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Bishop's Stortford homebuyers save £11,272 on property purchases

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Anchor Street, Bishops Stortford. The Solum Goods Yard build is going up quickly. .Pic: Vikki Lince. (12475931)
Anchor Street, Bishops Stortford. The Solum Goods Yard build is going up quickly. .Pic: Vikki Lince. (12475931)

Property owners in Bishop's Stortford have had to drop their asking prices by an average of £11,272 in the last 12 months to achieve a sale, according to a new survey.

House-buying firm Property Solvers tracked 82 transactions in the town in the year to June as part of the creation of its new online monthly local housing market insights tool.

It monitored the house sale process from initial listing, through viewings, negotiation, offers, agreement, survey process, conveyancing and exchange to finally completion.

It found that compared to the asking prices on Rightmove and the actual sold prices lodged with HM Land Registry, homeowners across the CM22 and CM23 postcode areas dropped their prices by an average of £11,272 over the last 12 months.

Property Solvers co-founder Ruban Selvanayagam said: "While it's logical to expect a bit of 'wiggle room', pricing homes at the right level saves so much time and headaches.

"We always suggest looking at widely available online data from HM Land Registry, which tracks the prices properties are sold for and not what they are marketed."

Bellway Homes has begun marketing its new homes at the Bishop's Stortford Goods Yard site next to the railway station.

The developer showcased the project at a homebuyers event in Greenwich, south-east London. Prices of the one-, two- and three-bed apartments launching in spring 2020 are yet to be confirmed.

Bellway is working with Solum – a joint venture between Keir Property and Network Rail – to provide more than 550 new homes as part of a development which will also include a station square, a new bus link road from Dane Street/Station Road to London Road, two multi-storey car parks, an 85-bed Premier Inn hotel, shops and offices on a brownfield site of 14.4 acres (5.8 hectares).

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