Ware Property Price Increases 2016

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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.

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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”