Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi). Central Bedfordshire, East Hertfordshire, Dacorum and St Albans have seen more than one in every 20 homes change hands over the past year. The average annual rate of housing stock turnover in the area as a whole is 4.7%.
On the up
The average price of a property has increased significantly during the past year, a number of localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 2.5% in the Eastern area during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in the region is £28,400.
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in the Hertfordshire, Bedfordshire and Cambridgeshire regions of the UK
Tring, Hertfordshire, 5 bedrooms
This deceptively large, detached, chalet-style bungalow occupies a generous plot with flexible accommodation, big rooms and a stunning garden. Other notable features include the driveway, the garage, the open fireplace in the living room and the quaint village setting.
Cranfield, Bedfordshire, 4 bedrooms
Grade II Listed and dating back to the early 17th-century, this four-bedroom detached cottage sits within an enviable plot of 1/3 of an acre within a quiet and established village. 'Burntwood House' has been tastefully modernised over more recent years and retains original period features, including exposed wall and ceiling timbers, open-fireplaces, wattle and daub walls and ledged/brace latched doors. There are well tended lawned gardens to the rear, which offer a west-facing orientation and ample, secure off-road parking for numerous vehicles.
Huntingdon, Cambridgeshire, 4 bedrooms
This stunning brand-new detached barn-style home is situated on the outskirts of Fenstanton, benefiting from easy access to the A14 road network to Cambridge. Offering three large reception rooms, including a stunning open-plan kitchen-diner with bi-folding doors that open to the garden, and four bedrooms, this is the ideal family home for modern living.
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.