Sawbridgeworth and Bishop’s Stortford Property Market: Which homes are selling the best?
Explore the ever-changing landscape of the property market, where the dynamics of property sales fluctuate across different price ranges. Are homes in the lower priced market selling faster than those in the upper market in Sawbo and Bishop's Stortford, or is it the other way around? Dive into our detailed analysis to uncover the trends.
Inflation, interest rates, house prices down, house prices up ... the newspapers are full of column
inches on Brit’s second favourite topic - the property market (the first being the weather
obviously!).
Those of you that read my articles on the Sawbridgeworth and Bishop’s Stortford property market
know I like to look further afield to compare the Sawbridgeworth and Bishop’s Stortford market
with the regional and national markets. The one thing that is immediately apparent is that the UK
does not have one property market.
House prices are up in one region of the UK, yet down in another. It is a hotchpotch patchwork
(almost like a fly’s eye) of lots of small property markets all performing in different ways.
… and that made me think …
Is there just one Sawbridgeworth and Bishop’s Stortford property market or many?
So, I decided to dive into the dynamics of the Sawbridgeworth and Bishop’s Stortford housing
market, to see if it operates as a singular entity or if the diverse price ranges significantly influence
a property's saleability.
This curiosity stems from the observation that properties, much like a spectrum, range from
modestly priced to premium priced. Such variations in pricing could potentially carve out distinct
segments within the market, each with its own trends and buyer behaviours. I decided the best way
was to split the Sawbridgeworth and Bishop’s Stortford property market into four equal sized
distinct price ranges, each representing a unique slice of the market.
Imagine the entire range of house prices as a four-layer cake.
The lowest quartile forms the base layer, representing the most affordable 25% of homes – these
are typically the most accessible for first-time buyers and buy-to-let landlords. Next up is the lower
middle quartile, the second layer, encompassing properties priced between the 25th and 50th
percentiles. These homes offer a step up in features, style or location while remaining within a
moderate price range.
Ascending further, the middle upper quartile, the third layer, includes homes priced between the
50th and 75th percentiles, appealing to buyers looking for more amenities or premium locations. At
the top sits the upper quartile, the cream of the crop, representing the most expensive 25% of
properties in Sawbridgeworth and Bishop’s Stortford. These homes are often luxurious, boasting
high-end features and coveted locations, and are sought after by those who desire the best the
market has to offer.
By segmenting properties into these quartiles, we gain insight into their saleability and can tailor
strategies to target buyers effectively within each segment.
These are the quartile/house price bands for Sawbridgeworth and Bishop’s Stortford:
Lowest Quartile - (0 to 25% quartile in terms of value) - Up to £300,000
Lower Middle Quartile - (25% to 50% quartile in terms of value) - £300,000 to £475,000
Middle Upper Quartile - (50% to 75% quartile in terms of value) - £475,000 to £600,000
Upper Quartile - (highest 25% quartile in terms of value) - £600,000 upwards
So, having split the Sawbridgeworth and Bishop’s Stortford property market approximately into
four equal sizes, the results in terms of what price band has sold (subject to contract or stc) the
most is quite enlightening –
The statistics across various price ranges present an interesting pattern. For properties priced up to
£300,000, there are 130 available, with 70 already sold subject to contract (STC), representing a
35.0% sale rate.
In the next price band, £300,000 to £475,000, there are 143 properties available, with 115 sold STC,
accounting for a 44.6% sale rate.
The £475,000 to £600,000 range shows 130 properties on the market, of which 49 have been sold
STC, indicating a 27.4% sale rate.
Lastly, for properties priced at £600,000 and upwards, there are 139 available, with 80 sold STC,
resulting in a sale rate of 36.5%.
The best performing price range/quartile in the Sawbridgeworth and Bishop’s Stortford area is the
lower middle market, with the middle upper quartile range finding things tougher.
In analysing the Sawbridgeworth and Bishop’s Stortford property
market, it's clear that the dynamics are multifaceted and cannot be
neatly categorised under a single umbrella.
The market's behaviour is akin to a kaleidoscope, with each turn revealing a different pattern based
on the price segment. This diversity in performance across various price bands/quartiles is
indicative of a market that caters to a wide spectrum of buyer preferences and financial capacities.
The most illuminating insight from this investigation is the relative success of different price
quartiles.
The lower middle quartile, encompassing homes between £300,000 and £475,000, has shown
remarkable resilience, with a high percentage of properties going under contract.
This disparity in market performance underscores the importance of understanding
Sawbridgeworth and Bishop’s Stortford's property landscape through a segmented approach.
By recognising the unique characteristics and demand drivers within each quartile, estate agents,
buyers, and sellers can make more informed decisions.
As a Sawbridgeworth and Bishop’s Stortford estate agent, this insight into the local market's
nuances not only enhances our ability to advise clients but also reinforces our commitment to
providing tailored solutions that resonate with the diverse needs of the Sawbridgeworth and
Bishop’s Stortford community.