Property prices in the South West are doing far better than neighbouring London and the East of England, where values are pretty much plummeting, especially for luxury and high-end properties. In the South West though, it’s a different story.
According to a recent report by property portal Zoopla, homeowners in Gloucester and Taunton are seeing their property rise by 3.2 per cent and 4.6 per cent respectively. And, because the property in these areas is priced low in the first place, there will also be room for growth.
Meanwhile, even in higher value areas such as Bath, the Cotswolds and Poole, there are still year on year rises of 0.3 per cent (Bath and Poole) and 0.7 per cent for the Cotswolds. The figures were announced in June this year and compared to the same time the previous year.
The portal’s property analysts also believe prices – and the property market itself – will pick up, as the market eventually rights itself in London and the East of England.
Zoopla’s Richard Donnell believes the ‘three to four-year repricing process’ was coming to an end.’
“Late last year we reached the peak in terms of proportion of local markets experiencing small annual house price falls,” he said. “Since then the proportion of markets registering declines has fallen, as the three-year re-pricing process approaches the end phase.”
Meanwhile, we took a look at some of the new residential developments currently being constructed or planned for the South West:
- Around 400 new homes are planned for north of the town centre at Kingland Road, the bus station and the Dolphin Leisure Centre. Poole Town Centre North will be a mixed-use redevelopment including cultural, leisure and retail opportunities, including a swimming pool, new hotel and civic centre.
- More than 350 new homes, covering four blocks, are to be created at the Winter Gardens in a £150 million scheme. On the site of a former famous music hall in the city centre, the regeneration initiative is also to include around five restaurants, a food store and a number of outdoor cafes.
- Around 3,000 new homes are to be created by 2030 in the Dunmere Road and Castle Street area of the town, while a further 857 houses are to go up on land south of Bodmin’s Priory Road. The plans are expected to more than double the town’s population, increasing it from 12,778 to 25,000 residents.
- A total of 248 two-bedroom apartments and penthouses are being created within two blocks at the city’s Wapping Wharf development. Developers Muse have already sold all homes in the first phase. Two brownfield sites – Hengrove Park and Hartcliffe Campus – are at various stages in Planning with an application for 1,711 homes at the former and 350 at the latter – which has already received planning permission.
- A further 137 one, two and three-bedroom apartments and split-level homes are to be built at the city’s Quadrant Wharf development at the waterfront in Plymouth at Millburn and Stonehouse. A new marina and restaurant were recently created there with further investment including a hotel and a boulevard with retail and commercial units. There is also talk of a water taxi service and more parking facilities.