08 Jan St Albans Housing Market is on the rise
A recent article on a leading newspaper has mentioned that there is a surge in the St Albans Housing Market. This conclusion comes after a recent survey carried out in the St Albans housing market, where the property viewings and the property prices growing by approximately 15% in certain areas over the last year.
What the Local Estate Agents have got to say about the St Albans Housing Market?
What local estate agents say is that they appear to be noticing a trend where homes coming out into the market selling within hours or for thousands of pounds more than the asking price. They have also raised concerns within the industry that there is definitely a shortage of houses to sell.
As per leading property portal Zoopla, the average selling price of a property in St Albans was at a very healthy £388,031 accounting for a total of 1720 property transactions.
To compliment the above figures, the Office for National Statistics are showing average house prices in England to have reached a record high, there are certainly questions about whether the UK is yet again at the verge of another housing bubble.
On the bright side however, the Council of Mortgage Lenders have recently added that the high demand for properties is mainly due to the Government’s launch of the new Help to Buy mortgage guarantee scheme.
Help to buy scheme is helping the property market, but not so significantly in St Albans
The Help to buy scheme helps existing home owners and first time buyers buy a home with as little as a five per cent deposit, with the government guaranteeing unto 15% more, so that buyers can obtain, lower interest rate 80% mortgages.
Estate agents said house prices had increased between five and 15 per cent over the past year, depending on the type of property, with semi-detached, three-bedroom homes seeing the biggest rise. Are you buying or selling in St Albans? Why not obtain a quote for your conveyancing through us?