Over the last 3 months, the Ware
region property market has seen some interesting movement in house prices, as
property values rose by 1.16%. These
compare well to the national figures where property prices across the UK saw a
monthly uplift of 0.42%, meaning a 3-month
increase of 3.48%, this is all
despite the constraining factors of Stamp Duty changes in the spring and more
recently the Brexit referendum.
Looking at the figures for the last 12
months makes even more fascinating reading, whereby house prices in the Ware
region are 5.28% higher with an
average price increase of £22,726.00
However, it gets more remarkable when
we look at how the different sectors of the Ware region market are performing. Over the last 12 months
the best performing type of property was the Detached which outperformed the
area average by 2.61% whilst the worst
performing type was the semi-detached, which under-performed the area average
by 2.85%.
Now the difference doesn’t sound that
much, but remember this is only over 12 months and the gap between the two
properties actually converts to £47,503.00
when you consider the average price paid
for a semi-detached property in Ware itself over the last 12 months was £418,802 the average price paid for an detached
house was actually £669,967 over the
same time frame.
I know all the Ware region landlords
and homeowners will want to know how each of the property types have performed,
so this is what has happened to property prices over the last 12 months in the
area…
- Overall Average
+5.28%
- Detached
+7.89%
- Semi Detached +2.43%
- Terraced
+3.87%
- Apartments +5.99%
When we looked at the month-by-month figures for the area, you
can quite clearly see there is a slight tempering of the Ware property market
over these last few months. I have mentioned in previous articles that the
number of properties on the market in the Ware region has increased during the
summer, something that hasn’t happened since 2008. Greater choice for buyers
means, using simple supply and demand economics, that top prices won’t be
achieved on every Ware region property. You see, some of that growth in Ware
property values throughout early 2016 may have come about because of a surge in
house purchase activity, an indirect result of the increase in stamp duty on
second homes from April, thus providing a temporary boost to prices.
However, it may be possible the recent pattern of robust
employment growth, growing real earnings and low borrowing costs will tilt the
demand/supply seesaw in favour of sellers and exert upward pressure on prices
once again in the quarters ahead.
…And Ware property values, assuming that everything goes well
with Brexit, should see values in the order of 6% to 8% higher.
My thoughts on the local Property rental market can always be found on my blog but if you would like some specific advice please feel free to pop into our High Street office in Stanstead Abbotts or give us a call.
"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”
