Property price spike in Stevenage bucks trend across Herts
PUBLISHED: 14:49 15 November 2018 | UPDATED: 16:50 15 November 2018
House prices leapt up in Stevenage during September - but the market remained flat in St Albans and Welwyn Hatfield.
According to the latest House Price Index, prices were up by 5.7 per cent in Stevenage in September, contributing to a 6.3 per cent rise over the last 12 months.
By contrast, prices in St Albans grew by just 0.5 per cent, and annual figures were down by 1.5 per cent.
In Welwyn Hatfield prices fell by 0.6 per cent in September, though there was a 2.8 per cent rise over the last 12 months. Herts-wide, the annual and September increase were both 0.1 per cent.
The latest data from the Office for National Statistics shows that the average property in Stevenage sold for £302,003 – significantly higher than the UK average of £232,554.
In St Albans the average price was £519,926, in Welwyn Hatfield it was £392,530 and Herts-wide it was £402,551.
Across the East of England, prices have risen by 2 per cent in the last year to £294,027. UK-wide, the average property value increased by 3.5 per cent.
Frances Clacy, research analyst at estate agents Savills, said a slowdown in growth compared to the previous year was caused by more stringent lending criteria.
She said: “The higher value markets of London, the South East and the East of England, where affordability is most stretched, have been particularly impacted. For the capital, house prices are now lower than they were a year ago.
“Economic and political uncertainty, particularly surrounding the outcome of Brexit, also means buyers have become more cautious.”
Interestingly, the total number of homes sold in Stevenage between August last year and July this year - the most recent 12 months for which sales volume data is available - was down by 29 per cent.
Throughout Herts and in St Albans specifically, 9 per cent fewer homes were sold, while in Welwyn Hatfield there was a 7 per cent drop.