Spot Light on Welwyn Garden City Property Market
Welcome to Our Monthly Newsletter
It's the start of the school summer holidays, and we are excited to bring you the latest updates and insights about the beautiful Welwyn Garden City. This month, we delve into the local property market, recent changes post-election, and the exciting developments in mortgage rates. Let’s dive in!
Mortgage Rates Update
Good news for homebuyers and homeowners! Mortgage rates are showing signs of dipping below 4%. A competitive property mortgage price war among banks could mean significant savings for you. Here’s a brief on what’s driving these changes:
- Bank of England and Federal Reserve Signals: Both institutions hint at upcoming rate cuts, boosting confidence among lenders.
- Reduced Sonia Swap Rates: Banks are borrowing at lower rates from bigger institutions, leading to competitive mortgage rates.
- Market Stimulus: To invigorate the market, banks are reducing rates. Some banks have cut rates multiple times in recent weeks.
Remember to check not just the rates but also the associated fees to ensure you get the best deal.
Welwyn Garden City Property Market Overview
Current Market Status:
There are currently 299 properties on the market in Welwyn Garden City. Properties that sold last month have been on the market for an average of 24 days, which is 38.9 shorter than a year ago. The majority of these homes were in the £200,000-£500,000 bracket.
- Average Asking Price in WGC: £406,504 (£488 per square foot)
- Average Achieved Price in WGC: £399,177 (£459 per square foot)
- Average Terraced Home Price in WGC £421,148
- Average Detached Home Price in WGC £713,5667
These figures reflect a stable yet competitive market, offering great opportunities for both buyers and sellers.
Rental Market Insights
The rental market in Welwyn Garden City has seen a positive shift:
- Average Rent: £1,074 per month (+8% year-on-year)
- Demographic Insights: 28% of renters are aged between 25 and 29.
- Current Properties Available: There are currently 25 properties available to rent in Welwyn Garden City, which is 56.3% higher than a year ago.
- Market Duration: Properties rented in the last month had been on the market for an average of 12 days, which is 99.7% longer than a year ago.
This increase in rental prices indicates a healthy demand, making it a good time for property investors to consider expanding their portfolios.
Post-Election Market Changes
The RICS net balance indicator reports the balance of surveyors expecting a price rise versus a price fall. It tends to accurately predict price trends 3 to 6 months ahead.
The RICS indicator had been consistently improving since September 2023 but fell back slightly in May and June as the election approached. The push back of expected interest rate cuts to the second half of 2024, would also have been a factor in addition to political uncertainty.
With a new Labour government and greater political clarity, coupled with the real prospect of Bank of England rate cuts on the horizon, this indicator should renew its upward trajectory shortly. Heralding modestly stronger house price growth too.
Source: Dataloft by PriceHubble, RICS, Land Registry. July 2024
Local Events and Highlights
Welwyn Garden City is not just about property; it’s about community and lifestyle. Here are some upcoming events to look forward to:
Street Food Heroes :
- Date: Saturday, 15th August 2024
- Time: 4.00PM - 9:00 PM
- Location: Town Centre
- Enjoy music, food, and family fun
Summer Of Sport:
4th - 11th August 2024
Paris Olympic Games - Live Screening
Stonehills Square
10am - 6pm
Warm regards,
The Putterills Team