As we transition from 2025 to the new year, it's a perfect time to reflect on the local property market's performance in December. Throughout last month, our analysis drew from 167 data points, offering a comprehensive view of the current landscape for properties in Luton (West), Chalton, and Leagrave.
To begin, the average price per square foot over the last six months sat at a solid £357. This figure reflects a gradual increase in property values, indicating continuous demand for homes in the local market. Buyers are investing confidently, suggesting that the allure of these areas remains strong.
The average property sale price in our local market reached £307,680 in December. This price reveals the accessibility of homes available for a range of buyers, including first-time homeowners and those looking to upsize. Comparatively, as we analyse trends, it appears that prices have remained relatively stable, reflecting the resilience of the property sector, even amidst broader economic uncertainties.
In terms of market activity, we observed a turnover of sales around 21%. This statistic indicates a healthy level of transactions, providing insight into the vibrancy of the local market. A turnover at this rate suggests that properties are changing hands effectively, and for sellers, this period can be advantageous as buyers actively seek out homes.
The current average two-year fixed mortgage rate is sitting at 4.19%. While this is a slight increase compared to previous years, it remains a competitive option for many buyers looking to secure their future with a fixed-rate mortgage. These rates have encouraged prospective homeowners to enter the market, particularly in desirable areas like Luton (West), Chalton, and Leagrave, where many see potential for capital growth.
To provide more context for buyers and sellers alike, we also took a look at the average household income in December, which stood at £43,200. This income figure is essential as it shapes buyer affordability and purchasing power in our local market. With income levels generally rising in recent years, it demonstrates that households are potentially more equipped to take on properties priced at the current average sale price.
It's important to note the influence of market conditions on buyers' decisions as interest rates and household income continue to play critical roles in the buying process. At Deakin-White, we've always prioritised guiding our clients through these economic shifts, ensuring that they understand how various factors may impact their buying or selling experience.
Looking ahead, while it's difficult to predict exactly how the local market will evolve in 2026, the groundwork laid in December provides a positive outlook. Many experts suggest that a steadying of the mortgage rates and continued household income growth can enhance buyer confidence further. This, combined with the limited supply in the local market, may lead to further price growth as demand outstrips stock.
As we welcome the new year, we encourage anyone contemplating a move or investment to stay informed. Understanding the nuances of the local market is essential, and our team at Deakin-White is dedicated to providing the insights and support you need.
Finally, we pride ourselves on being the only local member of The FIA, a network of high-quality independent estate agents across the UK. If you have any questions about the market or would like to request a market appraisal for your property, please reach out to us. We're here to help you navigate the local property market successfully.
