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Website reveals huge slump in Warminster property values
(May 31, 2010)THE house price crash of recent years means that there are no longer any homes in Warminster worth anything like £1,000,000.
Figures from housing specialists Zoopla reveal that
Warminster's most
expensive house, in Grange Lane, is worth just under £750,000 but even
that has lost £200,000 in value since it last changed hands in 2007.
(Click here to find how much your home is worth - if you dare.) Pictured: Parks Court in Upton Scudamore is worth £1.522 million and is the most expensive home in the immediate vicinity
The crash has hit prices across all property types and values.
Old Barn House in Brixton Deverill, which sold for £483,000 in Novemver 2007, is now valued at £408,000 while in Newport, in the centre of the town, a detached home worth £490,000 in October 2007, would now only fetch £401,000.
A home in Savernake Close sold for £147,500 in August 2007 is now valued at £125,040 while a home in Wren Close Orchard that went for £148,000 in December 2007 would now only fetch £119,895.
Even further down the housing market there have been significant falls.
A George Street flat which sold for £51,500 in October 2006 is now only worth £44,157.
It seems that the property market in Warminster peaked in late 2007 and that its fall has been sharp with only properties purchased before September 2005 still showing a notional increase in value.
While estate agents, property speculators, banks and building societies, building companies and the like have a vested interest in talking the market up a sustained period of stagnation or slight falls in the price of housing could well be in the national interest.
Only a fool predicts the price of housing in the short and medium term and with huge government spending cuts and jobs cuts coming it would be even more rash to make any predictions now.
In the long term the trend (two decades) will continue to be upwards as the increase in household numbers, caused by increased longevity, divorce and inward migration will tend to counterbalance cyclical fluctuations.
But there's one additional factor which could have a significant impact on more expensive country properties locally - the closure of HQ Land Forces in Wilton shortly will make the Wylye and Nadder valleys far less attractive to hundreds of well paid Army officers who used to snap up these homes in the past.
Warminster's most
expensive house, in Grange Lane, is worth just under £750,000 but even
that has lost £200,000 in value since it last changed hands in 2007. (Click here to find how much your home is worth - if you dare.) Pictured: Parks Court in Upton Scudamore is worth £1.522 million and is the most expensive home in the immediate vicinity
The crash has hit prices across all property types and values.
Old Barn House in Brixton Deverill, which sold for £483,000 in Novemver 2007, is now valued at £408,000 while in Newport, in the centre of the town, a detached home worth £490,000 in October 2007, would now only fetch £401,000.
A home in Savernake Close sold for £147,500 in August 2007 is now valued at £125,040 while a home in Wren Close Orchard that went for £148,000 in December 2007 would now only fetch £119,895.
Even further down the housing market there have been significant falls.
A George Street flat which sold for £51,500 in October 2006 is now only worth £44,157.
It seems that the property market in Warminster peaked in late 2007 and that its fall has been sharp with only properties purchased before September 2005 still showing a notional increase in value.
While estate agents, property speculators, banks and building societies, building companies and the like have a vested interest in talking the market up a sustained period of stagnation or slight falls in the price of housing could well be in the national interest.
Only a fool predicts the price of housing in the short and medium term and with huge government spending cuts and jobs cuts coming it would be even more rash to make any predictions now.
In the long term the trend (two decades) will continue to be upwards as the increase in household numbers, caused by increased longevity, divorce and inward migration will tend to counterbalance cyclical fluctuations.
But there's one additional factor which could have a significant impact on more expensive country properties locally - the closure of HQ Land Forces in Wilton shortly will make the Wylye and Nadder valleys far less attractive to hundreds of well paid Army officers who used to snap up these homes in the past.