Hello! I’m Craig Burkitt. I spend my days wandering around the beautiful streets of PE29 1, talking to neighbours and helping people find their perfect spot to call home.
If you’ve been for a stroll through Hartford recently or maybe popped into Huntingdon for a coffee, you might have wondered: "Is my house actually making me money right now?" Most people think all houses go up and down together, like a big group of friends on a seesaw. But did you know that in PE29 1, some types of homes are sprinting ahead while others are taking a slow, quiet walk?
The Big Bosses and the Pocket Money
Right now, the big bosses in London at the Bank of England have set the "base rate" (that’s the fee banks pay to borrow money) at 3.75%. Because this is a bit higher than it used to be, it’s like the "price of borrowing" has gone up. This doesn't affect everyone the same way.
Think of it like a bicycle race. If the wind starts blowing against you (that’s inflation and interest rates), the people on the heavy, fancy bikes (big detached houses) might keep up their speed because they have strong legs. But the people just starting out on smaller bikes (flats and terraced homes) might find it much harder to pedal. That’s why we are seeing such a big gap in how much different homes are worth today.
The Scorecard: Who’s Winning?
Let’s look at the "asking prices"—that’s the "sticker price" you see in the estate agent's window. In PE29 1, the difference between a terraced house and a big detached home is now massive.
- Detached Houses: These are the gold medal winners. Today, they sit at an average of £417,690.
- Semi-detached Houses: These are friendly middle-ground homes, averaging £295,571.
- Terraced Houses: Perfect for those starting out, these go for about £239,000.
- Flats: Our smallest homes are the most affordable way into the area.
If you compare a terraced house to a semi-detached, the gap is about £56,000. That’s roughly the price of a fancy new sports car or a very, very big garden extension!
The 7-Year Race
This is where it gets really interesting. Imagine you and your neighbour both bought homes in PE29 1 exactly seven years ago. If you bought a detached house, your home is worth £53,791 more today than what you paid for it. That’s enough to buy a brand-new kitchen, a new car, and still have money left for a very long holiday!
However, if you bought a semi-detached house, your "piggy bank" has only grown by £24,248. Even though the houses look similar from the outside, the detached house owners have "made" double the money just by sitting on their sofas!
Why is this happening?
It all comes down to who is buying. Because prices for food and energy (inflation) are at 3%, and earnings are growing at 3.7%, people have a little bit more in their pockets, but they are being very careful.
Across the UK, about 63,500 people are getting "yes" for their mortgages every month. But because the lenders are being a bit stricter, many people who would usually buy a flat or a terrace are choosing to wait. Meanwhile, families looking for detached homes in lovely spots like The Grove or Falcon Drive in Hartford often have more savings, so they aren't as bothered by the "wind" of higher interest rates.
What should you do?
If you live in a detached house, you are sitting on a winner. You’ve seen the best growth (14.8%) over the last seven years. If you’re thinking of moving, you have a lot of "extra" money to play with.
If you own a flat or a terrace, don't worry! While your home hasn't grown quite as fast as the big houses, you are in the "sweet spot" for first-time buyers. As soon as the Bank of England decides to make borrowing cheaper, your type of home will be the first one everyone rushes to buy.
For the next 12 months, I expect things to stay "balanced." That means it’s not too fast and not too slow—it’s a fair market for everyone. Whether you’re in a cosy terrace or a grand detached home on Main Street, PE29 1 remains a fantastic place to grow your roots.