This January is not only the start of the year, but it has also been classed as the start of the decade. There are a few schools of thought on whether 2010 is the start of a new decade or whether we have to wait until 2011 for that to happen. However, for simplicity, it is easy to see why people bundle ten-year periods together in the way they do. This means there has been a lot of information and reviews of the last decade, and this includes analysis of the property market.
The property type which experienced the most significant property price increase in London in the 2010s was the terraced house. The price of terraced houses increased by 5% a year in this decade, which is higher than the increase associated with any other form of residential property.
Forest Hill has many excellent terraced properties
There is a significant number of Victorian and Edwardian terraced across the capital, and they are in high demand. You only have to look around Forest Hill to recognise how appealing these buildings are, and why people would want to live in.
Zoopla’s figures for the past year record 298 property sales in Forest Hill and 100 of these sales were for terraced houses. This means terraced house sales made up more than one-third of the sales, recognised by Zoopla, in the past year. In the past ten years, Zoopla records a total of 4,827 sales in the Forest Hill area, and terraced properties made up 1,399 of these.
As you would imagine, the value of all property types in London increased over the past decade. The value of flats grew by 4.93% a year, semi-detached homes increased by 4.33% annually, and detached properties increased by 3.06% a year.
Forest Hill is a different market to many London areas
Of course, in recent times, there has been a slump in property prices in London. Between March 2018 and March 2019, average house prices fell 1.9% to £463,283. Mind you, and the most dramatic fall was in places like Kensington and Chelsea. For property market purposes, these locations are a world away from Forest Hill and surrounding areas. There may not be too many miles between these destinations, but when it comes to properties on sale, property prices and buyers, Forest Hill represents an entirely different market.
There is no denying the past decade was a challenging one for the housing market. The aftermath of the financial crisis beset the opening half of the decade (if not longer), and political wrangling and uncertainty have blighted the latter half. However, the increase in price for terraced properties across the capital indicates buyers are still drawn to crucial elements. Traditional homes with charm and style will always be popular, and this is something areas like Forest Hill have in abundance.
At Hunters Forest Hill, we know selling your home 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.