Hertsmere to avoid worst of falling house prices
PROPERTY prices in Hertsmere are set to be cushioned from the worst affects of public sector cuts, according to new figures.
The research, by property website Zoopla.co.uk, put Hertsmere in the “top 20 areas least likely to be most affected” at number 15.
It is claimed that property prices will tumble most in areas where a large number of people are employed in the public sector.
Hertsmere’s current average property value of �367,525 is still expected to be hit due to 17 per cent of residents being employed in the public sector.
The website says values will tumble by 5.16 per cent over three years.
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And neighbouring Broxbourne, including Goffs Oak, will also be largely insulated from a fall in house prices due to its having just 14 per cent public sector workers.
Although prices there are still expected to plummet by around six per cent in the three year period.
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Least likely to be affected is the City of London, which will see property prices rise by just over three per cent, according to the figures.
Nicholas Leeming, commercial director of Zoopla.co.uk, said: “The country is braced for extensive cuts to government spending and a significant number of public sector job losses are anticipated over the coming years.”
He added: “In areas where more people are employed by the state, rising unemployment will lead to more homeowners struggling to pay their mortgages as well as dampening demand from buyers, which will put downward pressure on house prices in these areas.
“House prices are likely to be far more resilient in areas with a smaller share of public sector employees.”