Long-Term Growth for Flats:
The big news for potential flat buyers is that average prices have risen by a significant 8.5% compared to five years ago. This means you’re getting more for your money in the long run, even if the market might have cooled slightly recently.
Affordability Considerations:
While there’s positive long-term growth, there’s also a caveat. The report shows that achieved prices per square foot have dipped slightly over the last year, down 0.8% for flats. This suggests a potential market correction after a period of growth.
Speedier Sales:
If you’re a seller, there’s some good news! Hampstead appears to be a hot spot for quick sales. The report indicates that 20.8% of properties sold within just 3 months, compared to a much lower 14.6% average for the whole of Central London. This suggests high buyer interest in the area.
Price Points:
Looking at specific figures, the report reveals that properties sold in the last 3 months fetched an average price of £1,056,596 for flats and a much steeper £4,420,694 for houses.
Overall:
The Hampstead property market seems to be in a state of flux. While there’s long-term growth for flats and a seller’s advantage in terms of speed, recent price dips suggest a potential market shift.
Stay tuned! This blog will continue to monitor the Hampstead market and keep you updated on future trends.
