Live near RAF base that's closing - what will my house price do?

ajbisgr8

I live near to an RAF base that has been announced for closure - we've no idea what the site might be used for in future.

Can anyone who's been through a similar experience tell whether it's likely that house prices will go up or down?

Gwhiz

ajbisgr8 wrote: »

we've no idea what the site might be used for in future.

I think the clue is in the sentence above!

moneypooh

If the RAF base has housing for sale, (like our local RAF base did) they were sold off cheaper than usual for your area, so you may find your house price will seem expensive to people outside your area. If the site is used for enhancing the local amenities it will improve your house price, although more housing could do the opposite.
Unfortunately until the future useage is confirmed you'll be just guessing.

ajbisgr8

there is housing there - there's load of rumours about the future of the site but I'll guess we'll just sit tight for now.

GDB2222

Are you currently disturbed by noise from the base?

marcg

Check the local development plan at your local planning office. The closure should have been taken into account by this and you'll see whether the land will be given consent for housing/industrial/offices/whatever.

BettiePage

What's happened to house prices near Coltishall? Isn't it going to be an immigration centre or prison or some such??

ETA: A prison it would seem.

poppysarah

Depends on too many things. If the site is sold off and redeveloped then you'll have potentially more houses competing in the area which would be a good thing perhaps for buyers.
However is there a loss in jobs due to the closure?

House prices are more than just how much money a bank will throw at you. (I seriously think that the history books will mark 125% mortgages as the peak of insanity of humankind)

bigblackdog

i would guess that your house price will go up (relatively) ,or perhaps become more desirable / easier to sell which is just as good in these times , as i would not want to live near a base , and dont think the majority of people do

ajbisgr8

thanks for all the comments. We do get noise from the base at present (bloomin harriers) so in that respect it will be a bonus.

No plans at the council yet as they were not expecting the closure (in case anyone is wondering the base is Cottesmore, the one that the defense minister announced as closing last month).

I imagine thare will be significant job losses, the base employes around 10% of the whole county (3k) but this could be countered depending on whatever they use it for in the future.

Should also say that a lot of houses outside the base are owned by personell so i'm thinking its not looking good.

System

The base does not employ 10% of the county. The majority of the 3000 people at Cottesmore are servicemen and will be deployed elsewhere. Possibly about 500 locals max employed there (not counting civil servants who will be deployed elsewhere).

Also you have another 3 years as it doesn't close until 2013 (instead of the original 2018)

As the Harriers are moving to Wittering (14 miles away) I would think that a lot of servicemen who have bought their houses arond there will keep them and commute.