Local Property Sees Slight Rise on 2017’s Figures
Property in Woolwich and Peckham is valued at one per cent higher than it was this time last year – sitting at an average of £492,858.
This was according to figures released this week by the leading online property portal Rightmove. The rise from last month though was definitely more subdued with an increase of just 0.2 per cent.
Overall London experienced a 1.5 per cent rise in the price of new houses coming to market this month. When viewed with figures from the same time last year though, it’s a fall of 0.2 per cent.
Inner London property prices starting to pick up
Surprisingly property in Inner London (classed as TfL zones one, two and three) has started to increase in value – at the same time that the price of property in the outer regions and commuter belt (particularly the favoured South East which is down one per cent on 2017’s prices) is beginning to fall. Apartments and houses in Zone 1 actually increased a very respectable 4.2 per cent on last month’s figures, while Zone 2 prices were up 2.2 per cent.
Rightmove director and housing market analyst Miles Shipman commented that it was encouraging to note that sellers of the more expensive homes in Central London were prepared to finally ‘test the market’ rather than stay put, but he suspected buyers would still be looking for reasonable discounts.
No increase in Outer London house prices
Regarding London’s outer zones, he said buyers were still remaining cautious and looking for good deals before signing off. The average price of a property in Outer London is sitting at £527,330 (the same as this time last year).
“While there are signs of continuing strong demand there appears to be hesitation among some buyers to commit unless they judge that the price and property are a really good deal,” he explained. “….Many owners have benefitted from substantial house price inflation but after a good run of year-on-year growth, price sensitivity is now spreading further afield.”
First time buyers see price of London property fall
It was good news for first time buyers though. The average first time property was down 2.7 percent compared to the same period last year, bringing the average asking price for a first property in London down to £490.185. Homes in the top of the ladder category are now an average of £1,450,450 (having increased by 4.4 per cent). Second stepper homes remain the same as last year at £705,896.
Meanwhile the average UK home is taking around 59 days to sell (four days longer than the same period in 2017), with the average housing stock to sell per estate agent around 47.
Areas in London faring well
Redbridge property has risen the most in comparison to 2017’s figures, with an increase of 4.1 per cent to an average property value of £473,991. Next was Barnet with 2.6 per cent and Havering with 2.2 per cent.
For more property price information or advice on buying and selling in London zones three and four then take a look at our website www.jtclarkelondon.com or give us a ring on 020 7277 6699. Online you’ll also find the latest properties to buy and rent in areas such as Peckham and Woolwich.