If you’re searching for a new home near London, you’ve likely explored various areas to find the right balance of commute time and budget. But have you considered St Albans, in Hertfordshire? While St Albans typically boasts high property prices, a rare opportunity for bargains exists right now. The current surge in mortgage rates has pushed many buyers out of the market, particularly in St Albans, forcing sellers to reduce their asking prices. This cathedral city has witnessed one of the largest proportions of price reductions throughout 2024, making it an advantageous time to make an offer.
According to Zoopla, a staggering 49% of homes in St Albans have slashed their prices, averaging £4,500 in reductions between January and June. The average property value now stands at £519,100, down by 1% in the last six months. This trend contrasts with the rest of the UK, where the market has shifted in the opposite direction. Zoopla reports that 30 million UK homes have seen price growth – the highest proportion since December 2022 – with the average property increasing by £2,400.
This news will resonate with city dwellers, as St Albans is a popular commuter hub, just 28 minutes from King’s Cross. Its easy access to London made it a sought-after destination for buyers, particularly during the pandemic. As many can attest, the desire for larger homes with gardens became highly appealing during lockdowns, driving up house prices in Hertfordshire.
However, Zoopla suggests that the current price drop in St Albans signifies the end of the pandemic property boom, with house prices adjusting to new market norms. Only Dumfries in Scotland, located significantly further from London, saw a higher percentage of homes decreasing in price (54%), with an average reduction of £2,100, bringing the typical house price down to £142,800.
Other regions in the UK have experienced similar price drops. Dorchester and Colchester both saw 44% of homes lower their prices by 0.6%, translating to almost £2,000. In Ipswich, 41% of homes experienced a 0.6% price reduction (around £1,600), bringing the average to £295,200. Meanwhile, Milton Keynes and Harrogate both saw 42% of homes drop by 0.5%, resulting in average prices of £325,300 and £338,800, respectively.
Izabella Lubowiecka of Zoopla commented on these findings: “Growing buyer confidence and a rising volume of transactions in the first half of 2024 are translating into firmer home values.” Every little helps. Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.
