Comprehensive North London Property Market Review: A Closer Look at Property Dynamics
This review provides an insightful analysis of the property market dynamics across areas we cover in North London, reflecting on the latest property sales trends in the market. By delving into the data from reputable sources, we present a well-rounded view of the market’s performance, aiding potential investors and homeowners in making informed decisions.
Overall London Housing Market Trends
To understand the ever-evolving dynamics of the North London property market, we need to analyse the broader market trends that shape it. The recent data shared by the Greater London Authority reveals a tangible slowdown in house price growth, with London experiencing a more pronounced dip compared to other regions in the United Kingdom.
This shift indicates an average house price drop to £525,600 in June 2023 from a peak of £544,500 in September 2022, coupled with a subtle decrease in asking prices over the last year, paints a picture of tempered expectations. Yet, the disparity in price trends between Inner and Outer London boroughs, as seen in the faster growth in asking prices in boroughs like Haringey and Tower Hamlets, adds a layer of complexity to the North London property market landscape.
This quick peek into broader market dynamics allows us to understand how macro influences affect the North London property niche in the future.
Zooming into North London property market
Stepping into the North London property market, we discover diverse housing opportunities reflected in the prices of property sales over recent months.
The data reveals an average property price of £752k, with established properties slightly edging out new builds at £753k and £710k, respectively. (According to Plumplot data on North London House Prices)
Over the last year, despite a modest rise in average prices by £2.5k (0%), the market witnessed an 18.1% decrease in sales, translating to a drop of 1.5k transactions.
This shift predominantly impacted properties within the £500k-£750k price range, yet the allure for higher-end properties priced over £1M remained steadfast.
This North London property market review thus suggests a narrative of steady prices amidst a softer sales tempo, laying down a rich groundwork for further exploration in the subsequent area-specific analysis.
Let’s discuss the areas covered by Regal Estates
The prices in the areas we cover in and around North London define each neighbourhood very differently. We can find premium properties in Kensal Rise and Kensal Green but also access cheaper housing in the markets of Queensbury and Kingsbury.
This house pricing overview aims to provide a granular understanding of what the housing market looks like in certain North London areas, helping you make informed decisions while searching for suitable properties to buy in the areas of your desire.
Willesden Green property prices
Willesden Green emerges as a notable locale within the North London property panorama.
Over the last 12 months, the average price of a property in Willesden Green was about £780,000. This is about 11% lower than the average price for a property in London around (£700,000).
Despite a small dip of about 7% in sold prices over the last year, the terraced and semi-detached properties have notably appreciated, averaging £1,031,000 for the former and around £1,500,000 for the latter. Detached houses are currently trading at about £1,800,000 and those looking for modest living conditions can find one-bedroom properties ranging from £250,000-£600,000.
As you may see Willesden Green area has a lot to offer for all types of residents, whether you’re looking to upgrade or downsize, considering properties in this particular area is paramount.
Dollis Hill & Neasden property prices
Dollis Hill property market witnessed an average sold price of about £630,000, across all property types, over the last year. Overall prices of properties in the area slightly corrected, by about 2%, but are still up since 2020 peak about 9%.
While Neasden properties have traded slightly lower than Dollis Hill, ranging an average pricing of about £575,500 over the last 12 month. It’s important to note that out of the two neighbouring areas, Neasden has seen quite a nice decline in prices – about 6%. which makes it ideal area to consider, if you like discounted properties.
Kensal Green & Kensal Rise property prices
Moving away from the affordable dynamics of the Neasden & Dollis Hill property market, we venture into the affluent neighbourhoods of Kensal Rise & Kensal Green.
Here, the property prices already tell us a tale of luxury, with 42% of properties sold in 2021 priced over £1 million. Following that, the average price over the last 12 months was about 3% down in Kensal Green, trading at about £950,000. Kensal Rise average prices circle around £1,200,000 mark, which are about 6% discount from 2022, but still trading at an impressive 11% up from 2020 peak.
Both of the areas while at discounted prices, are not for everyone. If you’re considering any of these areas, understand that the properties in these areas are for earners in the higher income bracket.
Harlesden property prices
This area reveals a robust housing market with an average sold property prices ranging around £567,000 bracket. Overall, prices of sold properties in Harlesden over the last 12 months are up about 9%, which indicates a strong demand for properties entering 2024, possibly driven by the area’s diverse community and improving amenities. This is a good time to be a seller in this area.
Kilburn property prices
In Kilburn, the property market shows significant variance in pricing based on property types. Single bedroom flats in this area sold in a range around £680,000, while terraced houses fetched a striking average of £1,800,000, highlighting the area’s appeal for both modest and upscale living.
Overall, the property prices in Kilburn over the last year was up about 8% and are up 11% since 2020, which indicates a strong demand and great opportunities to bank great returns if you’re looking to sell.
Queens Park property prices
Queens Park emerges as a hub for luxury properties. The properties sold in an area average about £900,000 per property, but don’t get confused. The majority of sales in the area over the last 12 months were flats, that are essentially cheaper than other properties in the area, as a result – dragging the average property price down.
Semi-detached properties were trading at about £1,850,000 – £2,000,000 mark, while detached properties here averaged an impressive £2,851,000, pointing towards a market segment that caters to high-end buyers seeking exclusivity and luxury.
Whether you’re a buyer who seeks extravagance or a professional looking for a small but posh place at a reasonable price, Queens Park might be an area for you.
Queensbury and Kingsbury property prices
In contrast to the higher-end markets, Queensbury and Kingsbury present more accessible options with overall average prices of £505,000 and £550,000, respectively. These areas are appealing to those seeking affordability in North London.
Queensbury’s most popular property type last year was terraced properties, sold at about £522,000. In general, the property pricing did not change much, from previous year.
Kingsbury area outperformed the previous one-year period and was up by 10%. This is a statement of the high demand in the area, and the favourable conditions for those looking to sell. On the contrary, Queensbury remained stable, and the area might be considered by those looking to invest and expand their property portfolio.
Wembley Park property prices
Wembley Park’s property market is not too expensive and not too cheap, with an overall average price of £510,000 per property, the area shows a healthy mix of flats and houses, catering to a diverse range of buyers.
Overall, the properties over the last 12 months sold 3% higher than the previous year, which indicates a nice and steady market. The area is bustling with ongoing development projects which most likely are fuelling the demand.
West Hampstead property prices
In West Hampstead, the majority of sales were flats, selling at prices around £792,000 mark, which is not very cheap. Just by looking at the flat prices we can already suggest that the area features mostly high-value properties. Semi-detached properties in West Hampstead traded nearly for £3,000,000, however, the overall property prices in the area remained stagnant over the last 12 months.
Cricklewood property prices
Cricklewood presents a diverse property market, with an average sold price circling around £715,000 mark. The mix of averagely priced flats and houses in this area indicates a market that can accommodate various buyer preferences and budgets.
Cricklewood over the last year has dropped by about 6% which is a great opportunity for those looking for properties at discounted prices.
Monetary policy impact on North London property market
Amidst the myriad of factors influencing the North London property market, the recent decision by the Bank of England (BOE) to hold interest rates steady at 5.25% plays a pivotal role. This decision, driven by a cautious approach towards ensuring economic stability, casts a favourable light on the property market.
By maintaining the interest rates at their current level, the BOE indirectly supports the borrowing capacity of potential homebuyers and investors. This move is likely to sustain the demand for properties in North London, thereby contributing to the market’s resilience against broader economic headwinds. Moreover, the stable interest rates could also provide a cushion against drastic price fluctuations, maintaining a balanced market conducive for both buyers and sellers. As interest rates significantly impact mortgage affordability, this BOE decision is a noteworthy factor for anyone eyeing the North London property market.
Economic instability puts pressure on North London property buying
It’s important to note that the latest data revealing a 4.6% rise in the Consumer Price Index (CPI) for the UK over the 12 months to October 2023 underscores that the inflation is still growing, but at a slower pace. This surge is significantly smaller by an about 6.5% from the previous peak of 11.1% in October 2022. However, it’s still almost double the yearly BOE targets of 2%. Even though the inflation numbers are getting tighter, it’s still recommended to keep track of what’s happening, as rising inflation could prompt the Bank of England (BOE) to reconsider its stance on interest rates in the near future for this ongoing battle of stabilising the economy.
How interest rates could affect North London’s Property market
Should the BOE decide on an interest rate hike, this could ripple into the North London property market in several ways.
Higher interest rates typically translate to higher mortgage rates, which could dampen the borrowing enthusiasm among potential homebuyers and investors, possibly leading to a slowdown in property sales.
Conversely, higher interest rates could also lessen the appeal of taking out loans for property investments, potentially affecting the demand and, subsequently, the property prices in North London. Furthermore, individuals with variable-rate mortgages might see their monthly payments rise, which could impact their disposable income and overall spending power.
How is our North London property market review relevant to you?
This article illustrates a delicate interplay of macroeconomic factors and local property market dynamics, highlighting the importance of keeping a close eye on broader economic indicators when navigating the North London property market.
Understanding the nuances of the North London property market is crucial for several reasons.
Firstly, the data reflects the latest trends, clearly depicting how the market has evolved, especially in the broader North London housing market context.
The detailed analysis of average house price changes since 2020, including a comparison with peak values, allows you to gauge the market health and future potential. This is vital in a market like London, where property values can significantly impact both personal wealth and the broader economy.
Moreover, the area-specific analysis offers a granular understanding of various neighbourhoods. Understand how the areas cater to different buyer segments, from the Kensal Rise luxury to the more affordable Queensbury and Kingsbury. This information is critical for buyers to find properties that match their budget and lifestyle preferences and for sellers to understand the demand dynamics in their area.
Lastly, the report’s insights into how macroeconomic factors, like the Bank of England’s interest rate decisions and inflation rates, influence the property market are crucial. These factors directly affect mortgage affordability and, consequently, the demand and pricing of properties.
Connect with us to find your dream property meeting your goals in North London
The North London property market portrays a vibrant and diverse spectrum of opportunities for both investors and residential buyers. Despite the challenges posed by the broader economic landscape, the enduring appeal of North London’s distinct neighbourhoods continues to drive a dynamic property market.
Search our property listings and discover your perfect North London property! Connect with us today for personalised help powered by decades of experience in and around areas in North London. Make well-informed decisions saving yourself time and resources. Whether you’re an active investor or a resident looking to relocate, our unique experience will help you get the best ROI on any property in the area.
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