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Gloucester Property Market Update - April 2022

April, 2022

Once again, the latest figures reveal the local and national property market continues to surge forward despite the rising costs of living and interest rates.
For the 3rd consecutive month Rightmove announced a new record high asking price average across the UK of £360,101 and for only the second time since 2007 all regions recorded a record high figure. Looking closer to home the South-West has a higher than average asking price of £379,956 with Gloucestershire as a county at £373,243 and the city of Gloucester at £271,591. The average asking price jump for the last 3 months is a fraction over £19,000 which is the largest jump for any period since records began however the 1.6% increase for last month is slightly lower than the 1.7% and 2.3% seen for the previous two months which does suggest a slowing down of price rises. With the growing economic headwind, it is expected that a slowing of price rises will continue however it is unlikely that prices will fall for the time being.
Whilst the average asking price figures make for interesting reading what is astounding is that despite them being at record levels 53% of properties are still being sold over the asking price as the continued imbalance between demand and supply shows little sign of changing. In fact, 21% more sales have been agreed according to Rightmove than for the same period in a perceived normal market of 2019 with the average time taken to sell a property faster than ever before. The South-West retains its position as the fastest selling region in England at 28 days however properties in Gloucester are taking on average just 23 days to secure a buyer making it one of the fastest markets anywhere in England.
The speed of the market is certainly putting some people off from selling, concerned that they may find a buyer easily enough but not a property to move to. Whilst finding your next home is certainly the bigger challenge you should consider the fact that it is better to have it that way than trying to sell your home in a depressed market which can be a lot worse and even more frustrating. As I have mentioned before you should never find yourself being forced from your home and by understanding your concerns, hopes and fears I can ensure that your buyer will happily wait for you. With the speed that property is selling it is so important that if you do have a property to sell you have already got a buyer in place and therefore put yourself in the best position possible for when you see the house of your dreams. Remember it costs you nothing to put your home on the market and you can change your mind if you wish to.
As always we love to hear your thoughts and comments and of course you are welcome to message us, call 01452 260993 or email if you have any questions.

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