Figures released by the Office for National Statistics claim that property prices in Hertfordshire increased by 1.4% over the 12 months to July, 2018. The figure represents a slight downturn when seen against the rise of 2.4% for the East of England and 3.1% for the whole of the UK. However, St Albans is still the 18th-most expensive local authority in the UK for home-buyers, with average properties in the district rising in value by around £157,000 over the last five years.
Other parts of Hertfordshire may now be seen as less attractive to prospective purchasers, but research by property agents Savills shows that St Albans and nearby Harpenden remain desirable locations for house-buyers. Savills’ research was aimed at identifying the best places around London for buyers seeking top schools (primary schools rated as outstanding, and within 2km of a station), as well as short commutes. The resulting “league table” lists St Albans in top spot for places within 30 minutes of London by train, with Harpenden coming in second. Hitchin, Stevenage, Radlett and Welwyn Garden City all feature in the top thirteen locations, with the listing also including towns in Surrey, Essex, Berkshire, Buckinghamshire and Hampshire.
Extending the commuting time to 60 minutes from London by rail sees St Albans retain first place in the Savills list, with Harpenden dropping to third. In analysing the results Savills concluded that buyers in these desirable locations are paying a premium of 9.5% for proximity to both a top rated school and a local train station. The research also states that this “desirability index” continues to be fuelled by families looking to move out of London in search of good schools and an improved quality of life, while at the same time looking to benefit from the higher salaries the capital has to offer.
As ever, statistics can be made to prove any point of view. However, in this instance property prices locally suggest that neither the difficulty in obtaining your first choice of school, nor delays and disruption on the rail network have had negative impacts on the numbers looking to move into St Albans and the surrounding districts.
As an independent local business Bretherton Law have been serving the local community for over 50 years, and to improve our service further our Residential Property team has been strengthened with the arrival of Chartered Legal Executive Lucy Madley. Lucy qualified in 2011 and has since gained valuable experience in and around the London market, acting for buyers and sellers of both freehold and leasehold properties. With expertise in purchasing new build properties, Right to Buy and Help to Buy schemes, as well as re-mortgages and transfers, Lucy will look after your interests throughout the buying and selling process.
Contact Lucy Madley at Bretherton Law on 01727 869293, or use the contact form below.
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