Report Gloucestershire Living | 2016

In association with

LIVING Gloucestershire

Summer 2016

IMPROVINGMOVINGFURNISHING BUYINGINSPIRINGUPGRADING New Homes

Interiors

Estate Agents

Home Improvements

Flying Callthe nest? us for a FREE valuation

25 Bath Street, Cheltenham, Gloucestershire, GL50 1YA post@philip-pugh.co.uk

01242 261 222

www.philip-pugh.co.uk

GloucestershireLIVING

CONTENTS 5

15

Leckhampton Place Development

Add extra value to your home

11

13 There are so many ways to do this but we give you our top 5 tips.

Passionate about property A passionate agency with extensive local knowledge and expertise delivering an exceptional service.

the award winning builder Crest Nicholson & Knight Frank have sold over 40% of the stunning new properties, here we tell you more about the latest must have properties in Cheltenham.

21

28-30 House prices in your area

Market activity in the last 12 months for all property types in Cheltenham, Gloucester, Stroud & Tewkesbury.

CONTACTS

In association with

Sales

Design

Victoria Ayres 07939 496 476 David Jenkins 07870 506 509

Andy George

Published by Trinity Mirror PLC : Floor 3, St James House, St James Sq, Cheltenham, GL50 3PR

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No needNo to need to Sit back and relax Sit back withand a rela get stress in afree state... get inthisafree stat movestress mo

Summer Summ

... CJ Hole are here to take the stress out of moving, let us manage the sale of your property.

... CJ Hole are here to take the stress out of moving, let us manage the sale of your property.

Discover the difference.Disc 5 Silverdale Parade, Hillview Road, Gloucester GL3 3LA

t: 01452 619777 Email: hucclecote@cjhole.co.uk

www.cjhole.com hucclecote.cjhole.co.uk

GloucestershireLIVING

A PICTURE IS WORTH A THOUSAND WORDS...

Steve Godsell of SPGPhotographic.com gives us an insight into the world of photography for estate agents – and explores how important it is for agents.

W

hy is it important that an Estate Agent uses good photographs and why do Estate Agents under estimate the power of photographs?

We know that ‘a picture is worth a thousand words’ but with most property searches now done through online property portals you would think that estate agents would want to take high quality photographs to make the properties they market stand out from the crowd. A quick glance though Rightmove or Zoopla will reveal a mixed selection of good and not so good images. Whether it is due to inexperience, lack of time or repeating a well-worn marketing procedure, there are ways to ensure a client’s property is presented in its best light.

What ways can photographers improve their photographs and why should an estate agent look to out-source to a specialist company?

Practice makes perfect so the more someone takes photographs the more they should become aware of what works and what doesn’t.

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However, in a busy market taking the photographs may not be the highest priority for the Sales Negotiator leading to a less than great result. The right equipment is a good place to start as long as you know how to use. A basic training course should be the minimum standard of competency but outsourcing to a specialist company who have the time, the knowledge and the experience will bring the best results.

What tips and methods have you learned from your years in photography?

Proper preparation, prevents poor performance. In other words, make sure the property you are marketing is ready to be photographed. Unwashed dishes, untidy rooms, and littered gardens will not look good - however competent you are with a camera.

Use the right equipment for the job. Smart phones and tablets do have good cameras built into them these days and are great for holiday shots or ‘selfies’ - but you need a DSLR with external flash, mounted on a tripod, to

get anywhere near a good result.

Back to basics. Getting to know how your camera works helps the photographer quickly ‘dial in’ the right settings for each specific shot. Understanding how aperture and shutter speed affect depth of field. Making sure the camera ‘sensitivity’ to light (ISO) is correctly set. Don’t be tempted to use an ultra-wide angle lens at its widest setting just to get the whole room in as you don’t want your photo to look like it was taken through a fish bowl.

Don’t be afraid to ask for help. Just as not everyone is capable of being a professional musician, not everyone has the time, experience or skills to take the best property photographs.

Training is available or let someone else take the shot whilst you are being more productive at what you are good at.

5

GloucestershireLIVING

D

escribe the passion you have for photography and why it inspired you to set up the business?

My Grandad gave me my first camera, a Praktica IV, when I was 8 years old and I can remember the excitement of getting the photographs back from the developers, not knowing what the result would be.

These days, picture can be reviewed and used immediately, they can be improved with editing software and shared with ease.

From those early experiences through to today, there is still a deep satisfaction of producing a picture, a moment in time captured.

A bad photograph is like an out of tune violin which grates as it is played.

Having spent over 25 years in estate agency, I wanted not only to ensure that my agency, C J Hole Hucclecote, had good photographs but that the industry as a whole could improve. Gloucestershire would be a shining example of professional photography.

pets, children or owners in the shot, buildings or rooms which appear to be leaning, or maybe clutter and unusual objects which should have been cleared away. But the most obvious yet avoidable mistake is the agent ‘selfie’ reflected in a window or mirror.

That is why I set up the website, to either: offer training, source the right equipment or take away the burden of getting the right picture.

These can all be avoided with a little professional help or training.

What are the main mistakes that agents make when taking photographs?

In association with

SPG

Photographic

It is always amusing to see the photographs that didn’t quite work or should have been consigned to the recycle bin folder. The most obvious are under or over exposed pictures as well other priceless examples are guest appearances by

...AND GREAT PHOTOGRAPHS ATTRACT GOOD BUYERS AND POTENTIAL SELLERS ALIKE 6

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This ad is a waste of space... ...if you’re the perfect mortgage applicant.

Don’t despair though. We know everyone is different and that’s why we’re prepared to listen to you. Whether you’re looking for Residential Mortgages, Buy to Let, Holiday Let, 95% or 100% Parent Assisted Mortgages (a collateral charge against the parental home may be required) or any of the other products we offer or whatever your situation, the one thing we think you should do is to get in touch with us. Terms and conditions apply.

To tell us about you, call us on 01225 475702 or visit www.bathbuildingsociety.co.uk Your home may be repossessed if you do not keep up repayments on your mortgage.

Telephone calls may be recorded to help the Society to maintain high standards of service delivery.

Bath Investment & Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, Registration Number 206026. Buy to Let and Holiday Let mortgages are not generally regulated.

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BMD - THE BANK THAT LIKES TO SAY “YES!” Despite the fact that many mortgage lenders are pushing up the maximum they will lend to first time buyers, there still remains a massive fund of goodwill in parents looking to assist their children on to the first rungs of the property ladder.

GloucestershireLIVING

T

he Bank of Mum and Dad has become one of the most active lenders in the market and they seem to be a lot more accommodating that the average high street bank.

In fact, it used to be the case that your parental obligation ended at 18.

Then it extended with getting them through university, and now it seems that the obligation has reached getting them into their first home.

When you see how well the parents have benefited over the years from having got onto the property ladder it’s hardly surprising to see why they’re keen to help.

Some help out with a generous gift or loan to cover the deposit.

is that house prices are still very high and whilst many twenty or thirty-somethings have decent incomes, they cannot realistically save the deposit necessary to purchase without assistance.

Not least because, ironically, the rent they are shelling out every month is often much higher than the cost of paying a mortgage.

Gritting the teeth and purchasing does seem to make some sense.

The simple, inescapable truth is that our kids need to inherit our wealth before we die.

In association with

Others, who don’t want to outlay a big pile of cash, are happy to help their offspring by allowing use of the equity they have built up in their own houses to substitute as a deposit for their children’s home by way of a simple collateral charge over the parent’s home. The fact

9

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GloucestershireLIVING

DO YOU WANT TO ADD EXTRA VALUE TO YOUR HOME? There are so many ways to do this but here are some of our top 5 tips!

A new kitchen. Replacing your kitchen not only gives you an opportunity to update the heart of your home but is also one of the key factors for buyers when looking for a new house. If you are updating the kitchen with a view to selling, do consider that a simple, neutral design will appeal to the broadest audience.

Adding an extra bathroom to your property will increase the value by up to 6% according to Movewithus. In older properties where there is traditionally only a family bathroom, the inclusion of an en-suite facility can significantly increase the appeal. With modern trends moving towards an older demographic of renters, these facilities are a key factor if your buyer is looking for an investment property.

A loft conversion will increase the living space of your home and also add to the value. This can be a significant investment but the return may be up to 10% added to the value of your home according to NAEA.

Pave your front garden.

Parking is a key factor in housing decisions and with the ever increasing number of cars per capita in the UK it will become increasingly important.

6% of UK households have 4 or more cars which means that by converting your front garden to parking you are improving one of the key elements on a purchaser’s list.

Change the windows, but only if they remain in keeping with the property.

Updating your windows can start to save you money straight away by reducing your energy bills. They also offer a long term increase when it comes to selling as potential purchasers are often put off by the idea of significant expenditure and upheaval in a new home.

If you are looking to sell your home and want advice on its current value and potential improvements, local estate agents are always willing to give you a market appraisal and offer suggestions on gaining the optimum price.

GloucestershireLIVING

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GloucestershireLIVING

PASSIONATE ABOUT PROPERTY.

A passionate agency with extensive local knowledge and expertise delivering an exceptional service.

C

ook Residential, an independent agency established in 2012, has an enviable reputation for providing an excellent service to clients. Our expert and friendly team have a wealth of resource and knowledge with a proven track record for buying and selling properties. You will receive a bespoke service throughout your time with us so we can ensure total satisfaction.

“We are a close team who pride ourselves on outstanding customer service, continually striving to achieve excellence and act upon our client’s best interest” In this short time we have been awarded 3 prestigious ESTA industry awards. Most recently we celebrated Silver in the Southern England category. The ESTAs are the largest awards in the industry. They highlight individuals whose business excellence makes them stand out from their peers – all voted for by the buyers and sellers themselves!

MD, Michelle Cook, has over 15 years experience in the residential property market and an abundance of local knowledge which she consistently shares with her team and clients.

Offering extended opening hours no opportunity is missed, extensive online marketing, free professional photography and dedicated sales progression. With free market appraisals and absolutely no obligation you can ensure you are fully informed to your property’s indicated guide price and market conditions.

We have an extensive network of both professional and personal contacts in the area. We take pride in what we do and as an independent business we know the importance of having a good reputation built up on trust. We care about our clients and constantly aim to give them the time and focus they deserve. We also have networks out of Gloucestershire so should people be looking to relocate in or out of the area we can also assist with this too.

Cook Residential uniquely combines a varied choice of properties for sale with vast local knowledge and along with our commitment to carry out negotiations in a courteous and professional manner we regularly receive wonderful feedback from our clients. It is so import to listen to both buyers’ and vendors’ needs as that is what enables us to tailor the clients’ experience and ensure open lines of communication are met at all times, making your new home venture a pleasant one.

We would love to hear from you if you are looking to buy, looking to sell or simply curious about your property’s value. Call us on 01242 500259.

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Selling Agents: Knight Frank Estate Agents 123 Promenade, Cheltenham, GL50 1NW

Imagery includes optional upgrades at additional cost

Selling Agents: Knight Frank Estate Agents 123 Promenade, Cheltenham, GL50 1NW

VISIT US AT OUR BRAND NEW MARKETING SUITE OFF LECKHAMPTON ROAD! Our brand new show home is now open and ready for visitors. This light and airy home boasts stunning, modern interiors and an open plan layout, which demonstrates how flexible the living spaces are at Leckhampton Place.

Whether you want to create your own relaxation room out of one of the bedrooms or build the perfect entertaining space in the kitchen, these homes have been designed to fit around your lifestyle.

This exclusive development is just two miles* away from the Cheltenham town centre, a variety of shops, restaurants and bars are within easy reach as are good transport links, with the M5 and Cheltenham Spa Station nearby.

Moving doesn’t have to be stressful. With Part Exchange** youcan avoid estate agent fees and complicated chain delays because we’ll be your guaranteed buyer.

3 & 4 bedroom homes priced from £445,000 Also available, 2 bedroom apartments priced from £355,000

crestnicholson.com/leckhamptonplace

01242 509649

*Distances taken from Google Maps. **Terms and conditions apply. Please speak to a Sales Advisor for further details on Part Exchange. Show Home photography. Pricing correct on 09.05.16.

GloucestershireLIVING

NEW RELEASE CONFIRMED AS OVER 40% SOLD! The award winning house builder, Crest Nicholson, launched its eagerly awaited Leckhampton Place development with Knight Frank at the end of 2015. The first ten houses have now completed and over 40% of the scheme has been sold.

T

he scheme at Leckhampton Place is a stunning development of 33 bespoke, contemporary two and three bedroom apartments, and three and four bedroom townhouses, set in a desirable cul-de-sac with access via a private road. It is a modern development where light and space are at the forefront of the design.

Leckhampton is a short drive south of central Cheltenham, the contemporary development promises modern living with all of the benefits of an established community with many amenities nearby including play areas, a village hall and church.

Leckhampton Place is walking distance from the many shops and restaurants that Bath Road has to offer and Cheltenham’s bustling town centre only a stone’s throw away. It also benefits from the excellent transport links and close proximity to some of the country’s finest schools and colleges.

will be the first time buyers will be able to see a fully completed property as these are a one off bespoke house type.

There are many offers available to purchasers at Leckhampton Place including Help to Buy, the government backed ‘Equity Loan’ scheme, Part Exchange and ‘Smooth Move’ where Crest Nicholson will take care of selling your home including paying the estate agents fees.

The sales and marketing suite is now open seven days a week between 10.00am and 5.00pm, please come along and see this exciting development of contemporary new homes on the edge of Leckhampton.

These are a must see for anyone looking to move into the area.

The premium specifications and finishing touches to these properties make them ones not to be missed.

Many have been designed with flexible, open plan living spaces, with kitchens ideal for entertaining. There is a relaxed atmosphere in the bedrooms and bathrooms, not to mention large windows to ensure plenty of natural light flows throughout.

The new ‘Lily’ show home is due to be opened at the end of April, a 4 bedroom house which comes with a garage. There are five Lilys at Leckhampton Place and this

Key Facts: • Leckhampton • Contemporary new homes • Premium specification • House prices start from £445,000 (for 3 bedrooms) • The Lily prices from £485,000 (4 bedroom house) • Apartment prices from £335,000 (for 2 bedroom)

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It’s your space so have it your way...

A

new range of kitchens from Italy are soon to be available with a leading Gloucestershirebased interior company.

Scavolini Kitchens will be the latest manufacturer to join the Dajon Interiors’ showroom and portfolio in Finlay Road.

The company has specialised in designing and creating contemporary living spaces since 1998.

Within that, the team have been able to help homeowners with renovations; from kitchens and bathrooms through to extensions; also including knocking down walls.

The three Directors, who set up seventeen years ago, still manage and run the business along with their wealth of knowledge at their disposal.

John Morgan and Pat Hyam have been in the kitchen, bathroom and bedroom industry for over 30 years and continue running the day to day business.

David Collingwood, an established plumbing and heating engineer who brings practical expertise to the company still oversees every installation.

The directors remain passionate about delivering superb service and hand-picked quality products that are tailored for each individual home.

Dajon employ a team of qualified designers who use the latest 3D design software, Virtual Worlds, and are able to create stunning virtual reality pictures of bathrooms bedrooms and kitchens.

This can help homeowners see how the finished room will look and allow them to make key decisions on specific interior items before they are installed.

It also helps decide on which colour scheme to go for before any paint has touched a brush.

The company has now grown to provide a onestop for any interior requirements from complete project management of any installation to single tap purchase through their website.

For more information on Dajon, visit their website www.dajoninteriors.co.uk

01452 332 336, 102-104 Finlay Road, Gloucester, GL4 6TP www.dajoninteriors.co.uk

MITCHELDEAN

CITY LIVING IN A BEAUTIFUL RURAL SETTING Woodland View is a beautiful development of highly specified 100% privately owned family homes in a glorious countryside setting.

WHY CHOOSE AWARD WINNING FREEMAN HOMES? • • • • • •

A rare alternative to today’s, mass market builders All homes are 100% privately owned Traditional craftmanship defines our superior quality product Modern, stylish family-friendly layouts and finishes Contemporarary homes with large well-appointed living areas Well equipped kitchens fitted with high quality appliances

SALES OFFICE OPEN

Thursday - Monday 10am - 4.30pm (Sunday - 10am - 4pm)

PRICES FROM £220,000

Call today to book a viewing on 01594 544271 sales@woodlandview.info www.woodlandview.info Visit our show home: Woodland View, Vicarage Drive, Mitcheldean, Gloucestershire, GL17 0XW

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QUALITY IS THE KEY TO SUCCESS FOR LOCAL AWARD-WINNING HOUSE BUILDER.

Positioned on the northern fringe of the Royal Forest of Dean, an area of outstanding Natural Beauty, Mitcheldean is a thriving community with fantastic local amenities and employment.

W

oodland View is a small unique development of only 50 highly specified homes all 100% privately owned.

These fantastic 3, 4 and 5 bedroom contemporary homes are ideally located, for those wanting a more rural lifestyle but within easy access of Cheltenham and Gloucester.

Having completed and sold the first two phases of new homes, the third phase is steaming ahead.

The third phase offers a different, more contemporary style home with large living spaces, outdoor terraces, high specification finishing all with wonderful views across the countryside and plenty of storage.

The site is in a prominent position at the entrance to the Forest of Dean with fantastic connections to Rosson-Wye and Gloucester.

“The portfolio of 3, 4 and 5 bedroom homes has been designed with not only the needs of local people in mind, but of those who wish to move into the area”, says Luke Freeman, Joint Chief Executive of the MF Freeman Group of Companies. These contemporary homes are perfect for all modern families, whether you are a family with older children who

require their own space, a new family looking for your first home or a multi generation family looking for a home which provides you with the space to remain independent yet give you the security of being under one roof.

Woodland View currently have four different styles of homes available including a 3 bedroom, townhouse ideal for first time buyers from £220,000.

A 4 bedroom, townhouse with open plan kitchen/living room from £265,000. A 4 bedroom family home with double garage and open plan living space from £350,000 and a spectacular 5 bedroom home with large balcony’s, garden and gym/ workshop from £375,000.

These outstanding high quality homes would fit perfectly in the centre of Cheltenham.

However with Woodland View you get the added bonus of City style living within a rural countryside setting with multiple activities right on your doorstep including horse riding, walking and hiking trails and some of the country’s best

bike trails. As well as having these fantastic facilities within walking distance of Woodland View, you are also only a 25 minute drive from Gloucester and 35 minutes from Cheltenham, making these homes the ideal place to live.

The Sales office and show home are open Thursday - Monday from 10am to 4.30pm (10am to 4pm Sundays). Telephone 01594 544271.

Further details can be found at www.woodlandview.info or by emailing sales@woodlandview.info

“The portfolio of 3,4 and 5 bedroom homes has been designed with not only the needs of local people in mind, but those who wish to move to the area”

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GloucestershireLIVING

21

Discover the difference...

at Littlecombe in Dursley.

Littlecombe is an exciting new development in the charming market town of Dursley. The second phase of 1, 2, 3 and 4 bedroom homes are now on sale, all with the St. Modwen difference:

l taller ceilings l larger windows l impressive specification l contemporary elevations

Littlecombe, Lister Road, Dursley, Gloucestershire GL11 4BA Currently available: 4 bedroom homes from £292,995 to £345,995

Help to Buy

Help to Buy Available*

Sales & Marketing Suite open Thursday to Monday 10am - 5:30pm Call: 0844 243 4747† www.stmodwenhomes.co.uk

@StModwenHomes

*All offers are subject to Terms & Conditions. Pictures are indicative computer generated images of St. Modwen homes. External materials, design features, and landscaping may differ to those shown in the image.

Interior photography shows a typical St. Modwen home interior and may include upgrades that do not come as standard. Help to Buy is a government-led scheme and availability is subject to qualification. For full terms and conditions visit www.helptobuy.org.uk. †Calls will be charged at seven pence per minute from a BT landline and may cost considerably more from mobile and other phones. Contact your service provider for more details. Prices and offers correct at time of print.

GloucestershireLIVING

Every week we reach

715,000 people in print and online

23,000 of our weekly audience spent over

£750

8,000

of our weekly audience are expected to purchase their first home in the next 12 months

on kitchen furniture in the last 12 months

45,000 of our weekly audience spent over

£500 on living furniture in the last 12 months

11,000 of our weekly audience spent over

£200

51,000 of our weekly audience will make major home improvements in the next 12 months

17,000 of our weekly audience will spend £900 or more on DIY materials in the next 12 months

630,000 of our weekly audience have a garden

on bathroom fittings in the last 12 months

Sources | TGI Q1 2015 | Omniture | Weekly Unique Visitors Report gloucestercitizen.co.uk | gloucestershireecho.co.uk | StroudLife.co.uk Jan 2016 | JICREG 01.11.2015

GloucestershireLIVING

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Affordable Gloucestershire!

The best choice of affordable new 2 & 3 bedroom homes in the county:

You can own a beautiful home for a fraction of the full cost, with Bromford Homes Help to Buy shared ownership. Pay for just a percentage of the full price now and pay a reduced monthly rent on the rest.

You’ll enjoy all the benefits of home ownership - but for less!

Abode, Vale Road, Bishop's Cleeve, Gloucestershire, GL52 8ER 2 bedroom homes from £84,000*

Cotswold Chase Green Street, Brockworth, Gloucestershire, GL3 4LS 2 & 3 bedroom homes from £71,100**

Cleeve View Vale Road, Bishop’s Cleeve, Gloucestershire, GL52 8EU 2 & 3 bedroom homes from £81,200*

Whittington Park, Longford Lane, Longford, Gloucestershire, GL2 9BX 2 & 3 bedroom homes from £68,000*

To find out more please call: 0800 0852 499 or visit www.bromfordhomes.co.uk

*Prices equate to a 40% share. ** Prices equate to a 45% share, monthly rent and service charges also apply. Share purchases between 25% and 75% subject to HCA & Bromford Homes criteria. Subject to terms and conditions. Prices correct at time of going to press.

WEEKEND

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every saturday WEAR IT | STYLE IT | EAT IT | LIVE IT | OWN IT | DRIVE IT | SPEND IT | EARN IT | LEARN IT | EXPLORE IT | TRY IT | SEE IT

GloucestershireLIVING

IS YOUR HOME WORTH MORE THAN YOU THINK? A study conducted by the Equity Release Council has found that people aged over 55 are typically underestimating the value of their home by a massive £90,000.

I

n the study a typical homeowner thought the value of their property had increased in value by about 156 per cent since they first bought it.

But upon further investigation it would was found that the gain was in fact more likely to be in the region of a massive 244 per cent.

So how have so many homeowners under-estimated the value of their home by so much?

The study suggests that 60 per cent of homeowners who are

“...these findings prove just how important property wealth plays a role...for later life”

28

aged over 55 have not had their property valued since they first bought it, which on average was 18 years ago.

The discrepancy in value growth came when homeowners has underestimated the growth in property prices, especially in the last 10 years.

According to Rightmove, the average house price in the South West has increased by 5.9% in the last 12 months alone.

This dramatic change in valuation figures is especially major news for those who are approaching retirement or have already finished working.

The council found that 80 per cent of homeowners were or would consider using their home and its equity to help pay for their later life.

equity amounts attractive to those looking for the funds to pay for later life it is also appealing to those looking to move and downsize.

Many homeowners who perhaps no longer need a larger house are thinking of selling, buying a smaller property and using the equity to improve their financial situation.

Speaking to the property website Zoopla, Nigel Waterson, chairman of the Equity Release Council, said: “At a time when savings are scarce and retirees face an uncertain financial future with the end of generous final salary pensions, these findings prove just how important it is that property wealth plays a role in financial planning for later life.”

Not only is the possibility of larger than previously thought

GloucestershireLIVING

GloucestershireLIVING

Avg. price Apr 16

£294,835 £292,251 Avg. price Mar 16

0.9 Monthly change

The House Price Index.

Regional Trends.

South West England The House Price Index is the largest, most up-to-date monthly sample of residential property asking prices. The index monitors changes in house prices both annually and monthly, providing a comprehensive view on the current state of the property market in England and Wales.

Avg. price Apr 15

£278,378

5.9 Annual change

GloucestershireLIVING

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GloucestershireLIVING

House prices in Cheltenham Market activity in the last 12 months for any property type

Average price paid

Sales

Current average value

Value change

£202,999 2,829 £205,513 £3,721 (Zoopla Zed-Index)

1.84%

House prices in Tewkesbury Market activity in the last 12 months for any property type

Average price paid

Sales

Current average value

Value change

£226,084 413 £240,821 £4,927 (Zoopla Zed-Index)

2.09%

House prices in Gloucester Market activity in the last 12 months for any property type

Average price paid

Sales

Current average value

Value change

£295,428 2,859 £299,747 £218 (Zoopla Zed-Index)

0.07%

House prices in Stroud Market activity in the last 12 months for any property type

Average price paid

Sales

Current average value

Value change

£288,041 £306,819 (Zoopla Zed-Index)

30

801 £3,822 1.26%

GloucestershireLIVING

Take the leap with us...

GLOUCESTER 01452 348 208 l CHELTENHAM 01242 807 142

www.selinaslettings.com

GloucestershireLIVING

AUCTION HOUSE GLOUCESTERSHIRE WELCOMES MORTGAGE SHAKE-UP

Leading local auctioneers Auction House Gloucestershire have welcomed news that Britain’s biggest mortgage lenders have decided to increase their age limits to 85.

N

ick Cragg, auctioneer based in Chipping Sodbury near Bristol, said that this week’s move by Nationwide Building Society maximum for mortgage maturity will increase from July for new applications, and be allowed to run until the borrower’s 85th birthday as part of wider efforts to offer borrowers greater support in retirement.

The move comes as Halifax increases its age limit for mortgages from 75 to 80 from Monday.

Country Property in the same offices, said that the change makes good business sense for building societies, as it’s estimated that a quarter of the population would be 65 or older by 2034.

He explained: “People who live for longer

the mortgage on a full capital repayment basis, which usually makes monthly repayments nigh-on impossible.”

Nick Cragg also said that an increasing number of older borrowers are raising money on their property to help their children or grandchildren buy their own home.

“The simple fact that the need to borrow into retirement is becoming increasingly common...”

He said: “At last, building societies are waking up to the fact that we have an ageing population and a customer base which needs their help. We often hear about older borrowers who are struggling to get a mortgage because the big banks have strict rules on lending into retirement.

Now it’s up to other lenders to take note of the Halifax’s lead, and follow suit.”

Nick Cragg, who is also proprietor of

also work for longer and therefore need to borrow for longer. By contrast, lending only up until a planned retirement date penalises middle-aged borrowers with shorter terms, which inevitably cost more. Until now, a request for a five or ten year term would have meant putting

He added: “We mustn’t forget that older borrowers are not just borrowing for themselves. Recent research indicates that the ‘bank of mum and dad’ is now the equivalent of a top-ten mortgage lender, and will get involved in an estimated quarter of property transactions this year.

“The simple fact is that the need to borrow into retirement is becoming increasingly common, and the big lenders out there need to adapt their approval criteria accordingly.”

In association with

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ENHANCE YOUR LIFESTYLE...

At World of Smile, we are passionate about the products and services we provide and the quality of our customer care.

In a UK market place that is crammed with companies, with over the top promises and gimmicky special offers, we truly pride ourselves on listening to our customers, and offering them as much of our time and expertise that you need to make the important decisions on enhancing your environment or lifestyle. Every bit of help from World of Smile comes with no obligation. We simply want to help.

Please contact us with confidence and safe in the knowledge that whatever the size of your project, we will treat it with EQUAL importance. No job too small or too large, we have the local and regional resources to put confidence into your hands and leave you feeling that you have control over your project. Our combination of supplying the best products, the best service and after-sales will inspire you to come back to us again for help on the next future project and also, recommend us to friends/neighbours and family.

DON’T TAKE OUR WORD FOR IT...

“We only went to World of Smile to have a look around and fell in love with a beautiful Georgian Summerhouse. We have to say that everything went really smoothly thanks to Jon and his team. I would honestly recommend World of Smile to anyone. Top notch product and a top notch team. Many thanks Jon, we are delighted.”

Theresa M

BOOK NOW FOR A FREE NO OBLIGATION QUOTATION 01242 677555 OR 01452 489469

Wyevale Garden Centre, Evesham Road, Cheltenham, GL50 4SJ www.worldofsmile.com

1 Chivenor Way, Kingsway, Gloucester, GL2 2BG w: www.thomastonksinstallations.co.uk e: thomas@thomastonksinstallations.co.uk

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