With house prices in the city of Winchester having increased at a dramatic rate over the past decade, many potential buyers are asking whether property prices have peaked. Are Winchester properties now overpriced?
The south-east of England has been at the forefront of the house price increases that have been big news. While much of the UK has witnessed large property price gains, it has been London and the South East which have seen the greatest increases.
With mortgage lenders suggesting that the average UK house price will soon be ten times greater than the average UK salary, some analysts are questioning whether the rate of growth can be sustained.
House prices in Winchester have been growing at a particularly high rate. With its proximity to the capital attracting commuters, there seems to have been a surge in demand for property in the city.
The profile of Winchester as a place to live was also boosted when a survey suggested that this is the best location to buy a home in the entire United Kingdom. But have prices risen too far? Is Winchester now overpriced?
It's certainly clear that comparable properties in nearby towns and cities, such as Basingstoke and Eastleigh, are up to 40% cheaper than their equivalents in Winchester.
Local estate agents are keen to point out that the quality of life achieved by Winchester residents is seen to be higher. After all, there is little doubt that the city is more pleasing on the eye than some other locations.
It's also the case that the city has some excellent schools, a wide range of eating and drinking experiences available and a great location.
The combination of the city's location and its growing student numbers make it hard to argue that property is any more overvalued here than anywhere else.
With the demand for housing being driven by those wishing to work in London and by investors buying property and then letting it out to students, it seems that many still reckon Winchester to be a good bet.
To find out more about Winchester estate agents, read Keith Barrett's other Winchester articles. This article may be used by any website publisher, though this resource box must always be included in full.
Source: www.articlecity.com
