Plenty to be positive about in the Hertfordshire housing market says Harpenden agent
PUBLISHED: 17:51 18 April 2019 | UPDATED: 17:52 18 April 2019
The future is bright for the local property market according to one national estate agency chain, with prices expected to rise by almost 10 per cent over the next five years.
Despite a challenging start to 2019, Gaby Foord, analyst with the Savills research team, says that greater clarity over Brexit is likely to fuel market confidence.
She said: “In the next five years house prices in prime markets within a half hour commute of London are expected to rise by 9.3 per cent.”
Gaby was speaking at the Home Truths research event at Luton Hoo, hosted by the Savills Harpenden office.
According to Savills research, house prices have increased by 51 per cent in Herts since the housing market peak of 2007, with a drop of just 0.1 per cent in the last 12 months.
Property prices in St Albans have risen by 53 per cent since 2007 but dropped 1.4 per cent in the last year, while those in North Herts have risen by 49 per cent since 2007 and 0.5 per cent within the last 12 months.
Meanwhile, Savills report that the average house price currently sits at £483,000 for Hertfordshire as a whole, £616,000 in St Albans and £421,000 in North Herts.
Nick Ingle, head of office and head of residential at Savills Harpenden, told guests at the event: “Certainly the local market has seen some resilience from the bigger picture.
“The key drivers that have traditionally brought people to the area are still incredibly important – outstanding schools, a great community spirit, connectivity to London and some truly fantastic countryside.
“However, we're not without our challenges. The current political and economic uncertainty has impacted on consumer confidence which alongside rising interest rates and increased taxation has prompted a slowdown.”
On a more positive note, Nick said that viewings were up 24 per cent on this time a year ago, and Savills remain “cautiously optimistic for the months ahead.
“Sensibly priced properties that are best in class, in good condition or offer something truly special will continue to sell,” he added.