The impact of the COVID-19 pandemic on the housing market is apparent and will be felt for many years to come. Even though the market is operational again, it is far from being business as usual. There was an initial burst of activity in the housing market in mid-May, but many industry experts believe this will settle down as we move forward.
There were many plausible reasons for people to engage the market as soon as they had the chance. However, once this initial burst fell by the wayside, it is hard to see if the market will sustain this heightened level of activity. There will always be reasons for people to move home, and at Hunters Camberwell, we will always be on hand to assist you with this process.
Of course, it remains to be seen what the longer-term impact of COVID-19 is on the housing market.
Even in the future, when people look back at property prices and transactions for this period, there will be a notable gap. As we move forwards, it is essential to have a base figure of sales and activity, so we can judge how the market is performing compared to how it performed before the COVID-19 pandemic.
2020 was tipped as a year of stability in the UK housing market
Many housing specialists tipped 2020 to be a positive year for the property market. The start of 2020 saw an upturn in sales and activity, with many buoyed by the sizable margin of victory for the Conservative Party in the December General Election.
There is no denying that political instability has hampered the housing market in recent years in the UK. It was hoped that 2020 would see the market settle and move forward, but of course, unexpected events took hold.
We have stayed in touch with market figures though, and if you are looking for information on Camberwell average property type prices in the past year, we are here to help.
Camberwell housing market prices in 2019 and 2020
For flats and apartments, the average property price in Camberwell between June 2019 and May 2020 was £444,194. This is slightly above the average price across Greater London for the same period, which stood at £434,291.
You will see that this is the only property type where the average price is comparable between Camberwell and Greater London. For all other property types, the average price paid in Camberwell is higher than the Greater London average. Of course, there are many different areas in Greater London.
For terraced properties, the average price paid in Camberwell between June 2019 and May 2020 was £878,517, and in Greater London, the average price paid was £548,838.
For semi-detached properties, the average price paid in Camberwell between June 2019 and May 2020 was £900,631, and for Greater London, the average price paid was £567,705.
With detached properties, the average price paid in Camberwell between June 2019 and May 2020 was £1,587,487, and for Greater London, the average price paid was £862,841.
These figures can be seen below in the following chart:
Breaking down the transactions by property type over the same period will provide greater insight into the market. Far and away, the most common form of property being bought/sold in Camberwell is flats or apartments.
Flats are the most commonly sold property type in Camberwell
For the period between June 2019 and May 2020, this style of property accounted for 82.1% of the total transactions. This amounted to 294 flats or apartments being sold in the 12 months.
The next most common form of property sold in Camberwell for this period was terraced property, and this accounted for 14.2% of the total sales in this time. This amounted to 51 sales of terraced property.
Semi-detached properties accounted for 2.2% of the total sales, which amounts to 8 semi-detached properties being sold. Detached properties accounted for 1.4% of the total sales in Camberwell in 12 months, and this amounts to 5 transactions.
While flats or apartments were the most common property type sold in Greater London for the same period, it amounted to a smaller proportion of overall sales. Flats and apartments accounted for 51.2% of the total sales in Greater London between June 2019 and May 2020.
The next most popular property type was terraced properties, which accounted for 28.5% of the total sales in Greater London. This is a far more significant proportion of sales than terraced properties achieved in Camberwell.
Semi-detached properties accounted for 15.2% of the total sales in Greater London and detached properties made up the rest of the market, with 5.1% of the total sales in Greater London.
The breakdown of sales by property type in the two areas can be seen in the chart below.
If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.