Forest Hill Property Market Snapshot July 2020
14th July 2020 posted in Home Lifestyle
No matter whether you plan on making a move in the property market soon or not, this is the ideal time to take stock and see what is happening in Forest Hill. By now, you will likely have reviewed your finances and decided if you are likely to move home at any point in the future.
There might be more economic upheaval to come, but with the stamp duty holiday announced in early July, some people might think this is the ideal time to consider a house. As you would expect, we believe Forest Hill is a fantastic location, and a lot is going for it.
At Hunters Forest Hill, we are here to ensure you receive the best guidance and support no matter what you want to achieve in the local market. We not only cover Forest Hill, but we are also specialists in New Cross, Peckham, Dulwich and Brockley. If any of these areas interest you, please get in touch, and we will be more than happy to assist you.
However, in this guide, we will look at the property market in Forest Hill right now, as of July 2020, and over the past year. It is fair to say the housing market has not experienced a year like this before, even with so many ups and downs.
Overview of life in Forest Hill
According to Dataloft, Forest Hill has 77.9 residents per hectare, and this is a higher population density than what is found in the region as a whole. Thankfully, there is several parks and open spaces in the local area, allowing people to experience some space and freedom outside their home.
In 2011, the population of Forest Hill was 32,874; which represented an increase of 6.1% in the decade between 2001 and 2011. As for the age of the Forest Hill population, 29.9% are aged between 30 and 44 years old, which is above the regional average. 33.2% of Forest Hill households are comprised of just one person while 35.5% of the homes in the area are comprised of families with children.
The most commonly found industry of employment in Forest Hill is public admin, education and health, which comprises of 31.6% of the working age population. During standard working hours, the population of Forest Hill decreases by 27.9%.
The most predominant industry of employment is Public admin, education & health which comprises 31.6% of the working age population. During the working day, the population decreases by 27.9%.
Forest Hill in the past 12 months and property transactions
In the past 12 months, the average price of property in Forest Hill is £482,818 and there has been a total of 44 property transactions. According to Dataloft figures, Stanstead Road is the street with the most transactions in Forest Hill in this time.
More than half of the property sales in Forest Hill, 53%, in the past 12 months were flats, and the average sales price is £352,521. The average sales price of houses is £686,711 and the total value of sales in the area is £198,085,223.
The highest value recorded by Land Registry in the past 12 months for a flat is £650,000 and for a house, £1,690,000.
While the property market has been in lockdown for some of the last three months, there has been activity in Forest Hill. According to Dataloft, the top three transactions in Forest Hill over this time are:
· Codrington Hill, with a price of £420,000
· Vancouver Road, with a price of £417,000
· Rockbourne Road, with a price of £325,000
The total value of property sold in the past three months in Forest Hill stands at £20.2m and 61% of these properties sold have been flats.
Average property values in Forest Hill over the past 12 months
While the average property value for a flat or apartment in Forest Hill is lower than the average property value in Greater London for the past 12 months, for every other property type, the Forest Hill average is higher.
It will be no surprise that the average property value for all property types in Forest Hill is higher than the equivalent property value across England and Wales. The average property value for a flat or property in Forest Hill is almost the average property value for a detached property in England and Wales.
Terraced properties, semi-detached properties and detached properties in Forest Hill all carry a higher average property value over the past 12 months than the average property value for a detached property in England and Wales.
For detached properties in Forest Hill, the average property value is over one million.
This information can be seen in the table below:
Key metrics of the market over the past 12 months
While the change in the number of transactions in Forest Hill has fallen in the past 12 months, it has fallen at a slower rate than the Greater London average or the average for England and Wales property transactions.
With respect to average values, the change in Forest Hill average values has risen higher than the average value in Greater London and in England and Wales. In Forest Hill, the change in average values was 6%, in Greater London, the change was 2.9% and in England and Wales, the change in average values as 1.7%.
With the English housing market re-opening in mid-May and the Welsh housing market re-opening at the end of June, it will be interesting to re-examine these figures in the future.
This information can be seen in the table below:
As we move forward, we will continue to provide you with a dependable and reliable service, and we look forward to assisting you make your next move in the housing market.
At Hunters Forest Hill, we know selling 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.