Homes In London Often Pay For Themselves
20th November 2020 posted in Sellers Buyers
With the stamp duty holiday encouraging so much activity in the housing market, there is no denying people like to save money.
However, we believe it is important people consider the costs associated with maintaining property. If you want insight into the Forest Hill market, and what you need to spend or save to make the most of your home, please get in touch.
Do you know the costs of maintaining property?
GetAgent.co.uk looked at each local authority in England and the total current upkeep costs of a property on an annual basis, based on: -
The factors considered by GetAgent in their analysis include:
- The annual council tax bill in each area.
- The annual cost of gas and electricity in each area.
- The average cost of a water bill.
- The average cost of combined buildings and contents insurance.
- The average annual maintenance cost of a home.
The company also looked at the annual house price growth in an area, and came up with findings based on properties paying for themselves.
Budget for the cost of maintaining your home
Across England, the average cost of maintaining property for a year is £6,406. This is comprised of:
- £1,818 in council tax payments
- £1,139 in energy costs
- £397 on water payments
- £146 in insurance fees
- £2,547 on maintenance costs
However, the average price of property in England has risen by £6,220 in the past 12 months. The average homeowner is therefore £174 ahead when comparing property price rises with property outlay in the past 12 months.
43% of areas at local authority level have seen a greater rise in property prices than in the cost of maintaining property.
How are Forest Hill house prices performing?
Rightmove analysis, at the end of October 2020, says the following regarding Forest Hill house prices; “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.”
It also talks about a change in property prices, saying; “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.”
Therefore, homeowners in Forest Hill might not benefit as much as property owners in other parts of London, but you don’t need to rely on the market to add value to your home.
We are pleased to say we have helped many local homeowners achieve a great price when selling their home. If you are looking for guidance on selling your Forest Hill house, look no further than Hunters Forest Hill.
Colby Short, Founder and CEO of GetAgent.co.uk, commented: “It's been a topsy turvy last 12 months that's included Brexit uncertainty, a pandemic market deep-freeze and an atmospheric, stamp duty fuelled return to form where house price growth is concerned. The market has stood firm through it all and while homebuyers have been scrambling to save on stamp duty, many existing homeowners have seen their property pretty much pay for itself in terms of upkeep costs and annual price appreciation.”
Colby concluded by saying; “Of course, we don't suggest using your house as a giant ATM, but it does show how a bricks and mortar investment is largely the best one you can make and how maintaining it is certainly money well spent.”
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.