Hello there, neighbour! I’m Craig Burkitt. If you’ve been wandering around Hartford or popping into the shops in Godmanchester lately, you’ve probably noticed that the feel of our local streets is changing.
Think of the PE29 property market like a local primary school sports day. For a long time, everyone was running the same race at roughly the same speed. But lately? It’s as if the "Detached House" team found a secret stash of energy drinks, while the "Flats" team accidentally tied their shoelaces together.
Here is my bold shout for the year ahead: Even though things feel a bit quiet nationally, the gap between the biggest and smallest homes in PE29 is going to get even wider before it gets narrower.
The Big Picture: Why is this happening?
You’ve likely heard on the news that the Bank of England has set the base rate at 3.75%. That might sound like a boring number, but it’s actually the "weather" for our local market. When that rate is higher, it’s like a headwind for people buying their very first home—the ones usually looking at flats or terraces. Because it costs more to borrow money from the bank, those buyers have to be much more careful. Meanwhile, people looking for big detached homes often have more savings tucked away, so they aren't feeling the wind in their faces quite as much.
The PE29 Scorecard: What’s everything worth?
Let’s look at what people are actually asking for their homes right now. If you’re walking down Dartmoor Drive or looking at the lovely homes in Portholme Place, the prices can vary wildly:
- Detached: £430,570
- Semi-detached: £295,843
- Terraced: £234,583
- Flats: £148,939
Did you know that the price jump from a terrace to a semi-detached is about £61,000? That’s basically the price of a fancy new sports car or a very posh garden room and a garage!
The 7-Year Sprint: Winners and Losers
This is where it gets really interesting. If we look back seven years to 2019, the "winners' podium" looks very different depending on what you bought.
If you bought a detached house in PE29 seven years ago, it’s now worth £33,205 more on average. That’s enough to pay for a child’s entire university degree or a literal mountain of Sunday roasts! Terraced houses have also done brilliantly, jumping up by over £15,000.
However, if you bought a flat, the price has actually wobbled downwards by about £2,563. It feels unfair, doesn't it? While the big houses were zooming ahead, flats have been stuck in a bit of a traffic jam.
Why the difference?
It all comes down to what the country is doing. Right now, earnings are growing by 3.7%, and because inflation (the cost of your milk and bread) is sitting at 3%, people are finally starting to feel a tiny bit better off.
But because mortgage approvals—that’s the bank saying "yes" to a loan—are at about 63,500 a month nationally, there is a lot of competition for family homes with gardens in places like Godmanchester. Everyone wants that extra bit of space to work from home, and that’s pushing the prices of houses up, while flats stay steady.
What should you do?
- If you own a detached home: You are sitting on a winner. With an 8.4% growth over seven years, your "bricks and mortar" are working hard for you.
- If you’re looking at flats: Don't be discouraged! Because prices haven't shot up like houses, you can find a real bargain right now. It is a great time to be a buyer in this bracket because you have more power to haggle.
- If you're a first-time buyer: Terraced homes are the "sweet spot" in PE29. They’ve grown well (6.9%), showing they are a safe place to put your money, but they are still much more affordable than a semi.
Looking Ahead
For the next 12 months, I expect the PE29 market to stay "balanced." We have about 8 months of homes available on the shelves, so there’s no mad rush. But if you're living in a detached house in Hartford or Godmanchester, keep smiling—your home is the star player in the PE29 league right now!