Forest Hill: February 2019 Asking Prices and Values
28th February 2019 posted in Sellers Buyers
Whether you are looking to make a move or you simply retain a key interest in local property prices and values, it is best to stay informed with what is happening in your local market. At Hunters Forest Hill, we are here to provide support, guidance and the best standard of estate agent services for clients in and around Forest Hill.
We have a strong interest in the market and we aim to provide tailored support in this part of the country and capital. Therefore, if you are looking for the latest news and information, we are here to help. This includes property prices and values for Forest Hill as of February 2019.
Stay in touch with Forest Hill prices and values
In figures provided by Zoopla, the average price of property in Forest Hill over the past 12 months is £513,717. This figure is based on a total of 322 sales in this time-frame. The average value of property for the area is listed as £511,301 and over a 12 month period, this is recognised as an increase of 1.22% or a rise of £6,163.
While Zoopla figures don’t always correspond with the complete market figures, they are more up to date than other sources. When it comes to obtaining a reasonable snapshot of the property market at a specific time, these figures are more than valid in creating debate and providing insight.
Of course, there will always be a limit when it comes to average prices for a local area. These figures are useful if you want to compare certain areas or you are looking to narrow down your options in looking for a new place to stay.
Relevant property prices and values are more informative
However, if you know that you are looking for a home in Forest Hill or you currently own a property in the area you are keen to sell, you need more detailed information. A vendor trying to sell a flat in Forest Hill shouldn’t be overly interested in the average price for detached properties in the area.
There will usually be a link between all homes in an area but when it comes to pricing and benchmarks, it is best to consider like for like. Therefore, the information below details the average price paid for property types in Forest Hill in the past 12 months.
· The average price paid for flats in Forest Hill in the past 12 months stands at £374,752
· The average price paid for terraced properties in Forest Hill in the past 12 months stands at £648,096
· The average price paid for semi-detached properties in Forest Hill in the past 12 months stands at £796,871
· The average price paid for detached properties in Forest Hill in the past 12 months stands at £941,650
These figures are much more informative if you are looking to buy or sell a particular home in the Forest Hill area. Of course, your home may not similar to the average property, so it is always best to have a home properly valued before determining its worth or suitable price.
There are many factors involved in determining the best price for a home. The condition of the home is an obvious factor but external factors that a homeowner cannot influence will also shape the most appropriate price for a home.
If there is a high level of demand for homes in the area or there is an insufficient supply of homes in the area, the most appropriate price for the home can be affected. It is vital that you work closely with a local specialist who knows the varying factors that shape the local property market before you set budgets or expectations on your next move in the property market.
Asking prices of Forest Hill property is important information
One area that has received a lot of focus and attention in recent years is the asking price of property. In 2017 and the first half of 2018, there were concerns about the gap between the asking price of property and the eventual sales price. Many vendors were left disappointed at the gap between their listed price and what they received for their home.
In some cases, unscrupulous estate agents were at fault, inflating the asking price, partially to win instructions from vendors. The gap has not been as notable in more recent times, but it is still important for buyers and vendors to note the current asking prices.
The table below details the current asking price, as of February 2019 according to Zoopla, for property sizes in Forest Hill. The table also details asking rent per calendar month for property sizes in Forest Hill for February 2019, with these figures also provided by Zoopla.
As can be seen in the table above and chart below, the asking price for five-bedroom properties in Forest Hill breaches the one million mark. It used to be that this would be a major psychological issue but considering the current state of the London property market, it is no longer much of an issue. In fact, it could be argued that this price represents value for a five-bedroom property in a desirable and well-connected area of the city.
With respect to average asking rents, the five-bedroom property figure is an outlier. There are not too many five-bedroom properties on offer in the Forest Hill, with this figure being based on four properties. Therefore, it doesn’t take much for one spectacular home or one notably over-priced property to skew the figures.
The average asking rent for the other property sizes in Forest Hill is more balanced. If you are a local landlord and you are looking for ways to increase your rental income or improve your yield, please get in touch and we will be more than happy to assist you in this process.
If you are keen to make a move in Forest Hill or you need guidance from professionals that know and understand the local market, please get in touch. At Hunters Forest Hill, we have a strong track record in enduring property deals are concluded in the local area, and we look forward to assisting you as best we can.