In speaking with other property colleagues within our network and around the UK it seems there is not just one UK Property Market. In fact it is made up of lots of individual areas. Is the same true at a more local level?
In doing some analysis, I was thinking how we could best break down the St Albans market into smaller segments so as to identify which area is performing best.
Using market price, we’ve put properties into roughly 4 equal groups, each containing 25%:
- Lowest Quartile (lowest 25% in terms of value) … Up to £375,000
- Lower/Middle Quartile (25% to 50% Quartile in terms of value) … £375,000 to £500,000
- Middle/Upper Quartile (50% to 75% Quartile in terms of value) … £500,000 to £650,000
- Upper Quartile (highest 25% in terms of value) … £650,000 Upwards
Then we looked at what has sold the most in each of these bands:
St Albans | Available | Sold STC | % Sold |
Up to £375,000 | 195 | 174 | 47.2% |
£375,000 to £500,000 | 208 | 129 | 38.3% |
£500,000 to £650,000 | 224 | 104 | 31.7% |
£650,000 Upwards | 284 | 159 | 35.9% |
The lowest quartile is performing the best with the top half finding things toughest. No surprises there. Interestingly though, the lower middle quartile is selling well… this may well indicate that some landlords are adding to their Buy-To-Let portfolios!
