Monday 13 June 2016
Wednesday 8 June 2016
Average Property Values Rise by 2.4% in SG12
Current average property values in the SG12 postcode rose by 2.4% over the last 3 months. This follows several months of sluggish activity in the local property market putting the average price in this area to £418,312 which is 6.38% higher than 12 months ago.
Interestingly, the Council of Mortgage Lenders and Estate Agent trade bodies over the last few months have reported seeing a fall in mortgage lending and enquiries from prospective home buyers. This is important because it comes amid an overall rise in housing market activity in SG12. Data from the Land Registry said completed house sales in this postcode in the three months to the end of May 2016 actually rose by 13.3% compared to the same three month period up to May 2015.
This increase in property sales is supporting local property values, as there is a shortage of houses coming onto the market property values are still rising well above the level of inflation.
The population in the Ware region is growing at a much higher rate than the number of properties being built. This increasing demand for a roof over people’s head, which is outpacing the supply of new houses being built locally, is creating a severe imbalance in the local and national housing market, thus making home ownership an ever increasingly distant dream for many of the potential local first time buyers.
In fact, I still maintain the view that house prices are likely to rise by a further 3 to 5% in SG12 in 2016. The reason being is that the rise reflects both strong economic conditions and steady market conditions with very low numbers of properties on the market.
Many Buy to Let landlords know that investing in the Ware region property market is a long-term strategy of 5 - 10 years minimum. Governments come and go, but unless East Herts District Council start to build hundreds of new properties a year to make up for the lack of supply, a strong demand for rental properties will always remain.
As my existing landlord clients will testify, whether you manage your property yourself, or another local agent manages your properties, everyone is always made to feel welcome when they pop in to our offices in Stanstead Abbotts High Street to discuss anything to do with the local property market, how Stanstead Abbotts compares with its closest rival towns. I don’t do hard sell, I will just give you my honest and straight talking opinion.
"Your local property experts, our advice is free but our knowledge is priceless"
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”
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