If a town becomes a city, will house prices go up?

Treadway1

Hi all,

I've just been reading on the news that Chelmsford (my home town) is soon to become a city in honour of the Queen's diamond jubilee. Just out of interest then, I was wondering if this would do anything to house prices in the area? Does having city status mean anything for property prices or am I just wishful thinking!

What say you all?

Tredders

spadoosh

Mainly wishful thinking. Its litterally a status symbol this time round so no extra funding or anything along those lines. So nothing economically that would increase the value of your home directly.

Though being a recipient of the last jubilee Preston has had lots of money invested privately though this was probably due to the university.

You can expect to see lots of busy lizzies on roundabouts though. Weve even had night lasers installed to celebrate the guild this year, posh us!

pinkteapot

I live in Colchester and my family live in Chelmsford so I noticed this news as well. Apparently the title is purely honorific and doesn't result in any extra funding for the 'city' or anything like that. Unless services improved etc, I can't see it having an effect on house prices.

I am slightly confused about the 'city' thing - I thought that any town with a cathedral was a 'city' (which I always thought was stupid as some small towns have cathedrals) but I guess not as Chelmsford has a cathedral but wasn't a city already...

nomoneytoday

Or living in an "inner city ghetto" may depress the prices

(i.e. it depends on the law of supply and demand, as it did last week too)

adouglasmhor

pinkteapot wrote: »

I am slightly confused about the 'city' thing - I thought that any town with a cathedral was a 'city' (which I always thought was stupid as some small towns have cathedrals) but I guess not as Chelmsford has a cathedral but wasn't a city already...

That was how it used to be in the days of Knights in armour and serfs.

Running_Horse

I would rather live in a market town than inner city Chelmsford.

Expect prices to start tumbling soon.

Richard_Webster

There are vast areas of Hampshire countryside in the area of Winchester City.....

The title really means nothing in practice.

lincroft1710

Richard_Webster wrote: »

There are vast areas of Hampshire countryside in the area of Winchester City.....

The title really means nothing in practice.

Similarly with the City of Peterborough and many villages formerly in the county of Cambridgeshire.

SG27

Can't see it making any difference. It's just a name. Not much is selling round here (chelmsford and surrounds) at the moment from what I'm seeing. Although sellers still seem reluctant to accept decent offers. Seen a few go a some good discounts though but they are mainly forced sales. We are going to hold out for one of these unless our dream house comes up in the meantime.

paddedjohn

Even if it did push the prices up then what would you gain? Your next house would be more expensive too.
They could drop, look at Liverpool, you can get 2,3 bed semis for £100k with change.

theGrinch

people will only visit somewhere they want to go to. over time new cities may market themselves as such and attractive new businesses and infrastructure, but this takes a long time. Until them, nothing will change much.