Forest Hill Property Market Review February 2020

28th February 2020 posted in Sellers Buyers Landlords Tenants

When it comes to the property market in Forest Hill, we are committed to knowing what is happening and why it is happening. If you are looking for help from a local estate agent, make sure you choose one who can appraise you of what is taking place in and around Forest Hill.

Over the last 12 full months, there have been 464 sales in Forest Hill. In comparison with the previous 12-month period, this represents an increase of 1%.

The average sales price of property in Forest Hill was £471,913. With 53% of all property sales, the most commonly sold property type in Forest Hill was flats, with an average price of £347,416. The average sales price for houses in the same period was £669,125.

Looking for the latest Forest Hill property market review for February 2020?

At Hunters Forest Hill, we believe average sales prices are informative, and useful when starting your search for property, or building your knowledge of the local market. However, when it comes to making a move, you need tailored information. If you are selling your house, how does the property compare with the average property in your area?

If your home is in greater condition than the average property type, you do yourself a disservice by listing it at the average price. There is nothing wrong with going to market with a higher than average rate if you can justify this price. We are happy to arrange a property valuation for you, and our local knowledge ensures you enter the market with a reasonable and justifiable price.

The breakdown of sales by property type in the past 12 months is:

·         Detached properties 4%

·         Semi-detached properties 11%

·         Flats 53%

·         Terraced properties 33%

People will inevitably compare property prices in Forest Hill with the average in Greater London. Property prices by themselves don’t mean a lot unless they are reviewed alongside other aspects or other property prices. It is worth noting that for 2019, the average price paid for flats in Forest Hill was lower than the average price paid for apartments in Greater London. For all other property types, the average price paid was higher in Forest Hill than the Greater London average.

Forest Hill property is in high demand

This shouldn’t be seen as a surprise. While Forest Hill is nowhere near the most expensive area of London, far from it, it is an area in high demand. Therefore, the price buyers are willing to pay to stay in and around Forest Hill is going to be higher than the average of Greater London prices. We know many buyers consider several areas before committing to the buying process, but we think Forest Hill has a lot to offer.

We are pleased to say we not only focus on local prices and statistics; we also keep an eye on the national market. We aim to ensure you have the information you need to make an informed decision. For example, in the last 12 months, the average house price for England and Wales is £230,774. The average time taken to sell a home in the UK in the past 12 months (when the property is listed as SOLD STC) is 71 days. Also, according to leading sources in the property industry, including Land Registry, Rightmove and ONS, the UK has experienced an average house price growth of 2.2% in the past 12 months.

We stay in touch with the national and Forest Hill property market, to ensure you receive the support and guidance you need when it comes time to make a move.

At Hunters Forest Hill, we know letting property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.