Before committing to buying or renting a home in St Albans, you should investigate the local market to see which one is more suited to your finances. Below is some more detail to help you decide if you should rent or buy a property.
Should I buy a home in St Albans?
Buying any new property is a long-term investment and you need to make sure you can afford it long-term. It will be the biggest financial commitment of your life, which is why you must review your monthly income, along with the savings you have available for a deposit.
If you can afford to buy a property in St Albans, you get to enjoy the many benefits that come with purchasing your own home:
- Once the mortgage is paid, you completely own the property
- If you decide to move, you can potentially make a profit
- You can make as many changes to the property as you wish
- In the long-run buying a property could be cheaper than renting
Based on figures from November 2018, the average price paid for a property in St Albans was £494,775. The current average value of a property in the area is £599,581. Domestic property buyers in England and Wales pay an average of £292,000.
Of course, much will depend on the type of property you are looking to buy. For example, when broken down into property type, the average prices are different:
Detached House: £743,000
Terraced House: £466,000
38% of properties sold between August 2017 and July 2018 were priced between £300k and £500k. For those looking to get onto the property market for the first time, this makes buying a home in St Albans a realistic and affordable option.
Should I rent a home in St Albans?
If raising the money for a mortgage deposit is likely to prove difficult, renting is the best alternative. The St Albans rental market has continued to grow over the past 12 months, with the demand for high quality properties now higher than ever. This has led to an increase in rent prices, with over 60% of landlords in the area looking to raise rental costs by at least £400 a year.
Some people prefer to rent than buy, as not only do they find it more affordable, but they enjoy the benefits it offers:
- There is greater flexibility on the area you move to
- A property can be sourced and rented very quickly
- Rents remain the same for a fixed period, making it easier to budget
- Furniture may already be supplied, cutting back on costs even further
If you are looking to rent in St Albans, take a look at current market which will give you a good idea of the type of properties available and how much you may need. Based on figures from November 2018, the average rental price in the area is £1,342 pcm, with the median rent figure at £1,185 pcm.
To give you a clearer idea of the average rent prices per property in St Albans, this is how they break down based on size:
One bedroom: £965 pcm
Two bedrooms: £1,267 pcm
Three bedrooms: £1,661 pcm
Four bedrooms: £2,573 pcm
Taking the next steps to buy or rent in St Albans
If you are thinking of buying or renting in St Albans, get in touch with our friendly team of estate agents and letting agents. You can reach out by sending an e-mail at firstname.lastname@example.org or giving us a call on (01727) 836561.