Putterills Market Insights: Hitchin & Welwyn Garden City – March 2025
At Putterills, with offices spanning Hitchin, Welwyn Garden City, Knebworth, and Stevenage, we strive to provide comprehensive insights into the Hertfordshire property market. In this update, we spotlight the Hitchin and Welwyn Garden City markets specifically, highlighting key opportunities and trends beneficial for buyers, sellers, and investors.
Hitchin: A Balanced Market with Opportunities
Hitchin’s property market continues to showcase stability, with average home prices sitting comfortably around the £500,000 mark, reflecting just a minor 1% decline over the past six months. This balanced environment offers clear advantages and strategic opportunities for all stakeholders.
Apartments: New vs Existing
A clear pricing premium exists for new-build apartments in Hitchin, typically commanding £5,000–£6,000 per sq m compared to existing flats, which provide better value at £4,000–£4,500 per sq m. While new-builds offer modern amenities and lower maintenance, older flats can represent excellent value and potentially higher rental yields.
Detached Homes & Family Appeal
Premium detached family homes, especially large 5-bedroom properties, continue to fetch strong prices, averaging around £1.56 million. Despite signs of a slight slowdown at this top-end, demand from families and executive buyers remains robust, especially in desirable neighbourhoods.
Market Activity
Currently, around 273 properties are available in Hitchin, with approximately 25% under offer. A notable 20–30% of listings have reduced their asking prices, indicating a need for realistic pricing strategies. Sellers who price competitively and present their homes attractively continue to succeed in securing prompt offers.
Rental Market Flourishes
The rental sector in Hitchin has seen impressive growth, with rents up 14% year-on-year to an average of £1,300 per month. Tenants are increasingly staying longer, with typical tenancies now lasting 3–4 years, reflecting stability and sustained demand, particularly for flats which make up 62% of the local rental market.
Welwyn Garden City: Stability and Selective Growth
Welwyn Garden City’s property market mirrors Hitchin’s stability, with a modest 1–2% price dip in the past six months, bringing the average sold price to around £442,000. Prices are settling after previous years of rapid growth, making this an opportune moment for thoughtful market participation.
Apartments: Premium New-Builds
New-build two-bedroom apartments in Welwyn Garden City command premium prices of approximately £5,500–£6,000 per sq m, significantly outpacing older flats, which average around £4,500 per sq m. Buyers seeking convenience, modern amenities, and efficiency continue to invest in these premium developments despite the cost difference.
Detached and Executive Homes
Detached homes remain attractive, averaging £582,000, with premium 5-bedroom houses frequently exceeding the £1 million mark, especially in highly desirable West Side areas. While there is ongoing demand, sellers should note buyers’ growing price sensitivity, reflecting broader economic considerations.
Market Dynamics
Welwyn Garden City currently has around 315 homes on the market, with approximately 35% under offer. Around 15% of sellers have recently reduced their asking prices, highlighting that accurate pricing from the outset is critical. Homes priced realistically are generally selling within a few weeks.
Rental Insights
Rental growth remains solid, with Welwyn Garden City experiencing steady demand from professionals and families. Rents continue to rise, creating attractive yields, especially in the apartment sector, with the average local rent around £1,399 per month.
Outlook for Buyers, Sellers, and Investors
• Buyers: Both markets currently offer an attractive balance of choice and negotiating room. While there is no rush from rapidly rising prices, quality homes in prime locations still move quickly. Being decisive and financially ready remains essential.
• Sellers: Realistic pricing and excellent presentation are paramount. A well-priced property in a good location will attract strong interest. Expect negotiations and consider moderate flexibility to secure sales efficiently.
• Investors: With rents rising faster than sale prices, the investment market is particularly appealing for rental yield-focused buyers. Both towns offer sound long-term prospects, thanks to sustained tenant demand and balanced property market conditions.
As we move further into 2025, Hitchin and Welwyn Garden City continue to offer valuable opportunities. At Putterills, we’re here to support you every step of the way, whether buying, selling, or investing.