In recent months, it is fair to say buyer demand has changed in the housing market. The impact of the lockdown means buyers are looking for larger homes, and property with garden space.
Of course, these properties aren’t cheap, and if you are buying in London, you should expect to pay a premium. At Hunters Stoke Newington, we are pleased to say there is a range of great properties on offer, suitable for various budgets, but for now, it looks as though the more expensive homes in the area are in great demand.
Stoke Newington homes are in great demand
Also, if you pay attention to information provided by Rightmove, it seems as though the more expensive homes are moving very fast. The leading property portal states houses which are priced at more than £1m are selling 18 days faster than they were this time in 2019.
These homes are also moving at their quickest pace since 2014.
Paul Oberschneider, chief executive at Hilltop Credit Partners, said: “A common conception is that houses in the £1m+ market take longer to find buyers than the overall market because of their higher price points. But the latest data from Rightmove shows that UK’s million-pound homes are actually outperforming the rest of the property market in terms of the number of sales being agreed.”
There are some expensive areas of London in great demand
Paul continued, and this is the section that will be of most interest to those in and around Stoke Newington, by saying; “The hottest millionaire markets right now are Norfolk, Wiltshire, Cornwall, Henley, Hackney, Tooting, Stoke Newington, Balham with affluent buyers willing to part with huge sums of money to buy larger homes. A big reason for this market sentiment is the ongoing pandemic which is pushing many potential buyers to swap city apartments for bigger homes with more living spaces and gardens.”
While the average price of property in Stoke Newington, according to Rightmove is around the £650,000 level, there are many more expensive properties available in the area.
Rightmove states; “Terraced properties sold for an average of £1,116,670, with semi-detached properties fetching £897,000.” It is therefore not unreasonable to say there are many homes in and around Stoke Newington priced at the £1m (or above) market. Therefore, with homes at this price level selling quickly, buyers and vendors in the Stoke Newington area should prepare themselves for a fast move!
Paul also said; “With the government’s big push for work-from-home once again, many employees are also expected to spend fewer days in the office and may look to relocate to a bigger property with more outdoor space. The post-Covid market will have an increased focus on indoor and outdoor space and wealthier buyers will be the first to move to bigger homes.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.