North Herts house prices up by 1.2 per cent in April
PUBLISHED: 11:58 23 June 2019
© I-Wei Huang, All Rights Reserved
House prices in North Hertfordshire increased by 1.2 per cent in April, despite witnessing a 5 per cent fall over the last 12 months.
The latest data from the Office of National Statistics shows that the average property in the area sold for £335,171 - significantly higher than the UK average of £228,903.
Across the East of England, property prices have risen by 0.6 per cent in the last year, to £289,436. The region underperformed compared to the UK as a whole, which saw the average property value increase by 1.4 per cent.
The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.
North Herts saw the 11th-largest average price drop of any authority in the UK over the last 12 months, however the average homeowner will have seen their property jump in value by around £87,000 in the last five years.
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The figures also showed that buyers who made their first step onto the property ladder in North Herts in April spent an average of £265,948 - around £68,000 more than it would have cost them five years ago.
Residential research analyst at estate agent Savills, Lawrence Bowles, said: "UK house prices grew 1.4 per cent in the 12 months to April - less than half the rate of price growth this time last year.
"The regional split in house price growth has become even more pronounced in the last few months, with the London market and associated commuter locations most impacted by political and economic uncertainty. Prices fell 0.8 per cent in the South East, having grown 2.5 per cent in the previous 12 months.
"Mortgage rates are still at historic lows, making housing more affordable in many parts of the country, which we've seen reflected in more first-time buyers.
"More generally, buyers remain cautious amongst the uncertainty of Brexit and the selection of the next prime minister, and will only commit to a new property purchase when they feel the price is absolutely right."
Between March last year and February this year, the most recent 12 months for which sales volume data is available, 1,798 homes were sold in North Herts, 15.3 per cent fewer than in the previous year.