Strong house price growth predicted for St Albans and Harpenden
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House prices in the East of England are set to increase by 5 per cent in the next 12 months and 17 per cent over the next five years, according to latest market forecasts.
Savills had previously predicted negligible house price growth for this year, but changed its view following last week’s Budget, which saw confirmation of the stamp duty holiday extension and the continuation of the furlough scheme.
This combined with a 7.3 per cent UK-wide increase in house prices during 2020 - the first time in modern history that property prices have risen in a recession - to create the more optimistic outlook.
Nick Ingle, who leads the residential team at Savills in Harpenden, said: “The outlook has improved since the beginning of the year given the speed of the vaccination programme, the expected relaxation of social distancing measures and government support for both jobs and the housing market.
“New sales agreed remain well above the pre-pandemic norm, while the same is true of mortgage approvals. By extending both the stamp duty holiday and the furlough scheme in the recent Budget, the Chancellor has significantly reduced the downside risks in the mid-year, while a recovering economy should support price growth towards the year end.”
Savills is predicting 4 per cent house price growth across the UK this year, with 21.1 per cent total growth from 2021-2025.
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Nick added: “The move to the country trend shows no sign of slowing and the search for space – together with longer term adaptations to home working – will likely remain dominant drivers in 2021. This points to a continuation of the country house revival and a demand for lifestyle relocation.
“We anticipate that the East of England – and the likes of Harpenden, St Albans and wider Hertfordshire – will continue to be in strong demand by those seeking a move away from the capital, however we also expect growth to be supported by local upsizers and buyers relocating from other regions.”
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