These Luton property postcodes are expected to increase in value during 2020
The value of a property is dependent on a number of factors, but one of the biggest influences in house prices is its location.
House selling weather forecast, Propcast, analysed the performance of 10,412 property sales across Buckinghamshire’s postcode districts to identify which are the strongest and weakest property markets after Britain left the EU on 31 January 2020.
And the data suggests good news for some areas of Luton.
Price rise predicted
A total of 14 per cent of the the county’s postcode districts are showing resilience following the UK’s departure from the European Union at the end of last month (31 Jan), with seven districts expected to see house prices in the next few months.
In Luton, there are three postcode areas that are in a lucrative sellers’ market, meaning homeowners could expect the value of their property to go up.
Propcast counted the number of homes currently for sale across Luton and calculated the percentage of those that are under offer, or subject to contract, to reveal a ‘temperature recording’.
Three of Luton’s four postcode districts were found to have a market ‘heat temperature’ of at least 35, meaning they are within a sellers’ market. This means there are more buyers than there are properties for sale, placing the power in favour of homeowners.
Which postcodes are in a sellers’ market?
The following Luton postcodes are within a sellers’ market, with a temperature recording above 35, according to Propcast data:
- LU2 - temperature of 46
- LU3 - temperature of 46
- LU4 - temperature of 39
As each of these postcodes scored above 35 in the temperature recording, they sit within a ‘hot’ market for sellers.
Only one postcode district was below 35, with LU1 given a temperature recording of 33.
As such, this district is considered a poor market for sellers, but a good area for market buyers.
Gavin Brazg, founder of PropCast said, “Although the majority of postcode districts do retain the upper hand in Luton, sellers still need to position their asking price competitively against other similar properties for sale if you want to attract multiple offers and achieve the best possible price.
“Buyers currently on the fence about buying in these areas should get their offers in as soon as possible.
“For those living in a buyers’ market, try not to be too down heartened. The best way for sellers to strengthen their position is to price conservatively from the start and choose a local, trusted estate agent who truly knows the market and how best to position your home within it for a fast sale.
“Meanwhile, this does mark the perfect time for buyers to swoop in knowing they have the upper hand in negotiations and bag themselves a bargain, so if you are selling in one of these areas, don’t forget you will be making a saving when purchasing your next home.”