The London housing market is extremely busy these days, and the stamp duty holiday has encouraged many people to develop interest in moving home.
There has been a lot of talk about people fleeing London, but this is far from the full story. There will always be interest in homes in London, but there is an increase in homes on the outer regions of London.
People are moving to the outskirts of London
Many families and households are taking the opportunity to relocate to quieter areas of London. There is a lot to be said in enjoying the best of both worlds, which is what is provided by Hornchurch. The journey from Hornchurch Tube Station to Tower Hill is around 40 minutes, which is a manageable journey time for most people.
Of course, remote working is becoming a common feature, and it is likely people will have less need to be in the heart of London on a daily basis. In this regard, you can see why places like Hornchurch will be in greater demand.
This has been borne out by recent studies, and is likely to be the case as we move forward. The benefits of Outer London are likely to provide home comforts to more people in 2021 and beyond.
People are looking for space and value for money
Information provided by Rightmove shows buyers are expanding their searches for property in London. At Hunters, we believe this will increase buyer interest and demand for homes in and around Hornchurch.
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
With Hornchurch Tube Station located in Travelcard Zone 6, this is the pertinent zone for the local market.
Interest in the outer reaches of London has grown sharply
For Zone 6, the period between September 2018 and September 2019 saw an increase of 9% with respect to interested buyers. For the period between September 2019 and September 2020, the increase in interested buyers was 108%.
At the end of November 2020, Rightmove said this about the Hornchurch property market; “Properties in Hornchurch had an overall average price of £443,570 over the last year. The majority of sales in Hornchurch during the last year were semi-detached properties, selling for an average price of £435,955. Terraced properties sold for an average of £388,671, with flats fetching £250,241. Overall, sold prices in Hornchurch over the last year were 4% up on the previous year and 2% up on the 2017 peak of £434,437.”
If you are keen to stay in touch with the local housing market, we can help. At Hunters Hornchurch, we are on hand to ensure you receive all the guidance you need in the local property market, and we are here to assist you.
