Where are the most expensive properties in Gloucestershire?
This glorious county which so many of us call home is known not just for its outstanding natural beauty but it is also known for, in some parts, astronomical property prices.
And now house prices in some areas are shooting up at dramatic rates – by 27 per cent in Whitminster for example.
The median price for a house in the area in 2015 was £250,000 and in 2016 that benchmark had risen by a massive £68,000 to a new high of £318,000.
The next biggest rise was in GL53 9, in Cheltenham, where prices were up by a 26 per cent in a year, from a median of £350,000 to £442,500. While GL10 in Stonehouse and GL54 in Stow-on-the-World both saw prices rise by 25 per cent to £284,950 and £405,000 respectively.
The area with the biggest drop in prices was GL52 7 in Bishops Cleeve, where the median price fell 25 per cent from £335,000 in 2015 to £252,500 in 2016.
Stroud and the wider Five Valleys area in GL6 7 had the highest median price locally, at £525,000, while the postcode with the lowest prices was GL1 4 in Barton Street, where the median price was £125,000.
"There's just not enough property coming onto the market. You've got the buyers out there but there is just not enough property. When the supply and demand is like that, that pushes the prices up."
According to the property website rightmove the average price for property in Gloucestershire is £271,021 and the most expensive area within Gloucestershire was Lechlade (£474,584) while the cheapest was Cinderford (£164,826).
Sascha Cresswell, from Cheltenham estate agent Phillip Pugh, said: "I would say definitely we've seen a massive rise since 2015.
"If we are valuing a property that we went out to in 2015, today, we'd probably be adding 15 to 20 per cent to it."
Sascha explained the key reason for that is that there are not enough properties coming onto the market to meet the demand. She said: "There's just not enough property coming onto the market. You've got the buyers out there but there is just not enough property. When the supply and demand is like that, that pushes the prices up."
Looking at these rises in a national context, the area with the biggest price rise in England and Wales in 2016 was W1U 5, around Marylebone, in Westminster which saw median prices jump 294 per cent from £990,000 in 2015 to £3.9m in 2015, mostly due to a number of new build flats being sold at 24 Paddington Street.
The area was the most expensive postcode in England and Wales with five or more sales. The postcode with the lowest median price was SR8 4, around Horden in County Durham, at £25,000.
The area with the biggest price fall in England and Wales in 2015 was SW1X 7, around Belgravia and Knightsbridge in London, which saw median prices fall 62 per cent from £5.8m in 2015 to £2.3m in 2016, although this is likely a return to a more normal trend, after a £17m flat sold at One Hyde Park in 2015 - the median price in the area was £2.1m in 2014.
Changes in price may be due to more demand pushing up prices or a changing type of property being sold in the area, particularly if new homes have been built.
Sold prices are taken from the Land Registry's price paid data. Areas with four or fewer sales in either 2015 or 2016 have been excluded.
There were 100 postcodes with a median price of £1m or more in 2015, with this rising slightly to 107 in 2016.
Source: Gloucestershire Live