Flats See Long-Term Value Increase:
Great news for potential flat buyers! The report reveals a positive long-term trend, with average flat prices sitting a healthy 8.7% higher compared to five years ago. This translates to an increase of £84 per square foot, showcasing the area’s enduring appeal.
Market Correction for Flats?:
However, there’s a nuance to consider. While there’s long-term growth, the report also shows a slight dip in achieved prices per square foot over the last year. Flats specifically have seen a 0.7% decrease. This could indicate a potential market correction after a period of sustained growth.
Fast Sales for Sellers:
Sellers have reason to be optimistic! The report highlights Hampstead’s advantage when it comes to property turnaround. A significant 21.3% of properties sold within just 3 months, compared to a much lower 14.6% average for the whole of Central London. This suggests strong buyer interest in the area, making it a good time to consider listing your property.
Price Points:
Let’s delve into specific figures. The report reveals that properties sold in the last 3 months fetched an average price of £1,063,888 for flats. Houses, on the other hand, commanded a steeper price tag of £4,420,694.
What Does it Mean?
The Hampstead property market appears to be in a period of adjustment. While long-term growth for flats and a seller’s advantage in terms of speed are evident, recent price dips suggest a potential shift.
Stay Informed!
This blog will continue to monitor the Hampstead market trends and keep you updated on future developments. Stay tuned for insights into whether these recent dips are a temporary blip or a sign of a more significant change.
