St Albans house prices up by 65 per cent since 2009
PUBLISHED: 11:00 17 December 2019 | UPDATED: 11:18 17 December 2019
House prices in the St Albans area have increased by 65 per cent over the last decade – a rate of £56.73 a day.
The average cost of a home in the district now stands at £508,389, up more than £200,000 from December 2009 when a typical property price was just £308,126.
Savills analysed figures from the Office for National Statistics to make these findings, with London experiencing the biggest regional increase over the decade (72 per cent), followed by the East of England (57 per cent). The North East was at the bottom of the pile with an increase of just 5 per cent.
It was a similar story across Hertfordshire, with Stevenage also seeing a 65 per cent increase, while prices were up by 61 per cent in Welwyn Hatfield, 71 per cent in Hertsmere and 74 per cent in Watford.
Nick Ingle, who leads the residential team at Savills' Harpenden office, said St Albans - and Hertfordshire in general - had experienced "consistently strong house price growth that has been on par with or in excess of the national average".
While there was a "slowdown" in the market in the wake of the EU referendum, he said that "even this year in the face of considerable political and economic uncertainty the market has remained largely resilient".
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Prices "held their own" thanks to "strong interest from committed buyers", he added.
Nick said: "We are fortunate to live in a very sought-after area that offers a way of life that is second to none.
"Well maintained properties close to railway stations and within easy reach of shops and restaurants have proved particularly popular - especially with families from London who are looking to take advantage of the excellent local schools and country lifestyle, while still being within easy reach of the capital."
He added that the General Election result could bring a greater sense of urgency to the market in the year ahead - although it may harden some sellers' price expectations.
"We are expecting only modest price growth in 2020 on the basis that, despite domestic political uncertainty receding, some economic uncertainty will remain until a trade deal is agreed with the EU; even if, as is widely expected, the UK leaves the EU by the end of January without a further extension of Article 50.
"This could mean a bounce in demand in the first part of 2020 proves difficult to sustain through the summer months and into the autumn market."
Looking ahead, Savills is forecasting house price growth of 10.9 per cent in the East of England by 2024.