Sales of £1m-plus properties in East Herts rise 35% as buyers move from London
Millionaires are making a beeline for Bishop's Stortford, with luxury house sales up 35% across East Herts.
Affluent buyers looking for more space and a change of lifestyle are behind the boom, according to North Street estate agent Savills.
Justin Godfrey, who leads the residential team, said: "Relocation and staycation locations – such as Bishop's Stortford and surrounding villages – have been stand-out performers, particularly popular among city leavers looking for a more accessible commute.
"Since lockdown restrictions were eased, we have seen a marked increase in the number of people contacting us from London – with viewings by those from the capital at 30% in August/September compared to 22% in January/February."
Despite the key spring market being all but lost, there were 147 £1m-plus sales in the district from the start of 2020 to the end of September, according to figures from Savills. This compares to 109 for the same nine-month period in 2019 – a rise of 35%.
In Hertfordshire as a whole, the number of £1m-plus sales has increased by 32% – up from 980 in 2019 to 1,235 so far this year. In the East of England region, the rise is 24% – up from 1,997 to 2,469.
Nationally, the South West has seen the biggest surge in demand, with £1m-plus sales rising 38% to 2,002. Yorkshire and Humber and Scotland have seen sales rise by 44% and 86% respectively, albeit absolute numbers of millionaire house sales remain much lower.
Mr Godfrey added: "By the year end, we now expect the number of £1m-plus sales agreed nationally to exceed 2019 volumes – a performance nobody could have anticipated just a few months ago. That said, recent evidence suggests fewer high-value homes are now coming to the market, suggesting we may be hitting a high plateau.
"For many, the challenge is now in getting deals through to completion by Christmas, after which point eyes will be on beating the March 31 stamp duty holiday deadline in order to benefit from the maximum £15,000 saving for those buying at this end of the market."