Fri 09 Dec 2016
The Sales Property Market in PE19, 2015-16
By analysing Land Registry data, we can gain a good insight into the trends and patterns within the local St Neots property market. This month, with the calendar year coming to an end, we’ve decided to take a closer look at the market performance in the last 6 months, post-brexit.
Land Registry data shows that in the last 6 months, house price transactions in the PE19 (St Neots) area averaged at £327,857. During this period we saw a total of 325 sales completed, with 85% being resale properties, and just 15% new homes.
If we were to compare this to the same period in 2015, we can see there was a 38% drop in the number of property transactions (522 against 325), much of which we can attribute to the uncertainty leading up to the EU Referendum, and then the fallout after the vote itself. We expect this reduction in transactions to remain fairly static throughout 2017.
However we can also see that as demand from potential buyers has remained buoyant, this combined with a reduced level of housing stock for sale has pushed last year’s average sale price up from £273,797 – a difference of £54,060 (or 16.5%) in just 12 months!
The chart below shows the most popular style of property to be sold in PE19 (for both 2015 and 2016) to be terraced houses, closely followed by detached –this has been a consistent feature of the PE19 property market for many years now, even with the arrival of the newer, more compact developments at Loves Farm and Eynesbury Manor.
If we break these stats down into each property type, they tell us that of all properties, detached homes have seen the greatest annual growth - with an average of 17%. Flats/apartments have also performed extremely well in PE19, with a 13% growth in average prices in the past 12 months.
At the other end of the spectrum, semi-detached and terraced homes have seen growth of 7% in prices. Not a patch on flats and detached, but still an excellent capital growth rate.
For buy to let investors, the strong performance of flats/apartments is particularly encouraging - as well as excellent capital appreciation, they also offer potentially strong rental yields.
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