With so much activity in the housing market right now, it is no surprise to see property prices rising.
The demand for homes is much higher than the supply, which places homeowners who are selling their house in a very strong position. With these circumstances, it is no surprise that asking prices are rising.
Agents and vendors are aware this is a “sellers’ market”, and many will feel confident to ask for a higher price in the hope of gaining a larger fee. After all, if homeowners are selling and then buying, they might need more money to afford their next move!
How is the West Hampstead market faring?
As of the end of May 2021, Rightmove says the following about house prices in West Hampstead;
“Properties in West Hampstead had an overall average price of £851,858 over the last year.
The majority of sales in West Hampstead during the last year were flats, selling for an average price of £728,705. Terraced properties sold for an average of £1,496,516, with semi-detached properties fetching £2,213,200.
Overall, sold prices in West Hampstead over the last year were 7% up on the previous year and 4% up on the 2018 peak of £817,844.”
In the latest research published by Rightmove, asking prices have risen by close to £6,000 a month (on average) in the space of a month.
Some of the key headlines from the data include:
- There has been an increase of £5,767 in the average seller asking price
- This represents a month-on-month increase of 1.8%
- The May 2021 average asking price was £333,365, which is a new record
- The April 2021 average asking price was £327,797
- There is a growing supply-demand imbalance across the country, and in some areas, this has led to a double-digit price increase
- Some of the areas with a double-digit increase include Wales with a 13% rise, the North West, with an increase of 11.1% and Yorkshire and the Humber, which rose by 10.5%
- In London, the average rate of price increase since pre-lockdown is 0.2%
- On average, London property prices are 2.9 times higher than in the northern areas of Great Britain
London still leads the way
Tim Bannister, Rightmove’s director of property data, commented: “Last year’s unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions. Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands. This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds. In another twist, it is the regions of Britain further north that are leading the way, with some degree of catching up between average prices in London and the north.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.