Uttlesford housing market report: December 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 new build house is £453,457 for the Eastern region compared to £768,571 for Uttlesford.

Uttlesford prices over time

Figure 1 provides information on the overall property prices in Uttlesford between March 2023 and December 2024. The most expensive properties are within the 90^th percentile compared to the lower quartile which provides information on the lowest 25% (prices) of properties.

The most expensive properties (90^th percentile) have changed from £942,000 in March 2023 to £948,352 in December 2024 compared to the lowest priced properties which have changed from £359,166 in March 2023 to £364,166 in December 2024. The average property price has increased from £553,721 in March 2023 to £564,920 in December 2024.

Figure 2 shows the average property price for December 2024 at ward level.

The highest average price was for Debden and Wimbish at £1,062,725 compared to £415,704 for Great Dunmow South and Barnston.

The average price for the Uttlesford district is £564,920 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 and 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 December 2024 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 £280,000 within the Felsted and Stebbing ward and the most expensive was £411,667 within the Newport ward. The average price of a two-bedroom house within the Uttlesford district is £348,513.

Three bed houses range from £394,632 within the Flitch Green and Little Dunmow ward to £837,500 within the Debden and Wimbish ward.

Four bed houses were least expensive in the Flitch Green and Little Dunmow ward at £509,673 compared to £1,088,342 in Hatfield Heath.

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.

The ward with the lowest deposit required of £42,000 is Felsted and Stebbing compared to Newport which is the most expensive with a deposit of £61,750 required. A deposit of £52,277 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 (that is self-employed not included) earn below £41,232 pa and 60% earn below £35,257. The median (mid-range) of incomes for PAYE residents is £31,156[1].

To access the cheapest 2 bed property of £280,000 in the Stansted South and Birchanger ward on the open market in December 2024, a joint household income of £52,888 with a 15% deposit or £56,000 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 March 2022 and up to 12 December 2024 required 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.

The National Planning Policy Framework (NPPF) was revised in December 2024 and there is no longer a mandatory requirement for First Homes although a developer can opt to include First Homes upon a site.

In December 2024 a 30% discount resulted in 2-bedroom houses being below the price cap of £250k in 11 out of the 18 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 £243,959 and therefore beneath the £250k price cap for First Homes after a 30% discount is applied.
 

Conclusion

This report has provided a brief overview of the current housing market in Uttlesford at ward level as of December 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 2024 Table 7.7a Office National Statistics 2024