Local Property Market Comparisons

15th February 2021 posted in Sellers Buyers

When it comes to making a move in the housing market, it is important to make an informed decision.

If you are the sort of person who compares local markets, you’ll like what we have to offer. We’ve examined figures provided by a range of property market sources, and we have created a quick guide on some key factors.

If you are looking to buy or sell property, in or around Forest Hill, get in touch, and we will be more than happy to assist you.

Average Current List Price

  • Forest Hill £521,233
  • Honor Oak £571,616
  • Brockley £557,986
  • New Cross £496,407
  • Lewisham £468,718

Anyone who knows the local area will not be too surprised to learn that Honor Oak currently has the highest average list price. The most affordable place in the local area, according to the average current list price is Lewisham.

At Hunters Forest Hill, we believe there is an excellent range of property on offer in and around the local area. With more than £100,000 between the highest and lowest current average price in the local area, we think there is an option for most buyers.

If you would like to learn more about what is on offer, or if you are looking to sell, how you can compete with the leading options in the current market, please get in touch.

Average Under Offer Price

Of course, while the list price is of interest, the under-offer price is usually more informative.

  • Forest Hill £535,176
  • Honor Oak £598,925
  • Brockley £595,392
  • New Cross £494,912
  • Lewisham £481,815

In all areas apart from New Cross, the under-offer price was higher than the current list price. Lewisham remains the most affordable option in the local area, while Honor Oak remains the most expensive option.

However, the gap between Honor Oak and Brockley is much smaller when it comes to the under-office price.

Average Price Reduction

We know buyers and vendors are interested in price reductions, as this can greatly impact a person’s ability to act in the market place.

  • Forest Hill £34,492
  • Honor Oak £33,394
  • Brockley £32,190
  • New Cross £26,790
  • Lewisham £26,018

The most significant price reduction occurred in Forest Hill, but there wasn’t much of a difference across the areas. Forest Hill, Honor Oak and Brockley are banded together with a similar reduction while New Cross and Lewisham are similar in their findings.

Average Time to go Under Offer

With people in a rush to make a move, timing is crucial in the market, and we look at two key timing matters in the local property market.

  • Forest Hill 70 Days
  • Honor Oak 53 Days
  • Brockley 53 Days
  • New Cross 68 Days
  • Lewisham 68 Days

If you are selling your home in Forest Hill, you will likely experience the longest time for the property to go under offer. Honor Oak and Brockley are the fastest moving property areas in this regard.

Average Time to Exchange

The total time taken to conclude a property deal matters, and the stamp duty holiday has brought this into sharp focus.

  • Forest Hill 187 Days
  • Honor Oak 167 Days
  • Brockley 172 Days
  • New Cross 184 Days
  • Lewisham 190 Days

Property deals in Lewisham take the longest to conclude, but you are looking at a period of at least five months in all areas.

Offers that fall through

Whether you are buying or selling, you must prepare yourself for a property deal to collapse.

  • Forest Hill 29%
  • Honor Oak 24%
  • Brockley 30%
  • New Cross 30%
  • Lewisham 38%

Honor Oak is the most reliable area, with less than a quarter going under, but Lewisham experienced a rate of 38% when it comes to property deals collapsing.

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.