£2.51bn – The total value of all Boston Property Market
In the last 14 years, since the autumn of 2002, the total value of Boston property has increased by 69% or £1.02 billion to a total of £2.51 billion. Interesting, when you consider the FTSE100 has only risen by 68.9% and inflation (i.e. the UK Retail Price Index) rose by 38.7% during the same 14 years.
When we delve deeper into the numbers, the average price currently being paid by Boston households stands at £134,503. If we then split the property market down into individual property types in Boston; the average numbers come out like this ..
|Boston Property Market|
|Average Value of a Detached Property||Average Value of a Semi-Detached Property||Average Value of a Terraced/Town House Property||Average Value of an Apartment|
… yet it got even more fascinating when I multiplied the total number of each type of property by the average value. As detached houses are so expensive, when you compare them with the much cheaper terraced/town houses and apartments, you can quite clearly see how valuable detached properties are in terms of total pound note value, when compared to the value of the terraced/town houses and apartments.
|Total Value of all the Boston Detached Properties||Total Value of all the Boston Semi-Detached Properties||Total Value of all the Boston Terraced/Town House Properties||Total Value of all the Boston Apartments|
So, what does this all mean for Boston? Well as we enter the unchartered waters of 2017 and beyond, even though property values are already declining in certain parts of the previously over cooked Central London property market, the outlook in Boston remains relatively good as over the last five years, the local property market was a lot more sensible than central London’s.
Boston house values will remain resilient for several reasons. Firstly, demand for rental property remains strong with continued immigration and population growth. Secondly, with 0.25 per cent interest rates, borrowing has never been so cheap and finally the simple lack of new house building in Boston not keeping up with current demand, let alone eating into years and years of under investment – means only one thing – yes it might be a bumpy ride over the next 12 to 24 months but, in the medium term, property ownership and property investment in Boston has always, and will always, ride out the storm.
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