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Flat features, location, and investment performance
1 Hills Yard Mews is a leasehold flat, built in 2016. A 2016 survey recorded the property as having 1,160 square feet of floor space.
The property wasn't a good investment for its previous owner, who made a £46,500 loss between November 2016 and April 2022.
1, Hills Yard Mews, Redbourn, St Albans, Hertfordshire AL3 7FA
Timeline of sold property prices and cost per square foot
Since 1 Hills Yard Mews's first recorded sale in 2016, the flat's price has fallen by £70,000 or 2% per year.
During the same period, the price of an average home on Hills Yard Mews stayed the same, and the average UK home increased by 5% per year.
- Current valuation£475,000
Flat leasehold, £409 per square foot- 5%
- Sold April 2022£498,500
Flat leasehold, £430 per square foot- 9%
- Sold November 2016£545,000
Flat leasehold new-build, £470 per square foot
Comparison of local and national property prices
House Prices in Hills Yard Mews start at £311,000 for the cheapest property on the street, rising to £475,000 for the most expensive.
1 Hills Yard Mews is worth 31% more than the £364,000 average property on Hills Yard Mews and 58% more than the £300,000 average home in England.
Cost per square foot valuation
Using local prices per square foot as benchmarks for valuation
When valuing this property, one factor we consider is the average cost per square foot (CPSF) for flats in the area. Based on this metric alone, the property's valuation would be £523,000.
Our valuation is below the £415 to £487 CPSF you would have to pay for a typical flat in Hills Yard Mews. Factors such as features and floor level affect CPSF, with past sale prices reflecting these differences.
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Property valuation details and commonly asked questions
- What condition is the property in?
- How is the property valuation estimated?
- Where are the figures sourced?
- What should I do if the details are incorrect?
What condition is the property in?
At a sale price of £475,000, the property’s cost per square foot suggests it may be more modest in condition or features compared to neighbouring homes.
Making home improvements could increase the cost per square foot to within the £415 to £487 per square foot range we typically see for flats in Hills Yard Mews, increasing the property's value.
How is the property valuation estimated?
Every month, our Automated Valuation Model (AVM) determines property values.
Our AVM collects data from reputable sources, like HM Land Registry, and uses the data to estimate what each property is worth.
In our tests, we have found that the sale price of a property falls within our AVM's confidence range in most cases. However, there are scenarios where the valuations are not accurate. For example, if significant alterations have been made to a property recently or if a property is unique with few comparables.
For more details on the workings of our AVM, including its strengths, limitations, and how it measures up to traditional valuation methods, please refer to our guide 'How We Value Property'.
We try to make the valuations as accurate as possible, but they are estimates. When buying or selling property, you should speak to a qualified professional.
Where are the figures sourced?
Sold property prices, and data on property types/tenures, are sourced from the HM Land Registry.
There is a time delay in property sales appearing in HM Land Registry, which can be up to three months.
Other property details, such as energy efficiency, are estimates from a 2016 property survey.
What should I do if the details are incorrect?
We generate all our property valuations programmatically. They cannot be manually edited based on new information, such as evidence of redevelopment.
If any other property details are incorrect or out-of-date, they will update automatically when next surveyed.
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