Cheltenham property news
October 2009
Top-quality schooling has helped to insulate the Cheltenham townhouse market from the worst of the downturn - consequently demand remains exceptionally strong. Proper ties in attractive villages within a five-mile radius of the town are also keenly sought after and will sell quickly if appropriately priced.
For a relatively small town Cheltenham certainly punches above its weight in terms of the quality of the housing stock and the amenities on offer. An attractive
package of social, cultural, schools and sporting activities continues to draw buyers from London and further afield.
Many people who buy through Knight Frank estate agents in Cheltenham are looking for a classic Regency or Victorian townhouse, or apartment in prime areas like Montpellier, The Park, Pittville and Christchurch.
These areas remain extremely popular due to their close proximity to excellent schools such as Cheltenham College, Dean Close, Cheltenham Ladies College, as well as Pates, a co-educational grammar school.
The problem for buyers is that the supply of these types of houses for sale is always limited and the current general malaise from uncertain vendors is only exacerbating the trend. People are not selling unless they have to, despite prices in Cheltenham only falling back by around 15% compared with 20-25% in other parts of the country.
Property prices
We have not seen a downturn in enquiries and this interest is now starting to translate into offers, with good houses often attracting multiple bids at the level of the guide price. The market, however, is still price sensitive for the majority of
houses for sale and those with unrealistically high guide prices will not attract offers.
Despite this, some really special houses are selling for more than they would have achieved three years ago – we have recently sold a
townhouse for what we believe to be the highest price achieved in Cheltenham.
Now could be the time to strike if you are thinking of selling as there is no guarantee that this level of purchaser confidence will be sustained in the short term if the economy takes another dip.
Longer term, Cheltenham’s cosmopolitan lifestyle, which includes literary, music and science festivals, and possibly the world’s most famous National Hunt race course, will always attract buyers looking for a
luxury house in a town with the buzz of a city wrapped up with charm and convenience.