Story Highlights

• East of England had total property sales of £36 billions in 2016.
• The total number of properties sold in 2016 was 112,401 properties.
• The total value of sales was maximum for Essex at £9.4 Billions
• The average sales price in East of England was £321 K, whereas median was £252 K
• The average sales at county level was maximum in Hertfordshire at £461 K 
• New Property contributed 8.7%, whereas Not New Property contributed 91.3% by value
• Stamp duty hike caused monthly spike in March
• Brexit coupled with Stamp Duty Hike did not have major impact in East of England Property Market 2016

 

East of England is one of the 9 principal areas of England.

It consists of the counties: Thurrock, Southend-on-Sea, Essex, Hertfordshire, Luton, Bedford, Central Bedfordshire, Cambridgeshire, City Of Peterborough, Norfolk, Suffolk. Essex has the highest population in the region.

 

Total Sales By County

East of England had total property sales of £36 billions. It contributed 12.14% of the England Wales Property Market 2016.

The split across its counties as above.

• Essex £9.4 Billions (26.14%)
• Hertfordshire £9.04 Billions (25.05%)
• Norfolk £4.16 Billions (11.54%)
• Sufflok £3.72 Billions (10.31%)
• Cambridgeshire £3.62 Billions (10.02%)
• Central Bedfordshire £1.74 Billions (4.82%)
• Southend-On-Sea £1.03 billions (2.86%)
• Thurrock £971 millions (2.69%)
• Bedford £929 millions (2.57%)
• City Of Peterborough £756 millions (2.09%)
• Luton £688 millions (1.91%)

Year on Year Comparison : Compared to East of England Property Market 2015 in 2016

• East of England property sales has shown growth of 5.88%
• All counties had growth over 2015 except City Of Peterborough

 

 

Total Value of Sales By Property Types

The split of £36 billions across the different property types are

• Detached at £13.17 billions (36.51%)
• Semi-Detached at £7.99 billions (22.14%) 
• Terraced at £7.7 billions (21.37%)
• Flat/Maisonette at £4.07 billions (11.27%) 
• Other at £3.14 billions (8.71%).

Year on Year Comparison : Compared to East of England Property Market 2015 in 2016

• All the property types sales have shown growth except Detached

 

 

Month-wise Break-up of Total Sales

Some of the insights based on the £36 Billions month-wise break-down :

Stamp Duty Hike Impact

1. March had property sale spike of £4.65 billions compared to £2.68 billions in Feb
2. The impetus for it was to avoid the extra 3% in Stamp Duty Tax applicable on buying an additional home, being applicable from April 1 2016

Brexit Impact

1. Brexit took place on 23rd June 2016.
2. As can be observed from the month-wise break-up there does not seem to have been dip in property sales in the immediate aftermath of Brexit 
3. Year on Year growth has been 5.88%
4. So Brexit does not seem to have had major impact on East Of England Property Market 2016

 

 

Total Number of Sales By Property Types

 

The total property sales of £36 Billions in 2016 was spread over 112,401 properties.

• Terraced properties was 30,398 (27.04%) 
• Detached 30,764 (27.37%)
• Semi-Detached 27,201 (24.2%)
• Flat/Maisonette 20,804 (18.51%)
• Others 3,234 (2.88%)

Year on Year Comparison : Compared to East of England Property Market 2015 in 2016

• Total number of property sales in 2016 has decreased by 3.81%.
• All property types have shown decline in number of properties sold except property type Flat/Maisonette and Other.
• Other has shown significant increase of 83% 

 

Average & Median Sales Price 

The average sales price in East of England was £321 K. For the different property types it was

• Detached at £428 K,
• Semi-Detached at £294 K,
• Terraced at £254 K,
• Flat/Maisonette at £196 K
• Other it is at £972 K

Median sales price in East of England was £252 K. For different property types it was

• Detached at £355 K,
• Semi-Detached at £260 K,
• Terraced at £230 K,
• Flat/Maisonette at £175 K
• Other it is at £300 K

Year on Year Comparison : Compared to East of England Property Market 2015 in 2016

• The average and median property prices have gone up except for property type Other
• Other has had decline in average and median property price

 

 

Average & Median Sales Price By County

The average of sales price at county level in East Of England in 2016 is as above.

• The maximum is in Hertfordshire at £461 K
• Essex at £342 K
• Cambridgeshire at £324 K
• Thurrock at £299 K
• Central Bedfordshire at £299 K
• Bedford at £287 K
• Southend-On-Sea at £276 K
• Suffolk at £266 K
• Luton at £246 K  
• Norfolk at £236 K
• City Of Peterborough at £207 K

The median of sales price at county level in East Of England in 2016 is as above.

• The maximum is in Hertfordshire at £353 K
• Essex at £275 K
• Central Bedfordshire at £268 K
• Cambridgeshire at £260 K
• Thurrock at £255 K
• Bedford at £240 K
• Southend-On-Sea at £235 K
• Luton at £220 K
• Suffolk at £210 K
• Norfolk at £198 K
• City Of Peterborough at £160 K

Year on Year Comparison : Compared to East of England Property Market 2015 in 2016

• The average and median sales price across all the counties have gone up except for City Of Peterborough
• The  median sales price across all the counties have gone up

 

 

New Vs Not New Property Statistics

By Value Of Sales

• The sales value contributed by New Property was £3.14 billions (8.7%)
• where as Not New Property contributed £32.9 billions (91.3%).

By Number Of Sales

• New properties sold were 10,191 (9.07%)
• where as not new property sold were 102,210 (90.93%).

Year on Year Comparison : Compared to East of England Property Market 2015 in 2016

• New property market share in property market has gone down in 2016 over 2015

 

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