If you are looking to buy property in Crystal Palace, there are many reasons to do so. It has been classed as one of the best places to live in London, and it is well connected to many areas of the city. You will find that local life has a lot of charms but as is often the case with London property, you need to consider the costs of property and expected yields. At Homesforte, we know the Crystal Palace property market well, and we are more than happy to guide you in this area.
As of March 2018, according to Zoopla, the average value of property in Crystal Palace stands at £400,773 while the average price paid for property in Crystal Palace over the past 12 months is £433,834. The average price paid is a good starting point when considering an area and the average price in Crystal Palace compares well against the London average, listed as £638,439 for the past 12 months.
Crystal Palace is a hub of London life
Crystal Place can also boast of being located within five different London boroughs and the average price paid for property in these boroughs, over the past 12 months, is:
- London Borough of Bromley: £499,800
- London Borough of Croydon: £411,065
- London Borough of Lambeth: £653,668
- London Borough of Lewisham: £503,659
- London Borough of Southwark: £618,927
As can be seen with the figures above, Crystal Palace is priced competitively with respect to most of the boroughs it is situated in. This should mean that Crystal Palace is a place that is worth considering if you are looking to buy in London.
Returning to Crystal Palace itself, the average price can be broken down into property types. In the past 12 months, the average price paid for a flat is £359,232 while the average price paid for terraced property stands at £546,250. If you are considering semi-detached property in Crystal Palace, the 12-month average is £609,763 and for detached properties, the average price paid in the past year is £919,846.
Zoopla provides an alternative breakdown of current property prices in Crystal Palace. The average price for one-bedroom houses stands at £350,000 while for one-bedroom flats, the average price is £288,914. With two-bedroom properties, the average price for houses is £474,158 while for a flat, the average price is £393,842. In both examples, the volume of flats on offer far outstrips the number of houses on the market.
With a three-bedroom property, the average price for a house is £601,042 and for a flat, the average price is £456,128. If you are looking at four-bedroom properties in Crystal Palace, you only have houses to consider and you will find that the average price is £788,403. For five-bedroom properties in Crystal Palace, the average price is £926,111.
The diversity of prices across the different property types available in Crystal Palace indicates the range of options to be found in this part of London.
Crystal Palace will appeal to investors
The affordable nature of property in Crystal Palace is not only of interest to prospective buyers, landlords and people keen to make a buy-to-let investment. There are many important aspects to consider when investing in property, but the expected rental yield is crucial information. This indicates the level of return that a landlord can expect to receive when investing in an area. There is always an opportunity for landlords to enhance their expected return by improving the property or offering additional services, but as a starting point for further consideration, the expected rental yield is of benefit.
The three relevant postcode areas for Crystal Palace are SE19, SE20 and SE26. The expected rental yields for SE19 are as follows:
- One-bedroom property offers a 5.9% rental yield
- A two bedroom-property provides a rental yield of 5.26%
- There is a 4.92% rental yield from a three bedroom-property
- A four-bedroom property offers a rental yield of 4.65%
- With a five-bedroom property, there is a rental yield of 3.59%
With many investment specialists saying that a return of 4% or higher is worth considering, the SE19 postcode area should provide some options to consider. The returns for one and two-bedroom properties are going to be of interest to landlords looking to enter the local market.
For the SE20 postcode area, a one-bedroom property offers a rental yield of 5.73%, a two-bedroom property provides a rental yield of 5.64% and there is a return of 4.48% for a three-bedroom property. The return of 4.91% for a four-bedroom property could also be of interest but with a return of 1.74%, five-bedroom properties will likely only appeal to people with personal reasons for making this style of investment.
With returns over 5% also on offer from one and two-bedroom properties in SE26, Crystal Palace should meet the criteria of investors and landlords.
Finding the right area of London that meets your criteria can be challenging, but with guidance from local professionals, you will find it easier to achieve your goals. Get in touch with Homesforte and benefit from our experience, expertise and knowledge.
Categorised in: MARKET TRENDS