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What does 2019 have in store for the property industry?

Last year was somewhat of a mixed bag for the UK property market. With the uncertainties around Brexit and the UK economy dominating the daily news agenda, the media tended to report a fall in house prices, fewer properties being added to the market and generally a subdued property market. However, in Cheltenham and the surrounding areas, we experienced something quite different, in fact, 2018 was one of stable house prices and new bespoke properties being built in the local area.

So, what does 2019 have in store for the property market in Cheltenham?

Whilst many media outlets predict an unsettled and rocky year for the housing market due to the UK’s impending exit from the EU and the subsequent uncertainties for the UK economy, other experts in the property industry are predicting a very different story.

Halifax, a trusted source, predicts a 2% – 4% rise in UK house prices in 2019, with property market analysts Hometrack also predicting a 3% rise.

While issues such as Brexit and the UK economy effect property prices on a UK-wide scale, on a local level, aspects such as school performance, crime levels or regeneration projects can have a bigger impact on property prices.

Tom Hatcher, Director at Charles Lear & Co., says; “While the media reports predict doom and gloom for the UK property market, we are seeing a very different story on the ground in Cheltenham. The end of 2018 was a very busy one for our estate agency with new clients contacting us to sell their homes and new properties coming on the market with us, such as the luxury development for the over 60s at One Bayshill Road in Montpellier, by Pegasus Life, on the site previously occupied by Kraft Foods.

The first month of 2019 is already looking to be a busy one for our team as more properties are coming on the market with us. Far from being worried about the property market and the effect on house prices in 2019, we are very excited to see the opportunities the year will bring.”

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