Gloucester Property Market Update – April 2024
Posted on 20th May 2024 at 19:31
Average asking prices in Gloucester now £281,875 compared to the county average of £390,845. Interestingly average asking prices are slightly higher year on year than same period in 2023 despite the much publicized reporting of doom and gloom amongst the mainstream media. The average time taken to sell remains at 59 days placing Gloucester equal 5th in the fastest selling of England’s largest cities. Only in Bristol, Newcastle, Plymouth and Carlisle (fastest at 47 days) are properties selling quicker.
New property coming to the market is 12% up on the same period in 2023 with 28th March the busiest single day so far this year for properties being newly advertised. This day was also the 3rd busiest since August 2020 based on volume. What is also encouraging is that the number of properties sale agreed are tracking in line with 2019 numbers despite tougher market conditions.
There certainly seems to be an opportunity coming for those looking to move home with plenty of distractions which historically throw a few people off the scent of a new home. Major sporting occasions, holidays and a general election are all historical reasons for some people to delay their move so for those keen to secure a new home acting now may prove beneficial especially if you need to sell first.
The property market remains very price sensitive so be careful not to over inflate your asking price and rather than giving yourself wriggle room price at a figure you would be willing to sell for and then take advantage of the almost certain extra viewing numbers and secure an earlier sale. You will then be in the best position to offer when you see your next house. Properties in Gloucester that have been on the market for over 12 weeks currently stands at 351 compared to 263 for this period last year and 223 properties reduced their price in April again suggesting there are deals to be had.
It is unlikely that the Bank of England will be dropping the base rate this month but with inflation coming down it is expected to be lowered in the coming months and therefore you will want to be ready to buy when those who have been delaying re-enter the market.
Finally in our drive to try and speed up transaction times make sure you engage the services of a good solicitor immediately rather than waiting until you have an offer, agree a sale, make an offer or agree a purchase. You will benefit from doing so for a number of reasons.
As always if you have any questions or require any assistance then please get in touch either by messaging us, calling 01452 260993 or emailing enquiries@rbwalters.co.uk.
Happy house hunting!
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