Homes Still Needed In London Housing Market
17th August 2021 posted in Sellers Buyers
Even though there are so many factors which influence the London housing market, there are some issues which are more important than others.
At Hunters Forest Hill, we are pleased to say we know the local market, and we understand the key factors which influence the housing market, and how people behave in or around the market.
A lack of supply is a big problem in housing market
This is also the case with Sadiq Khan, the Mayor of London, who said property price rises in the capital are mainly due to a lack of available property.
In speaking with City A.M. the Mayor said; “The main reason is the lack of supply to meet demand. And so what we’ve got to do is increase the supply of all forms of housing in London to meet the demand.”
If you are considering selling your home, we have many eager buyers, and we will be more than happy to connect you with them.
The Mayor was speaking on a Zoom call, and referenced the property market being animated. He said; “The government has now changed its policy in relation to stamp duty. We’ll have to wait and see the impact of that.”
Average property prices in London continue to rise
For all the talk of the decline of the London housing market, the average house price in the capital remains the highest in England. As of May 2021, the average price of property in London was £497,948; which represents a rise of 5.2% compared to the year-on-year figures.
As of the end of July 2021, Rightmove said house prices in Forest Hill were as follows:
“Properties in Forest Hill had an overall average price of £583,476 over the last year.
The majority of sales in Forest Hill during the last year were flats, selling for an average price of £403,551. Terraced properties sold for an average of £695,193, with semi-detached properties fetching £951,142.
Overall, sold prices in Forest Hill over the last year were 12% up on the previous year and 7% up on the 2017 peak of £545,838.”
You can see that house prices in Forest Hill are higher than the average house prices in the capital, but the area is more affordable than many parts of the capital. No matter what your next property move is, if you are looking for guidance moving in, out or around Forest Hill, Hunters is here to assist you.
The London Mayor was also asked if he thought a significant influx of wealthy property buyers from Hong Kong will further impact property prices in the capital.
A study undertaken by an estate agency suggests sales enquiries from Hong Kong based buyers increased by 20%. The Mayor said; “Somebody is very blinkered if they blamed Hongkongers for the current price of the property in London or a potential increase.”
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.