West Hampstead Property Values – Importance Of These Figures

28th May 2021 posted in Sellers Buyers

We know property value is important, regardless of what you plan on doing in the housing market. However, if you look to move, you need to make an informed decision with respect to property values.

According to Rightmove, as of early May 2021, house prices in West Hampstead can be described as such;

Properties in West Hampstead had an overall average price of £882,578 over the last year.

The majority of sales in West Hampstead during the last year were flats, selling for an average price of £730,917. Terraced properties sold for an average of £1,501,328, with semi-detached properties fetching £2,280,000.

Overall, sold prices in West Hampstead over the last year were 11% up on the previous year and 8% up on the 2018 peak of £817,844.”

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The importance of property values has been emphasised by a study carried out by Zoopla recently.

Zoopla have carried out a Hidden Equity Survey. The study spoke to 2,000 property owners who have received a valuation by an agent in the past three years. Some of the key findings are:

  • 45% of respondents found their home was worth more than they thought
  • The home was worth, on average, £46,305 more than expected
  • 25% of respondents found their home was worth less than they believed
  • These respondents found their home was worth, on average, £44,313 less than they expected

Zoopla released a statement about the results, saying; “the role the agent community has to play in educating consumers, with just three in 10 homeowners having an accurate idea of the estimated value of their home.”

Andy Marshall, Zoopla’s Chief Commercial Officer said; “The pandemic and subsequent lockdowns have led to a once-in-a-lifetime reassessment from homeowners about how and where they want to live. This, coupled with the stamp duty holiday and the search for space, has led to a buoyant market; however, it's clear this soaring buyer demand is not currently being matched by the supply of homes being listed for sale.”

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Andy continued by saying; “This is why Zoopla has launched My Home, to encourage homeowners to check the estimated value for their property and consider selling their home to unlock hidden equity, which will, in turn, stimulate the market. For those keen to progress with a sale, they can contact an estate agent directly using My Home to make contact with an agent for an expert market valuation and personalised guidance on how to best navigate this busy housing market.”

Gráinne Gilmore, head of research at Zoopla, explained: “The effects of the pandemic over the last 12 months have been felt in the housing market, with many households reassessing how and where they want to live. There is soaring buyer demand but this is not currently being matched by homes being listed for sale. Homeowners considering a move could be in pole position in their local market if they offer their property for sale, and could be set to unlock hidden equity.”

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 West Hampstead today for all your housing and letting needs.