Your guide to property prices and buyer demand in Hertfordshire

Hertfordshire hotspots have seen property prices soar by more than 70 percent in a year.   

They are part of a growing trend across the UK. House prices grew in March 2022 at the fastest rate since 2004. The price of an average home is now a fifth higher than at the beginning of the coronavirus pandemic.  

Drilling down and doing some number crunching has thrown up some surprising revelations. Read on for the full property lowdown in the county.  

What’s Happening in the Hertfordshire Property Market  

Although there are areas that have seen property prices rise at lightning speed and to eye-watering highs, it is not the same picture everywhere.   

Some places have seen growth in new-build flats. But, when you factor in sales of these cheaper types of properties, you might very well see a drop in the average cost of a new home in that particular location. That creates a temptation for would-be investors.   

Some towns and villages just a few miles from where prices are rocketing have therefore seen a dip in average property values even though the prices for high-end detached properties may have been holding steady or increasing.   

This kind of picture is true across other parts of the UK and not just in Hertfordshire. There’s arguably something of a yoyo effect going on that needs unpicking. That includes the issue of overvaluing in some places. At Rolstons, we are always on hand to help and guide you through the property price maze.   

Changes in Where and How We Choose to Live 

The pandemic has seen a shift in lifestyle choices and a stronger demand for certain types of property to soar. Here are some key observations: 

• An increase in home working and a desire to be closer to nature
• A preference to move away from city life and from commuting 5 days a week  
• Greater demand for homes with more indoor and outside space  
• Buyers benefitting from wage support schemes and extra savings  
• Stamp duty cuts
• Limited housing stock in some areas  

There’s good reason to believe that Hertfordshire will continue to be a big winner in the current property climate. The fact that it ticks so many boxes in terms of lifestyle choice makes it as desirable as it’s ever been. It's a perfect fit for today’s work-life balance preferences. 

What’s Happening to Local House Prices in Hertfordshire? 

We can reveal the neighbourhoods in Hertfordshire with the fastest-growing house prices. Our analysis does however show a high degree of local variation when it comes to rising house and flat values in the county.   

Bear in mind, that average prices are precisely that. When they dip, they can do so for a number of hidden reasons. Our figures focus on those compiled by the Office for National Statistics (ONS). These flag up the percentage changes to property prices between June 2020 and June 2021.   

It’s worth bearing in mind that there have been further rises and falls since June 2021. Talk to us for the most up-to-date guidance. The prices we’ve outlined below offer a useful guide when comparing current valuations.  

Here are some of our key findings: 

1.   The Most Expensive House Prices in Herts  

Aldenham East in Hertsmere is where you’ll find the highest-priced houses in the county. Here, the average house was selling for £1.2 million in the year to June 2021. That’s an increase of 60 percent compared with £780,000 the year before.  

This neighbourhood lying between Radlett and Watford also comes in at second place for price growth. Interestingly, Aldenham West only saw a 7 percent rise with average prices standing at £853,000 compared with £800,000 the year before.  

Ashridge in Dacorum also made it into the top 5 most expensive areas. Here, the average property sold for £993,081 in the year to June 2021. That’s an increase of 38 percent from an average price of £720,000 the previous year.  

Other places of note for high-end properties include Great Amwell in East Hertfordshire. Here a typical home would set you back £632,500, up 36 percent from £465,000 the previous year.   

And, in Kings Langley in Dacorum, homes were selling for £656,000 on average. That’s up by 34 percent from £490,000 in the previous year.  

Although still boasting some of the most expensive property prices, Moor Park and Eastbury in Three Rivers saw prices fall by 6 percent on average. Average prices have been hovering below the £1.2 million mark.  

Chorleywood North and Sarratt, located in the same borough, benefitted from an increase of 2 percent.   

Popular St Albans and Harpenden West both saw increases of 6 percent. Average house prices rose from £800,000 to £846,332.  

The pretty villages of Datchworth and Aston saw property price increases of 21 percent,  rising from £605,000 to £732,500. Also in East Herts, Hertford Rural North saw prices rise by 9 percent from  £784,995 to £855,250.  

And, finally, Park Ward in Watford saw average house prices rise by 28 percent to £750,000 compared with £587,000 the year before.  

2.   Fastest Price Increases in Herts  

Look no further than Elstree in Hertsmere. Here property prices went up faster than any other location in Herts in the year to June 2021. The average home in the neighbourhood was selling for around £930,000.  

That’s an increase of 71 percent on the average sale price of £543,000 the year before. To give some real perspective to the steep rise in Herts property prices, you might have paid just over £120,000 for a similar property in 2021.  

Here are the rest of the big winners: 

• Ashridge in Dacorum saw a 38 percent rise (£993,081 up from £720,000)
• Great Amwell in East Herts saw a 36 percent rise (£632,500 up from £465,000)
• Kings Langley in Dacorum saw a 34 percent rise (£656,000 up from £490,000)
• Welwyn East saw a jump of 31 percent (£645,000 up from £492,000)
• Broxbourne & Hoddesdon South rose from 30 percent (£610,000 from £467,500)
• Stanstead Abbotts in East Herts rose 29 percent (£432,000 up from £335,000)
• Potters Bar Parkfield rose 29 percent (£615,000 up from £478,000)
• Handside was up 28 percent (£577,500 up from £450,000)   

3.   The Least Expensive House Prices in Herts 

Neighbourhoods of Stevenage continue to offer properties in the lowest price range in the county. That’s partly because average homes tend to be smaller.  

Bedwell, Shephall, St Nicholas, Bandley Hill, Pin Green, Martins Wood, Chells, Symonds Green, and Roebuck have an average property price range of between £271,500 and £300,000 but with price rises from 4 to 15 percent.  

Highfield in Dacorum stands at £292,00, up 2 percent whilst Letchworth Wilbury is down 15 percent at £297,500. 

4.   Biggest Average Price Decreases 

The place that lost the most value on the average property price scale was Ermine in North Hertfordshire. It saw a drop from £780,000 to £573,125 in the year to June 2021.  

Kimpton in North Hertfordshire and Letchworth Wilbury in North Hertfordshire were also down 25 and 15 percent respectively.  

These figures don’t tell the whole story, however. That’s because they don’t take into account the kinds of property sold. 

The following places all saw falls ranging from 12 to 7 percent: 

North Herts: Hitchin Priory, Cadwell, Weston and Sandon, Hitchwood, Offa and Hoo 

East Herts: Much Hadham 

St Albans: Marshalswick North 

Welwyn Hatfield: Brookmans Park and Little Heath 

Demand for Property to Buy In Hertfordfordshire 

Hertfordshire has a really buoyant housing market. That’s in part due to its strong economic performance. 

The county belongs to the fastest-growing region in the UK. We call it, “The Innovation Corridor’ and it covers some 60 miles between Cambridge and London. The technology and film industries are both fuelling demand for more housing.  

Because of land constraints around London and in Cambridge, much of the growth in the corridor gets focused on Hertfordshire. That includes major new developments in High Leigh, Cheshunt, Panshanger and Rosedale Park. 

The county has seen its population grow by more than 7 percent over the last ten years. That’s well above the UK average. The most recent projections estimate a population increase of 10.1 percent by 2030. 

More new Homes Needed 

There’s a strong demand to deliver new homes. Estimates suggest Herts needs almost 40,000 over the next five years. At the moment, only East Hertfordshire and Hertsmere are delivering new housing at a faster pace than the England average. 

In general, demand outstrips supply. Hertfordshire has a habit of attracting affluent residents looking for more space and easy access to the countryside. The pandemic and subsequent housing boom continue to feed this demand. 

There are, however, huge variations in the price of properties across the county. Stevenage and its surrounding area still offer great value and have the added bonus of unbeatable train services to London, Cambridge and the south coast. 

Contact Us Now for All Your Hertfordshire Property Needs 

Whether you’re buying, selling or renting, we have you covered. With decades of experience behind us working in the Hertfordshire property market, we are experts in all corners of the county. 

Book a valuation or find a property with Rolstons right now. You will always be our top priority.