It can be easy to generalise when talking about the London property market. However, London has often been described as a collection of villages, each with its own unique style, atmosphere and charms. For this reason, when discussing the London property market, it’s important not to look at the capital as the sum of its parts but to understand that each borough is its own entity.
Such distinct differences result in significant variations in the growth rate of property prices between boroughs and the dynamic nature of this vibrant capital means that growth can be sustained but it can equally take place in short focused bursts. For instance, between 2009 and 2015, property values in Kensington and Chelsea increased by 65%, whilst growth in boroughs on London’s periphery was up to three times lower. Then from 2014 to 2017, growth in the exclusive Royal Borough all but stopped, whereas property in the outer London boroughs experienced a 46% increase in value.
A recent study by CBRE has shown that in 2017, Camden experienced by far the highest increase in property values of all London boroughs with a 13.4% growth in prices. The research argues that this trend is set to continue over the next five years, likely due to new developments in the borough and improvements to transport infrastructure and local amenities such as those occurring all along West End Lane.
With prices likely to continue to grow in the borough, the importance of getting an accurate market appraisal was highlighted recently when we ran a ‘guess the house price’ competition. Recent visitors to our West Hampstead estate agency had the opportunity to guess the price of a property in NW6 as part of a prize draw. Entrants had internal and external images to look at as well as a short description of the property to help with their guesses. Over the course of the day it became apparent that competition entries varied wildly, with people significantly under or overvaluing the property.
This emphasises the importance of using a knowledgeable agent to advise and guide you on the best price to market your property. Accurately priced properties are able to sell because they are appealing to both seller and buyer and it takes a highly experienced agent to understand where that balance sits for each property.
To get accurate market advice for your property, please do get in touch to arrange a free appraisal or pop in to see us at our West End Lane Office, on the edge of West Hampstead Square.
T: 020 7481 2907
JOHNS&CO, Unit 7, Hardy Building, West End Lane, London, NW6 2BR
P.S. I’m thrilled to announce that next month’s Property News will be co-written by my new colleague Matthew Spencer, who has recently joined us as Lettings Manager. If you’d like to get in touch with him before then please email oc.dn1569231031asnho1569231031j@rec1569231031nepsm1569231031 or call 020 7481 2907.