To say we’re living in strange times is perhaps the understatement of the century. However, one thing that can give us a good deal of assurance is how robust the property market in Cheshunt has proved to be since the lockdown was lifted. Here in the office, we were all slightly nervous about whether the market would bounce back. But boy, has it bounced back, and then some!
One of the best things about living in our area is the mix of people, many of whom we speak to every day. Each of them have their own particular needs when it comes to their next home. The great thing about that, from a property market perspective, is that it gives the market a really broad and solid base, and is not overly dependent on one single factor (like for example student housing or investment buyers).
So, in this period of market momentum, who stands to gain the most? Well let’s try to answer that by looking at house price growth over the last few years. The most expensive homes here are detached homes, which probably doesn’t come as too much of a surprise. However, if we look at a geeky measure called annualised capital growth (how much a type of property increases in value each year), we can see that it’s actually semi-detached homes which has seen the best annualised growth (7 per cent).
So does that mean every other type of home isn’t doing well? Absolutely not. When we look at detached homes for example, which have increased by the least of all types in our area, the statistics show that this growth is still significantly ahead of the national average. The reality is the overwhelming attractiveness of our area ensures that prices will continue to outperform other areas in the region.
Despite the daily dose of alarm that comes through on the news everyday, the current climate represents a fantastic opportunity to buy your next dream home. Perhaps the main reason is that our homes have become more important than ever, as we’ve all had to spend a lot more time there. And also, from a more technical perspective, real estate is one of the safest places to store wealth, so it’s no surprise prices have to racing ahead.
Whatever you decide, it’s always best to talk to a local market expert who can help you cut through the complexity of buying a home. We’re always available for a chat, even if it’s just for some advice. You may also want us to give you an idea of the price you might get for your existing home. Now in particular, your home may be worth a lot more than you think.
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