Expert View: St Albans' £1m property market is ever-evolving
PUBLISHED: 14:28 11 June 2018 | UPDATED: 15:18 11 June 2018
Nick Doyle of Aitchisons, St Albans, takes a look at the top end of the local market.
A headline from the BBC recently caught my eye, as St Albans and Harpenden were both included within the top five fastest selling £1m locations - all of which were outside London.
The other locations identified by Rightmove research were Edinburgh and Bristol, while top of the pile was Cambridge, taking 45 days to secure a buyer.
The figures come after BBC research revealed sales of £1m-plus homes rose to a new high in England and Wales last year. A total of 16,119 property sales for £1m or more were completed during 2017, up 5.4 per cent from the previous high in 2016. In St Albans, 1,336 homes over £1m have been sold since 2007 according to the Land Registry.
The article also commented on the additional investment in areas with leading universities, which has led these locations to record some of the biggest increases in such sales. Last time I checked there were no universities in either St Albans or Harpenden, however the attraction of the sought-after schooling and transport links into London are of significant appeal to buyers.
Commenting on St Albans, the recent trend for house price inflation has led to the creation and increase of semi-detached £1m homes. A quick look at Rightmove shows seven such houses all currently sold between £1m and £1.15, all in the AL1 4 postcode.
We have also witnessed a number of family homes located around the sought-after Beaumont and Sandringham schools, typically The Ridgeway, Beechwood Avenue and Salisbury Avenue areas, which are now commanding these figures. The majority of these have been substantially extended, creating generous family accommodation in ever decreasing catchment areas.
There have also been a number of city centre period properties exceeding the six figure threshold. Is the day of the £1m penthouse in St Albans drawing ever closer?
For professional advice on all property matters, contact Aitchisons on 01727 855556.