What will the General Election do to 8,098 Letchworth Homeowners?

In Letchworth, of the 13,990 households, 3,965 homes are owned without a mortgage and 4,133 homes are owned with a mortgage outstanding. Many homeowners have made contact me with asking what the General Election will do to the Letchworth property market?  The best way to tell the future is to look at the past. I have looked over the last five general elections and analysed in detail what happened to the property market on the lead up to and after each general election. Some very interesting information has come to light. Of the last five general elections (1997, 2001, 2005, 2010 and 2015), the two elections that weren’t certain were the last two (2010 with the coalition and 2015 with unexpected Tory majority).  I wanted to compare what happened in 1997, 2001 and 2005 when Tony Blair was guaranteed to be elected/re-elected versus the last knife edge uncertain votes of 2010 and 2015, in terms of the number of houses

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1,861,902 People use Letchworth train station a year

How does this affect the Letchworth property market? It might surprise you that it isn’t always the poshest villages around Letchworth or the swankiest Letchworth streets where properties sell and let the quickest. Quite often, it’s the ones that have the best transport links. I mean, there is a reason why one of the most popular property programmes on television is called Location, Location, Location! As an agent in Letchworth, I am frequently confronted with queries about the Letchworth property market, and most days I am asked (chiefly from new-comers) “What is the best part of Letchworth and its villages to live in these days?”.  Now the answer is different for each person – a lot depends on the demographics of their family, their age, schooling requirements and interests etc. Nonetheless, one of the principal necessities for most tenants and buyers is ease of access to transport links, including public transport – of which the railways are very important. Official figures recently released state that, in total, 2,558 people jump on a train each and every

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One bedroom apartment in Letchworth with great potential rental yield!

This property has just come to the market through an online agent – Housetree.  The asking price is £142,000 and the potential rental yield is over 5% – well worth considering!  Take a look at the advert here and get round to see it

Letchworth Rents To Rise Quicker Than Letchworth Property Prices In Next 5 Years

The next five years will see an interesting change in the Letchworth property market. My recent research has concluded that the rent private tenants pay in Letchworth will rise faster than Letchworth property prices over the next five years, creating further issues to Letchworth’s growing multitude of renters. In fact, my examination of statistics forecasts that .. By 2022, Letchworth rents will increase by 24%, whereas Letchworth property values will only grow by 19%. Let me explain why I have come to those conclusions: Over the last five years, property values in Letchworth have risen by 53.0%, whilst rents have only risen by 18.6%. Throughout the last few years, and compounded in 2016, tenant demand for rental properties continued to go up whilst the Press predicted some landlords expect to reduce their portfolios in the next couple of years, meaning Letchworth tenants will have fewer properties to choose from, which will push rents higher. In fact, talking to fellow property

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Letchworth’s housing affordability hits a ratio of 10.10 to 1

A Letchworth homeowner emailed me last week, following my article posted in the Letchworth Property Blog about the change in attitude to renting by the youngsters of Letchworth and how they thought it was too expensive for first time buyers to buy in Letchworth.  There can be no doubt that buy to let landlords have played their part in driving up property values in Letchworth (and the UK) and from that made housing a lot less affordable for the 20 and 30 somethings of Letchworth. They went on and asked if the Bank of England (BoE) should be tasked to control house price inflation in the same way as the BoE controls inflation.  The BoE has a target for the annual inflation rate of the Consumer Prices Index of 2%, whilst it is also required to support the government’s economic policy, including its objectives for growth and employment.  So, should BoE be charged with containing buy to let housing market,

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