Russell & Butler - Magazine - Page 3
BEDFORDSHIRE PROPERTY
MARKET TODAY: DRIVING
GROWTH AND OPPORTUNITY
CONTINUES TO BUILD VALUE
Central Bedfordshire is also moving in the
right direction. Average house prices
stood at £356,000 in June, up 2.9% over 12
months and again ahead of the regional
rate.
Semi detached homes performed
especially well, with average values rising
4.0%. First time buyers were paying an
average £301,000, compared with
£291,000 a year earlier, while home
movers paid £427,000 on average, up
from £416,000. Mortgage funded
purchases also recorded higher average
values, reinforcing the breadth of positive
movement across the market.
LUTON KEEPS MAKING
PROGRESS
Luton provides another encouraging part
of the countywide picture. Average values
reached £290,000 in June, an annual
increase of 2.9%. Semi detached homes
rose 3.8%, while average first time buyer
prices increased from £265,000 to
£273,000. That progress is being
accompanied by visible investment.
Construction is under way on The Stage,
Luton Council’s £136 million mixed use
development in Bute Street, forming part
of wider regeneration plans for the town
centre. Investment of this scale adds
another positive dimension to Luton’s
long term appeal.
RENTAL GROWTH SUPPORTS
LANDLORDS
Bedfordshire’s rental market is providing
equally welcome news. Average monthly
private rents reached £1,170 in Bedford in
July, up 3.4% year on year. Central
Bedfordshire recorded average rents of
£1,249, up 3.6%, while Luton reached
£1,221, representing growth of 2.4%.
Several property categories performed
even more strongly. Terraced rents rose
3.6% in Bedford and 3.9% in Central
Bedfordshire. One and three bedroom
homes in Central Bedfordshire also
achieved 3.9% annual rental growth,
underlining the continued income
potential available across different
sections of the market.
AUTUMN BUYER INTEREST IS
RISING
The wider regional picture offers another
reason for optimism. Zoopla reported that
searches for homes in the East of England
were 8.5% higher year on year in August,
one of the strongest increases anywhere
in the country. With autumn traditionally
bringing renewed moving activity,
Bedfordshire sellers enter October with a
growing pool of potential buyers looking
at property.
BEDFORD’S INVESTMENT STORY
GROWS
Perhaps the biggest long term story is the
Universal United Kingdom Resort
planned for Bedford. Work began on site
this summer, with the project expected to
create 28,000 jobs across construction
and operation and generate close to £50
billion for the UK economy. Government
has also committed £1.3 billion towards
regional and local infrastructure
connected with the development.
For Bedfordshire, that represents jobs,
investment, improved infrastructure and
greater national prominence. Combined
with rising local values, rental growth and
strengthening buyer interest, the county
enters October with a property story full
of positive momentum.
LIFESTYLE MAGAZINE
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