Cheltenham resists national housing market trend

Cheltenham appears to be defying the UK housing market trend with statistics from the Land Registry showing that property prices in the Gloucestershire spa town are declining less than in other regions close by. As a result, the average cost of a home in Cheltenham remains expensive compared to property prices in other parts of the country.

Last year, house prices in Cheltenham decreased by 1.5%. When you compare this figure to Tewkesbury, for example, where the decline in the average cost of a property was just over 15%, it's easy to see why Cheltenham came out as being among the UK's strongest markets.

House prices in the spa town now range from £152,503 for a flat, to £450,437 – the average price for a detached home.

Although estate agents have confirmed that the region's housing market was unusually quiet in the lead up to Christmas, property enquiries are reported to have picked up since then.

Justin Prosser of estate agents CJ Hole confirmed this, adding that investment buyers are also beginning to turn their attention to Cheltenham.

"The rental market is pretty good, so that's encouraged some investors to return," he said.

Estate agents Knight Frank, which specialise in properties valued at £500,000 and over, are also positive about Cheltenham's housing market. The company confirmed that, over the past 12 months, it had sold as many homes in the region as it had in the heady days of 2007.

Source: Mail Online | Last updated: 5th March 2009

View property news archive »