Should you buy or rent a house? Buying your own home can be expensive but could save you money over the years. Renting a property through a letting agent or private landlord offers less autonomy to live by your own rules, with more flexibility if you need to move. Yet, there is third way that many people seem to forget, despite the fact it plays an important role in the housing of Letchworth people. Collectively known as social housing, it is affordable housing, which is let by either North Hertfordshire District Council or a Housing Association to those considered to be in specific need, at rents below those characteristic in the private rental market. In Letchworth, there are 4,345 social housing households, which represent 31.05% of all the households in Letchworth. There are a further 2,161 families in the North Hertfordshire District Council area on their waiting list, which is similar to the figures in the late 1990’s. The numbers
I received a very interesting letter the other day from a Letchworth resident. He declared he was a Letchworth homeowner, retired and mortgage free. He stated how unaffordable Letchworth’s rising property prices were and that he worried how the younger generation of Letchworth could ever afford to buy? He went on to ask if it was right for landlords to make money on the inability of others to buy property and if, by buying a buy to let property, Letchworth landlords are denying the younger generation the ability to in fact buy their own home. Whilst doing my research for my many blog posts on the Letchworth Property Market, I know that a third of 25 to 30 year olds still live at home. It is no wonder people are kicking out against buy to let landlords; as they are the greedy bad people who are cashing in on a social woe. In fact, most people believe the high increases
Connells in Letchworth are selling this studio apartment with an asking price of £135,000 and NO UPWARD CHAIN. We already let and manage a good number of properties in this development and I’d expect to see a rental return of around 5% for this one! Give Connells a call to view ASAP.
According to the Land Registry’s latest House Price Index for Letchworth and the surrounding locality, the value of apartments/flats are rising at a faster rate than terraced/town houses, semi-detached properties and even detached property. Values of apartments/flats in Letchworth have increased by 7.19% over the past year, which is proportionally 20% more than the Letchworth average rise of 6.01%. The last time flats/apartments in Letchworth out performed all the other types of property by such a gulf was back in the spring of 2004. For comparison, the other property types performed as follows : • Detached homes rose by 5.79% • Semi-detached homes rose by 5.69% • Terraced/town-houses rose by 5.43% This moderately increasing rate of property value growth is opportune – but no one should confuse it with a strong and vigorous healthy Letchworth property market. Instead, it is somewhat an indicator of the long-lasting lack of property on the market. In fact, I have spoken about the lack
As more babies are being born to Letchworth and North Hertfordshire mothers, I believe this increase will continue to add pressure to the over stretched Letchworth property market and materially affect the local property market in the years to come. On the back of eight years of ever incremental increasing birth rates, a significant 6.52 babies were born for every new home that was built in the North Hertfordshire Council area in 2016. I believe this has and will continue to exacerbate the Letchworth housing shortage, meaning demand for housing, be it to buy or rent, has remained high. The high birth rate has meant Letchworth rents and Letchworth property prices have remained resilient, even with the challenges the economy has felt over the last eight years, and they will continue to remain high in the years to come. This ratio of births to new homes has reached one its highest levels since 1945 (back in the early 1970’s the
UK property prices set to rise…. click picture to read the article