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East Of England Property Market 2016

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 - 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.

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

East of England - 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

East of England - 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

East of England - 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 

East of England - 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

East of England - Average Sales Price By County

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

East of England - Median Sales Price By County

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

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

East of England - 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

 

All East of England Posts