Friday, 28 January 2022

Average Henley house price hits £706,000

Average Henley house price hits £706,000

THE average house price in Henley now sits at more than £700,000 — with annual growth at the higher end of the market outperforming the rest of the UK.

New research from estate agent Savills shows that the average cost of a home in the town is now £706,000.

This is greater than the average for South Oxfordshire as a whole, which sits at £558,000.

Popular villages such as Stoke Row, Bix and Assendon meanwhile have an average house price of £1.3m, Shiplake and Checkendon £1.1m and Rotherfield Peppard £1m.

High demand coupled with low supply has also seen prices at the top end of the market increase by an average of 11.5 per cent year on year — higher than the national increase of 8.8 per cent.

Stephen Christie-Miller, head of residential sales at Savills in Henley, said lifestyle changes fuelled by the pandemic are continuing to drive the market — with the number of agreed sales across South Oxfordshire and Wokingham up 49 per cent compared to the more usual market conditions of 2019.

For properties over £1 million, meanwhile, agreed sales have risen by 144 per cent for the same period.

Mr Christie-Miller said: “Henley and its surrounding villages have always been popular — particularly among those buyers coming from London wanting a bit more space or for those who are perhaps looking to downsize and want a great range of amenities within walking distance.

“But even so, the level of activity we have experienced over the last 18 months has been extraordinary. The sustained demand shows just how much lifestyle choices made during lockdown have almost totally dominated decision-making.

“There remains a significant number of buyers still looking for family properties with bigger gardens and extra room to work from home.

“However, it’s not just the volume of sales. The speed at which transactions have been agreed has been phenomenal.

“From launching a property, arranging viewings, receiving an offer and agreeing a sale — in many cases this is happening all within the space of a week.

“Our lettings team has also seen a marked increase in the number of buyers who are moving into rented accommodation in the short term so that they can act quickly once they find a property they like.”

The number of buyers registering with Savills’ Henley office is 14 per cent higher than this time last year and sales agreed have increased by 30 per cent.

Of those under offer, 66 per cent of properties received multiple bids.

Mr Christie-Miller said: “The increase in activity we have experienced comes off the back of an exceptionally busy end to 2020 and for now we continue to be in somewhat of a purple patch. People have been coming in their droves.

“Attractive towns and villages that are well connected, which have an array of good family housing stock, with access to lots of green space and a choice of amenities with a good local pub continue to appeal to a broad profile of buyers.

“This weight of demand, coupled with an acute shortage of stock and record low interest rates, has translated into rapid price growth.

“That said, sellers still have to be pragmatic. After such intensity in the market and without the imperative of a stamp duty holiday, there is likely to be less urgency in 2022.

“With the prospect of inflationary pressures persisting into next year, bringing forward the first anticipated interest rate rise, our researchers expect price growth in the near term to be somewhat more muted than we have seen of late.

“Setting a realistic asking price from the start will therefore be key to maintaining momentum as we move into the new year.”

Property

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