflation declining, though the Bank of England’s base rate is not expected to drop this month, reductions are anticipated in the near future. Prospective buyers should prepare to enter the market to capitalize on opportunities as those delaying their purchases begin to re-engage.
Advanced Removals & Storage: Your Moving Partner in Gloucester
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We’re not just about moving belongings; we’re about moving lives. Trust us to handle your possessions with care, allowing you to focus on settling into your new home. Contact Advanced Removals & Storage today for a personalised service that supports your moving goals in the Gloucestershire property market.
Source:
* RB Walters Estate Agents – 20 May 2024
