It appears the entire country has an opinion about the London property market. There is no denying that property prices in the capital have out-performed prices across the rest of the country but in 2018, that may be coming to the end. Of course, when you talk about averages, you don’t consider every area, and there are still some parts of London that are performing well. If you want to know where to look for property on the rise in London, stick with Homeforte.
As of February 2018, Rightmove states that the average asking price for London property is £627,951 and according to Zoopla, the average price paid for property in the past 12 months stands at £638,439. According to Land Registry data, the growth in house prices in the capital was just 2.5% while the rest of the country enjoyed an average rise of 5.2% on the annual basis. There will be many people suggesting that after a continuous rise for close to a decade, it was about time that prices in London started to fall.
Some areas are falling while other London areas prosper
However, even with the slowdown or fall in the capital, there are some areas performing well. Areas like Chelsea and Kensington may be struggling to maintain their momentum, but looking around the capital, areas like Croydon are bucking the trend. There is always an up and coming area to look out for and while many parts of the capital have been at the forefront of developments in recent time, there are still areas that look set to rise and prosper.
In fact, Croydon appears to be the area that is performing the best out of the entire south London area. There are many reasons for this but investment in the area, with the Westfield Shopping Centre being a fantastic example of the evolving face of Croydon, prices have risen. You’ll also find a variety of transport options with the London Underground and the Tramlink ensuring residents are well connected. There are some experts who believe that Charlton will soon become one of the must-consider options in London, but in Croydon, you will find affordability and an opportunity to prosper.
Croydon provides the opportunity for growth
The average price paid for property in the borough is listed as £411,065 with the average price paid in Croydon itself, according to Zoopla, is £358,354. Given the average price of property in and around London, it is only natural that these prices will appeal to many looking to get on to the property ladder. There is plenty of scope for growth in Croydon and investment in the area is likely to pay off with short and long-term returns.
Zoopla provides an alternative breakdown of current property prices in Croydon. The average price for one-bedroom houses stands at £247,208 while for one-bedroom flats, the average price is £263,534. With two-bedroom properties, the average price for houses is £356,871 while for a flat, the average price is £365,194. For one and two-bedroom properties, the volume of flats is significantly larger than the number of houses on the market.
With a three-bedroom property, the average price for a house is £446,826 and for a flat, the average price is £470,438. If you are looking at four-bedroom properties in Croydon, you only have houses to consider and you will find that the average price is £605,060. For five-bedroom properties in Croydon, the average price is £754,302.
If you are looking to see the latest prices in Croydon or if you need any assistance on what area is best for you when looking for London property, come and speak with Homeforte. We have a skilled and experienced team who are keen to provide you with the assistance you need, with whatever move you are looking to make in the capital.
Categorised in: MARKET TRENDS