St Albans and Harpenden House Prices - Have we hit the top of the market?

I was doing some research today and looking through house price data, and found this information which I found really interesting and so I have decided to share it with you.

The graph above shows the House Price growth in Hertfordshire since 1995. You can plainly see the astronomical growth enjoyed in the Hertfordshire region, topping out at today's average price of £410,175 (source: Zoopla.co.uk).

But how does this pan out in the St Albans and Harpenden area?

Well, narrowing things down, in St Albans the prices are above the Hertfordshire average at £495,183 with an average asking price of £691,585 (meaning most properties currently on the market are over valued by 14%) so take that into account when making your offers.

Just up the road in Harpenden the average home owner enjoys 43.38% more equity in their property with an average house price of £709,980. Interestingly though, the latest data suggests that Harpenden prices have started to cool in the last year with home owners feeling the stinging ripples of the softening London housing market.

Prices are down on average by just £1,503 in the last year, which may seem like a drop in the ocean, but this cooling could be hinting at a soft market correction, which may indicate that now is the time to sell if home owners are to retain their equity.

What do you think?  Please feel free to share your thoughts in the comments.