Much of what is read in the papers about the booming housing market and incredible price increases is based on the London market, but this doesn’t mean that we haven’t seen a healthy pickup in both the sales and rental market in Dunstable and Houghton Regis. The number of sold signs is testament to that.
The majority of sales in Dunstable during the last year were semi-detached properties, selling for an average price of £199,072. Terraced properties sold for an average of £167,322, with flats fetching £108,338.
Overall sold prices in Dunstable over the last year were 7% up on the previous year and 3% up on the 2007 level of £185,712.
Most of the sales in Houghton Regis over the past year were terraced properties which on average sold for £148,061. Semi-detached properties had an average sold price of £174,155 and detached properties averaged at £249,718.
In the past year house prices in Houghton Regis were 16% up on the year before and 6% up on 2007 when they averaged at £156,429. This increase in house prices easily outperforms the other nearby towns.
So how has the rental market in Dunstable and Houghton Regis performed in the last 18 months ?
In December 2012 the average rental price for a 2 bed apartment was 650pcm. We have seen this rise to £675. Likewise the average rental for a 1 bed apartment was £535 and this is now £580pcm. Slightly smaller rises are evident in Houghton Regis.
There could be a number of factors for this not least that there are not enough rental properties for tenants. We have seen a number of tenants moving from Luton to Dunstable with the improved transport links following the opening of the Busway and the number of large expanding employers such as Honeytop and Superdrug attracting a large local workforce. With easy access to the M1 many young couples have moved out of London and its extortionate rents.
As we explain to potential investors who come into our shop for advice on where to buy and what tenants are looking for, Dunstable and Houghton Regis both have a requirement for good quality rental properties and there are plenty of good hardworking tenants waiting to turn that rental property into a home.
