Property prices remains buoyant in Bishop's Stortford despite Brexit turmoil
Bishop’s Stortford’s property market is weathering the Brexit storm, according to town estate agent Savills.
The North Street business held a research event at the Henry Moore Foundation, Perry Green, to outline local housing trends and look ahead to the rest of the year and beyond.
Guests were told that town centre properties and those in well-connected areas such as Much Hadham, Braughing, Clavering, Stansted and Hertford were proving particularly popular despite the continuing political uncertainty.
Justin Godfrey, Savills’ head of office, said: “There’s little doubt that the current political and economic uncertainty has made for a challenging few months. But it’s not all been doom and gloom.
“Realistically priced properties that are in good condition or offer something truly special continue to sell. The number of new buyers registering with us is actually up by 18% when compared to last year, proving that the demand is there.
“Whether it’s growing a family, a job move or wanting to be in the right school catchment area, buyers with a strong reason to move are still keen to get on with things.
“Properties in Bishop’s Stortford town centre – close to the railway station and within easy reach of shops and restaurants – are seeing their prices hold best, particularly if they require very little maintenance. Access to superfast broadband is also a huge driver.
“We are fortunate to live in a highly sought after area that offers superb value for money when compared to London, great connectivity, superb schools and lots of great amenities, leisure facilities and countryside right on our doorstep.”
Guests also heard from Savills residential research analyst Frances Clacy, who outlined recent house price growth and looked ahead at future trends.
Referencing data from the Land Registry, she said that house prices in East Herts had increased by 45.6% since the market peak of 2007-08, with a rise of 0.4% in the last 12 months.
In neighbouring North Herts, prices have risen 45.7% over the longer period but fell 2% in the last year, while Uttlesford has seen an increase of 35.5% in the last decade and 0.9% more recently.
Hertfordshire in general has seen house prices grow by 49% since the peak of 2007-08, with a drop of 0.9% in the last 12 months, while the East of England region as a whole has seen prices rise by 37% in a decade and 0.5% in the last year. In London, prices are up 58% over the longer period but down 2.1% in the last year.
Average house prices sit at £471,000 in East Herts and Uttlesford, compared with £416,000 for North Herts.
For prime properties – where the average value is around £1m to £1.5m – Bishop’s Stortford has seen a price increase of 4.7% in the last five years and 0.1% in the last year.
Buyers can expect greater value for money in the Stortford area, with prime property costing an average of £370 per sq ft compared to £1,200 per sq ft in London.
Frances concluded: “While we expect house prices to remain sensitive in the short term, with buyer sentiment likely to ebb and flow with the news agenda, the long-term picture looks healthier as greater clarity over Brexit will bring a degree of confidence back to the market.”