Has St Albans got its property mix wrong?
- Credit: Archant
We are all aware of the unrelenting rise in house prices over the last 15-20 years, but less commented upon is the change in the mix of property types being built. As a resident of St Albans, it appears that more flats are being built, but is this true?
HM Land Registry office, through the Open Government License, gives us access to ‘price paid data’ for all residential properties sold at full market value since 1995 in England and Wales, that’s over 21 million records in total. Each record includes sale price, completion date, address, property type and whether it was an established property or a new build.
By exploring this file, we can find the residential property sales in St Albans and investigate whether our hypothesis is correct.
The ‘Average Sale Price’ chart shows, by year of transaction, the price paid for established properties and new builds in St Albans. Reflecting well known statistics the price of established properties rises higher and higher, and between 1995 and 2004 the average price of a newly built property was greater than that of an established property. However, from 2005 onwards the average sale price of new builds drops behind and even decreases in the final period. Why is the price of newly built properties plateauing and even decreasing when those of established properties continue to climb?
The ‘Property Type’ chart shows, again by year of transaction, the percentage of sales volumes by property type for established properties and new builds. Here our hypothesis is confirmed, between 1995 and 2004 between 20-30 per cent of all new properties sold were flats, but from 2005 onwards this proportion jumps to over 60 per cent. Since 2015 over 90 per cent of all newly built properties sold have been flats.
You may also want to watch:
The change in the mix of property type has moderated the sale price of new builds and provides more affordable homes for young people looking to get a foot on the housing ladder. But has it also exacerbated the price increase of larger homes if these properties are not being built?
Is a property mix where 90 per cent of new builds are flats the right mix given the demographic profile of residents in St Albans?
- 1 April 12: Your guide to what can open from Monday when COVID lockdown rules ease
- 2 Punch Taverns calls time on White Lion pub team
- 3 Quarter of tenants become owners at St Albans development
- 4 What are the district's best pub gardens to visit from April 12?
- 5 April 12: Rhino crash marks re-opening of Whipsnade Zoo
- 6 The latest court results for the St Albans area
- 7 Drive-in cinema arriving at London Luton Airport
- 8 At last! St Albans is back in business as shops re-open
- 9 Colney Heath in line for promotion after FA decide to restructure non-league pyramid
- 10 Major redevelopment underway at St Albans office building
Sarah Teague, freelance data analyst, firstname.lastname@example.org