Buyer Demand Shows No Sign Of Falling
Demand for housing in London is still on the rise, even though prices are increasing. The population of London is growing, and so too is the demand for homes. This is because there are a lot of jobs in London, and people are looking to live in close proximity to those jobs. Despite the increase in prices, many people are still interested in purchasing a home in London.
This is likely because the city has a lot to offer, including its culture and history. That is never going to change, and it is a huge factor in why people still want to live in and around the capital, even though property prices are off-putting to many prospective buyers.
How are house prices faring in Enfield?
According to Rightmove, as of the end of June 2022, house prices in the London Borough of Enfield are as follows;
“Enfield, with an overall average price of £539,935 was cheaper than nearby Haringey (£736,214), Barnet (£769,999) and Islington (£844,079). The priciest area within Enfield was Hadley Wood (£1,164,085) and the least expensive was Ponders End (£330,808).
During the last year, sold prices in Enfield were 4% up on the previous year and 13% up on 2019 when the average house price was £479,781.”
For Enfield in Middlesex, the same source states;
“Properties in Enfield had an overall average price of £456,840 over the last year.
The majority of sales in Enfield during the last year were terraced properties, selling for an average price of £469,663. Flats sold for an average of £298,038, with semi-detached properties fetching £595,454.
Overall, sold prices in Enfield over the last year were 2% up on the previous year and 8% up on the 2019 peak of £421,617.”
As you can see, prices are increasing locally, and wider, and the lack of homes for sale in the market is a massive factor in this. Even though many external factors should help drive down the price of homes, the lack of homes on the market means the prices aren’t coming down yet.
Some industry experts suggest that house prices will fall before too long, but equally, many specialists think property prices will continue to move upwards.
No matter what comes next, we will provide you with the best standard of service at all times.
What do official figures say for the market?
The Halifax House Price Index (HPI) for May 2022 indicates property prices are still increasing. The average property price in the UK stands at £289,000 per these figures. For London, the average cost of property stands at £541,942.
Enquiries from property buyers in London have risen by 57% since May 2021. However, the supply of properties has fallen by 14% in the same time.
Contact Atkinsons Residential for any move in and around Enfield
If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinsons Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.