Following on from my last article, if you recall I said that Marmet Avenue had the most properties sold in the SG6 Letchworth postcode, yet I felt that this information was not telling the whole story, as some roads in Letchworth have more properties on them than others. Therefore, I promised that I would compare the average number of properties sold by the actual number of properties on that street, to find out the streets whose owners proportionally moved (or sold) more often than the rest of the locality.
To give some foundation to the article, in 2017 Letchworth homeowners had, on average, lived at their existing address for 17 years and 6 months. However, when I looked at the difference between homeowners with and without a mortgage; Letchworth homeowners without a mortgage had lived in their Letchworth home for an average of 23 years and 9 months compared with 10 years and 1 month for homeowners with a mortgage.
Interestingly, Letchworth’s North Hertfordshire Council house tenants have on average resided at their present home for 11 years and 4 months, whilst finally for those who rent from a private landlord, tenants generally have lived in their property for an average of 3 years and 11 months (up from 3 years 5 months only five years ago).
The SG6 street in the top 25 saleable streets with the highest number of households on it is Western Way, which has 300 residential addresses. Yet since 1995, only 137 properties have changed hands (some multiple times!) .. which means the street’s saleability or churn rate is 45.7%.
However, the street or road that has the highest saleability or churn rate is Marmet Avenue … which has 126 households on it, yet since 1995 there have been 381 house sales … a saleability rate of 302.4%.
Here is the full breakdown of the top 25 streets …
So, as you can see, some interesting statistics and a lot more correlation between saleability rate and property values (unlike the article last time where we compared value to ‘out and out’ raw sales figures).
Therefore, what does this all mean to Letchworth homeowners and Letchworth landlords? Well these 25 streets are the best performing streets out of the 352 streets in the Letchworth (SG6) area so if you live in / own a property on those 25 streets … you are sitting on a very saleable street. If you want to find out how saleable your street is .. please drop me a line and we can discuss this further.