Good news for Luton homeowners! House prices inched up slightly in April, offering a glimmer of hope in a turbulent housing market.

The average house price in Luton rose by 0.4% in April, bringing the average property price to £270,071. This small increase comes after a period of decline, with prices dropping by 2.5% over the past year.

Despite the monthly increase, homeowners are still facing the reality of a cooler housing market compared to last year. The average Luton property is worth £6,900 less than it was in April 2022.

However, it’s not all doom and gloom. Luton’s housing market is performing better than some other areas in the East of England. Overall, the region saw a 0.7% drop in house prices in April.

What does this mean for buyers and sellers?

• Sellers: While prices aren’t rocketing, the slight increase in April could signal a plateau in the market. If you’re considering selling, now might be a good time to test the waters.
• Buyers: Although prices are down from last year, affordability remains a challenge, particularly for first-time buyers. However, with prices potentially stabilising, there may be opportunities for those who are ready to enter the market.

Here’s a breakdown of key figures:

• Average house price in Luton (April 2023): £270,071
• Monthly change (April 2023): +0.4%
• Annual change (April 2023): -2.5%
• Average price paid by first-time buyers (April 2023): £238,100
• Average price paid by former owner-occupiers (April 2023): £308,200

Where does Luton stand in the East of England?

Luton’s housing market is more affordable than many other areas in the East of England. The average property price in the region is £335,000, meaning Luton homeowners are paying a 19.5% discount.

The most expensive area in the region is St Albans, with an average property price of £578,000. At the other end of the spectrum is Great Yarmouth, where the average house price is a much more affordable £218,000.