News: Stansted Airport shown to increase property values
Flights > News > # 330 (09/02/2005)
| Growth in local property market continues to outperform national and regional trends 9 February 2005 The Land Registry this week published its latest quarterly update on the performance of the property market. The results are good news for home owners in the area around Stansted Airport, with local sales continuing to strongly outperform the national and regional markets. Prices in Uttlesford (the district in which Stansted Airport is located) have increased over the last quarter by almost 5 per cent (from July-September to October-December 2004). This is compared with an increase in the Essex average price of less than one quarter of one per cent. Property owners in Uttlesford have done even better compared with the East Anglian average of just 0.02 per cent. Significantly, many postcode sectors closest to Stansted Airport have outperformed both the Essex and the Uttlesford averages (both over the last quarter and over the last 12 months, see notes to editors point 4). For example, in the area around Takeley, Hatfield Heath and Little Hallingbury, prices in the last quarter have risen by nearly 17%. The figures published for Uttlesford are even more impressive when examined in the national context of falling property prices (a decrease of 2.7 per cent over the last quarter for England and Wales) and increasing interest rates. Over the last 12 months, the performance of the Uttlesford property market has been very encouraging - average prices have increased by a massive 21 per cent, almost double the Essex average of 11 per cent. This also compares with an average for the East Anglia region as a whole of just 12 per cent. Over the last five years, from 1999-2004 (from October-December 1999 to October-December 2004), the price of an average home in Uttlesford has increased by around 89 per cent (see notes to editors point 2). In fact, in the overall period since consultation on the future of Stansted Airport began in July 2002, the property market in Uttlesford has actually fractionally out-performed that of Essex as a whole (with average prices increasing by 25.7 per cent, compared with 25.42 per cent for the latter). The Uttlesford market has vastly outperformed Essex in recent periods. Terry Morgan, Managing Director of Stansted Airport, said: "The figures show for the second quarter running that the local property market continues to grow despite national trends. This is very encouraging and reassuring news for everyone in the area, and we continue to do what we can to bolster the local property market, while protecting those who may be worst affected by our operations." Commenting on the figures, Communications Director Mark Pendlington said, "These independent Land registry figures are very welcome indeed and demonstrate, yet again, the fragile nature of the overblown claims made by local protest group SSE, that 12,000 homes are "blighted" by Stansted Airport. They were clearly nervous about the scale of this figure when it was discussed at their recent Community Conference, and these latest Land Registry figures help to explain why." Notes to Editors 1. All figures are from Land Registry data, published 08 February 2005 (www.landreg.gov.uk). 2. Average prices overall in Uttlesford have increased from £155,000 in October-December 1999 to £293,465 in October-December 2004, an average increase in value of £138,465 over that period. 3. The table below shows the average property price in each area:
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