Getting Ahead In Letchworth Garden City Property Market

6th May 2022 posted in SELLERS LANDLORDS BUYERS

We know the housing market is challenging, and there are pitfalls to avoid, but we can assist you as best we can. If you are looking for help in the Letchworth Garden City housing market, we can help.

We know the local market well, and we stay in touch with the latest news and studies in the market.

Halifax House Price Index indicates rising house prices

The most recent House Price Index, issued by Halifax, shows an increase of £3,860 in property prices in March, representing an increase of 1.4%. This represents the most significant increase since September 2021.

Halifax figures suggest the average price of property in the UK has risen by £28,113 in the past year. When you take on board the average annual earnings in the UK stands at £28,860 before tax is accounted for, you have a situation which is challenging for many people in the property market.

Property prices have risen by £43,577 since March 2020, when the first lockdown occurred.

How are prices faring in Letchworth Garden City?

According to Rightmove, house prices in Letchworth Garden City are faring as follows:

Properties in Letchworth Garden City had an overall average price of £371,843 over the last year.

The majority of sales in Letchworth Garden City during the last year were terraced properties, selling for an average price of £319,750. Flats sold for an average of £215,029, with detached properties fetching £626,372.

Overall, sold prices in Letchworth Garden City over the last year were 9% down on the previous year and 4% down on the 2017 peak of £386,483.”

As you’ll see, property prices in Letchworth Garden City are bucking the national trend. It is easy to see why buyers are interested in property in the area, because there is great value to be found.

Of course, some homeowners will be wary of selling at this time if they aren’t going to achieve a great price. Help is available though, and with our help, you can achieve the sales price that is right for you.

We help you complete deals

One issue that people should be wary of when it comes to property market deals is the number of deals which fell through. A recent study suggests one third of property deals collapsed in the first three months of the year. Of these deals that fell through, 25% collapsed because the buyer wasn’t in a position where they could arrange finance.

The managing director of the company behind the study, Danny Luke, said; “Property prices have been climbing and climbing in recent months. At the same time, the UK has been experiencing a steep rise in inflation and lots of people are beginning to really feel the pinch from steep rises in the cost of living. It was inevitable that the squeeze on people’s wallets would begin to be reflected in mortgage companies’ affordability assessments.”

Danny also said; “From our conversations with potential buyers and estate agents, it is clear that lenders are being more cautious about which properties they’re prepared to lend on and how much home buyers can afford to borrow in light of rising day-to-day living costs. Energy prices have already risen by 50% for most UK households, and they look set to increase even further through the latter half of this year and into 2023. That, of course, has a significant impact on homeowner affordability.”

There are many reasons why property deals collapse

Other reasons cited by people as to why property deals collapsed include:

•               34% of failed sales were down to the buyer changed their mind about the purchase

•               25% of failed sales occurred because the seller stopped the deal, citing slow progress

•               8% of failed sales are attributed to the buyer looking to renegotiate on the previously agreed sales price

•               8% of failed sales are down to a change in the buyers’ circumstances

If you want to significantly lower the risk of property deals, call on an experienced and skilled local agent. At Country Properties Letchworth Garden City, we aim to provide you with the best standard of support and service at all times.

Contact Country Properties for all your Letchworth Garden City property needs

Currently, in line with Government guidelines, our Letchworth Garden City branch is open and our and lettings personnel are here to assist you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 481100 or email ian.ellmers@country-properties.co.uk.