The start of a New Year hasn’t led to a case of New Year, New You for the property market. It looks as though property prices in the UK are still rising, and at Intercounty, we expect this to be the case for the rest of the year.
If you want to make informed decisions regarding the Stansted housing market, get in touch, and we will be more than happy to assist you.
Rental market shaping the overall housing market
According to research undertaken by Boomin, a property platform, the value of property in the rental market has had a significant impact on the total value of English homes. When you consider this has increased by 80% in the past 10 years, it signifies the rental market as being a crucial component of the overall housing market.
Boomin’s research indicates the current English housing market has a value of £7.4 trillion. The housing market remains the biggest factor, with a market value of £4.6 trillion, but many people might be surprised at the rental market value standing at £1.5 trillion.
In the past decade, the housing market has risen by 75% while the rental sector has increased by 105% in the same time.
London as usual leads the way
It will come as no surprise to learn that London is the largest combined market, with a value of £1.8 trillion. The South East also performs very well, with a total market value of housing standing at more than £1 trillion.
In London, the total market value of property has risen by 97% in the past decade; and this can be broken down into:
The value of property in the rental market rising by 124%
The value of property in the housing market increasing by 90%
How are house prices in Stansted Mountfitchet?
According to Rightmove as of the start of 2022, house prices in Stansted Mountfitchet are as follows:
“Properties in Stansted Mountfitchet had an overall average price of £490,621 over the last year.
The majority of sales in Stansted Mountfitchet during the last year were detached properties, selling for an average price of £682,446. Terraced properties sold for an average of £363,586, with semi-detached properties fetching £422,389.
Overall, sold prices in Stansted Mountfitchet over the last year were 16% up on the previous year and 13% up on the 2019 peak of £434,985.”
This is a significant increase, and this fits alongside the narrative that property prices are rising at the moment.
Michael Bruce, CEO and Founder of Boomin, comments: “We are a nation obsessed by property and home-ownership is one of the key milestones that we all strive to achieve in life. So it’s hardly surprising that the total value of the nation’s ownership market is over three times that of the rental market and home-ownership remains the predominant style of living for the vast majority. An increase in both property stock and in house prices has also seen this value increase notably over the last decade, but the latter has also spurred a far greater increase across the private rental market.”
Michael Bruce continued by saying; “Many are now opting to rent for longer periods and until much later in life as the ever-escalating cost of buying prices them out of the market. So, while the housing market still reigns supreme in terms of total size and value, there has been a far greater level of value growth across the private rental sector to accommodate this new way of living and this trend is apparent across all regions of the nation. So those investing in property over the past decade have won hands down, but property investors and landlords especially it seems. London too is the big winner. Despite the stalled market in the capital of late, its overall momentum as a property market powerhouse means that it has seen the biggest value improvements in the last decade regardless.”
Contact Intercounty for all your Stansted housing market needs
For all property market enquiries in Stansted, please feel free to call us on 01279 814400or why not email us at email@example.com. With considerable experience in the local market, and free valuation services, we look forward to helping you move.