Dacorum house prices increased more than East of England average in September

These are the latest statistics which were released this week
Here are the figures for the boroughHere are the figures for the borough
Here are the figures for the borough

House prices increased by 1.3% – more than the average for the East of England – in Dacorum in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.4% over the last year. The average Dacorum house price in September was £478,924, Land Registry figures show – a 1.3% increase on August.

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Over the month, the picture was different to that across the East of England, where prices increased 0.1%, and Dacorum was above the UK as a whole, where prices did not change. Over the last year, the average sale price of property in Dacorum rose by £41,000 – putting the area 38th among the East of England’s 45 local authorities with price data for annual growth.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic. But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

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Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in Dacorum spent an average of £375,000 on their property – £31,000 more than a year ago, and £53,000 more than in September 2017. By comparison, former owner-occupiers paid £566,000 on average in September – 50.9% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Dacorum in September – they increased 1.7%, to £556,671 on average. Over the last year, prices rose by 11.1%.

Among other types of property

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Detached: up 1.4% monthly; up 9.2% annually; £1,013,208 average

Terraced: up 1.4% monthly; up 10.5% annually; £419,902 average

Flats: up 0.6% monthly; up 5.3% annually; £281,286 average

How do property prices in Dacorum compare?

Buyers paid 32.2% more than the average price in the East of England (£362,000) in September for a property in Dacorum. Across the East of England, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in the East of England were in St Albans – £618,000 on average, and 1.3 times as much as more than in Dacorum. St Albans properties cost 2.7 times as much as homes in Great Yarmouth (£225,000 average), at the other end of the scale. The highest property prices across the UK were in Kensington and Chelsea.