Hertfordshire House Prices November 2020

Hertfordshire House Prices November 2020

House prices in Hertfordshire have continued their rise since the first lockdown in March 2020 due to COVID-19.

According to Zoopla:

The average price for property in Hertfordshire stood at £497,315 in November 2020. This is a rise of 4.50% in the last three months (since August 2020) and rise of 6.16% since 12 months ago. In terms of property types, flats in Hertfordshire sold for an average of £270,910 and terraced houses for £378,323. This is according to the current Zoopla estimates.

 

Considering that there was no activity between March and June, this figure is not that surprising, however the level of growth is fairly significant. At Hertfordshire Home Buyers, our view is that this is potentially driven by London based house owners moving out due to the shortage of space which properties in London typically have. From our conversation with local agents, they have seen significant activity with families, and individuals who have traditionally lived in apartments, having to work from home, now wanting more space, and gardens continue to be a key driver for purchases which are taking place.

We believe that going forwards there will continue to be a push for larger spaces, and national space standards are driving this for the internals of property, but we also believe that this will apply for the size of gardens as well, and the traditional approach of “packing and stacking” houses by housebuilders may now improve the size of gardens.

The long term impact of COVID are yet to be truly felt, with many economic analysts predicting that the true level of the economic impact will begin to trickle down during 2021, with the Government continuing to support the economy with furlough schemes extended until March 2021, therefore these rises may be reversed in 2021, but as ever, our crystal balls cannot tell that far ahead, if they did, we probably wouldn’t be writing this and would be lying on a beach somewhere warm!

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