Uttlesford housing market report: February 2024
This report gives a snapshot of house price data at ward level as of February 2024.
This information is designed to provide information on the current housing market pressures within the district.
Information is taken from the web-based analytics company Hometrack (hometrack.co.uk) and is based on sales and valuation data.
Context
Property prices in Uttlesford are higher than figures for the Eastern region due to the district's proximity to London and Cambridge. For example, the average price of a property is £416,596 for the Eastern region compared to £561,261 for Uttlesford.
Uttlesford prices over time
Figure 1 provides information on the overall property prices in Uttlesford between May 2022 and February 2024. The most expensive properties are within the 90th percentile compared to the lower quartile which provides information on the lowest 25% (prices) of properties.
The most expensive properties (90th percentile) have changed from £1,010,000 in May 2022 to £933,333 in February 2024 compared to the lowest priced properties which have changed from £371,394 in May 2022 to £350,000 in February 2024. The average property price has reduced from £590,805 in May 2022 to £561,261 in February 2024.
Figure 2 shows the average property price for February 2024 at ward level.
The highest average price was for Hatfield Heath at £967,727 compared to £390,459 for Gt Dunmow South and Barnston.
The average price for the Uttlesford district is £561,261 and is included to enable comparison between individual wards.
Property prices by number of bedrooms
This section will look at property prices by number of bedrooms at ward level.
Data for 1 & 2 bed flats is incomplete due to no sales/property valuations for flats within several wards and is therefore omitted.
Houses
House price data by ward for February 2024 2023 is given in Figure 3 showing the prices for 2, 3 and 4-bedroom houses.
Average price data for 2-bedroom houses was not available for all wards and so price information is shown in figure 3 for those wards where it was available.
The least expensive two-bedroom house was £262,500 within the Sampfords ward and the most expensive was £583333 within the Clavering ward. The average price of a two-bedroom house within the Uttlesford district is £350,265.
Three bed houses range from £383,277 within the Debden & Wimbish ward to £623,600 within the Clavering ward.
Four bed houses were least expensive in the Flitch Green & Lt Dunmow ward at £491,460 compared to £1,009,722 in the Littlebury, Chesterford & Wenden Lofts ward.
Affordability
The chart in Figure 4 shows the amount of deposit required to purchase a 2-bedroom house on the open market by ward. The deposit is 15% as per the guidance and analysis from the Hometrack Housing Intelligence System is used.
No sales/valuations data for 2-bedroom houses was available for the Hatfield Heath, The Sampfords and Debden & Wimbish wards.
The ward with the lowest deposit required of £43,500 is Ashdon compared to Clavering which is the most expensive with a deposit of £69,250 required. A deposit of £54,293 is required on average to purchase a 2-bedroom house within the Uttlesford district.
Income
The district benefits from higher-than-average salaries due to a large number of residents working within the technical and highly skilled professions.
However, 70% of PAYE residents within the Uttlesford district (i.e. self-employed not included) earn below £41,247 pa and 60% earn below £35,413. The median (mid-range) of incomes for PAYE residents is £28,769[1].
To access the cheapest 2 bed property of £262,500 in the Sampfords ward on the open market in February 2024, a joint household income of c£49,583 with a 15% deposit or £52,500 with a 10% deposit was required. These figures would vary if the household had debts that needed to be considered and are based upon lending of 4.5 x joint income.
To meet the housing needs of local residents, the Council requires 40% of development on schemes of 15 or more units to be delivered as affordable homes. This will include an element of sub-market rent and ownership products. In addition, communities can consider a small Rural Exception Site housing scheme to deliver homes for people with a strong connection to that Parish. Please contact the Housing Strategy Team for more information.
Sub-market ownership products include shared ownership and First Homes. The shared ownership product enables purchasers to buy a portion of the property and rent the remainder.
First Homes
All planning applications for market led sites determined after 23/3/22 require at least 10% of all properties to be for low-cost home ownership and 25% of the affordable provision to be First Homes for first time buyers available at a discount of at least 30%. A price cap of £250,000 after discount applies outside of London.
In February 2024 a 30% discount resulted in 2-bedroom houses being below the price cap of £250k in 10 out of the 19 wards where price data for 2-bedroom houses is available.
The average price of a 2-bedroom house in the Uttlesford district after a 30% discount is applied is now £253,369 thereby exceeding the £250k price cap for First Homes after a 30% discount is applied.
No sales/valuations data for 2-bedroom houses was available for the Hatfield Heath, The Sampfords and Debden & Wimbish.
Conclusion
This report has provided a brief overview of the current housing market in Uttlesford at ward level as of February 2024.
Affordability remains difficult, but the provision of affordable homes helps towards trying to meet the needs for Uttlesford residents.
[1] Annual Gross Pay UK 2023 Table 7.7a Office National Statistics 2023 (provisional dataset)