London Property Investments Pay Off

The start of the year is a good time to evaluate your finances, and make sure you are in good shape for the year which lies ahead.

The start of 2021 has been challenging, and many people might not think there is a lot to look forward to.

However, if you have invested in London property, there is some guide news for you.

Flats and maisonettes have risen in price in London

Analysis of Government data suggests the average price of London flats and maisonettes have increased by 9% on the previous year, reaching a figure of £442,304.

Over the past year, the average price of all London property types has increased by 9.7%. When you consider we have been dealing with Brexit and the pandemic in this time, it offers evidence the housing market is robust.

When you consider inflation has risen by just 0.8% in this time, the movement of the London market is remarkable.

Corey Cumins, has spoken about the opportunity in the property investment market, and said; “Investors and landlords who held their nerve AND held onto their flats have been rewarded with some remarkable performance. Prices of flats and maisonettes have risen by 9.0% and that’s way ahead of inflation. Looking ahead, it’s reasonable to expect more economic volatility – as both Brexit and new strains of COVID bite into companies, wages and jobs. We could see some house price volatility but that’s never a reason to sell assets – and we expect to see investors and landlords continue holding their nerve.”

We know the local London housing markets

According to Rightmove, towards the end of January 2021, the Forest Hill property market was described as follows:

“Properties in Forest Hill had an overall average price of £526,833 over the last year.

The majority of sales in Forest Hill during the last year were flats, selling for an average price of £371,216. Terraced properties sold for an average of £661,426, with semi-detached properties fetching £844,025.

Overall, sold prices in Forest Hill over the last year were 2% up on the previous year and 3% down on the 2017 peak of £545,838.”

For New Cross properties towards the end of January 2021, Rightmove said;

“Properties in New Cross had an overall average price of £501,103 over the last year.

The majority of sales in New Cross during the last year were flats, selling for an average price of £407,373. Terraced properties sold for an average of £729,234, with semi-detached properties fetching £927,364.

Overall, sold prices in New Cross over the last year were 9% up on the previous year and 6% up on the 2017 peak of £473,688.”

Of the property market in Lewisham towards the end of January 2021, Rightmove said;

“Properties in Lewisham had an overall average price of £509,923 over the last year.

The majority of sales in Lewisham during the last year were flats, selling for an average price of £373,309. Terraced properties sold for an average of £700,180, with semi-detached properties fetching £849,048.

Overall, sold prices in Lewisham over the last year were 3% up on the previous year and 11% up on the 2017 peak of £460,772.”

Rightmove said the following about the Brockley housing market as of January 2021:

“Properties in Brockley had an overall average price of £591,516 over the last year.

The majority of sales in Brockley during the last year were flats, selling for an average price of £427,792. Terraced properties sold for an average of £759,658, with semi-detached properties fetching £729,606.

Overall, sold prices in Brockley over the last year were 8% up on the previous year and 8% up on the 2017 peak of £547,421.”

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.