As we enter the second quarter of 2023, there is an opportunity to evaluate how the Hertfordshire property market has performed, particularly with regards to the higher end segment. The real estate market has experienced a significant slowdown at local, regional, and national levels, following a disastrous Autumn Budget, with inflation rates surging in 2022 and the Monetary Policy Committee of the Bank of England raising interest rates as a countermeasure. Despite these economic headwinds, Ashtons’ unique offering, The Collection, has reported strong interest and activity in the high-end sector, evidenced by detailed analysis of £2 million transaction volumes.
.jpg)
Analysis of the Land Registry statistics from 2015 until now reveals a remarkable shift in the volumes of high-end transactions in Hertfordshire, with a large percentage share increase against all properties sold. While the increase in house prices from 2020 to 2022 explains some of the recent uplift in sales, the adverse Stamp Duty burden on high-value properties, Eurozone concerns emanating from the Greek financial crisis, and the Brexit deal’s finalisation contributed significantly to the upper end market’s stagnation in sale volumes leading up to the pandemic. These factors led to a pent-up demand for high-end properties that were unleashed when the first lockdown ended in 2020. As per the Land Registry’s reports, the percentage of £2 million property transactions has risen from 0.5 to 1.1% over the years, with around 250 units sold and registered in 2021. An initial analysis of major property portals leads to an estimation that potentially, over 1.75% of all transactions last year were above £2 million, with over 200 units sold.
Be prepared for an extremely active Spring market for prime properties in the area, and seize the best opportunities with Ashtons afforded by The Collection’s bespoke approach. This is your chance to maximise your most important asset in the coming months.
.jpg)
.jpg)
For an expert perspective and focused advice on how best to leverage your most valuable asset, contact our team today to arrange a detailed appraisal for your future financial and lifestyle planning.