Analysis of the London housing market considers many things, and transport options are always worth considering. Remote working might reduce the impact of travelling for London commuters, but you get the feeling transport options will always be a factor for buyers to consider in the capital.
At Hunters Forest Hill, we work hard to ensure you make informed decisions, whatever move you look to make. We stay in touch with local matters, and we follow the latest market research.
Recent analysis carried out by Rightmove, the leading property portal in the country, looks at the housing market with respect to commuter lines and travel zones.
Commuter lines still matter in London housing market
Highlights from the analysis undertaken by Rightmove indicates:
· Zone 6 has moved from having 9% more buyers in September 2019 compared with the previous year, to now being up by 108%
· Zone 1 has moved from being 41% up year-on-year in 2019, to now being just 7% up
· The further out you go by zone the greater the increase in year-on-year demand
· Analysis along the Northern line shows the biggest jump in demand is at the end of the line:
· High Barnet is top with the number of buyers up 166%, followed by Finchley Central, up 120%
· Moorgate and Bank are bottom of the list, down 34% and 16% respectively
Of course, at Hunters Forest Hill, we are focused on our local area, which is predominantly Zone 3.
As of October 2019, the average price paid for property in Zone 3 was £593,311 and as of October 2020, the average price of Zone 3 property stood at £620,887.
This represents a rise of 4.6% in the past year.
As of the end of October 2020, Rightmove says the following regarding the housing market in Forest Hill; “Properties in Forest Hill had an overall average price of £515,218 over the last year. The majority of sales in Forest Hill during the last year were flats, selling for an average price of £373,223. Terraced properties sold for an average of £629,704, with semi-detached properties fetching £790,577. Overall, sold prices in Forest Hill over the last year were similar to the previous year and 6% down on the 2017 peak of £545,838.”
Forest Hill is an appealing option
In this regard, property in Forest Hill offers tremendous value for buyers who are looking for property in Zone 3. The average price paid for property in Forest Hill is more affordable than the average price paid for property in this travel zone.
Also, while house prices have risen on average in the Zone 3 area, they are more consistent in Forest Hill. This means buyers here shouldn’t feel as though they have missed out on a great opportunity.
Rightmove’s Head of Property Data Tim Bannister comments; “Agents have been reporting a number of people selling up in the inner London zones and moving further out, but to see this reversal in the demand trend reflected so clearly in the data is quite something. Some buyers still expecting to commute into the centre in the long term may have now adjusted their mindset about how many zones they’re prepared to move out, leading to zone 6 being the new favourite. This data demonstrates the short-term trend of more central places like Moorgate and Bank seeing lower demand right now – although it’s worth noting that it’s off strong demand levels for these locations a year ago. I do think this demand will come back eventually but it’s not clear yet how long it will take.”
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.