There’s no point denying that Britain’s ever uncertain and changing exit from the EU has not done fantastic things for the housing market.
A new survey by the Royal Institute for Chartered Surveyors has revealed that nationwide, enquiries, agreed sales and new instructions have declined. However, an exclusive new report has proved that certain postcodes in London, namely in the north and east, are flourishing against what appears for the moment to be a rather grey back drop.
The analysis conducted by property market analyst, PropCast, compares the number of homes on sale in every London borough to the number which are either sold subject to contract or under offer. Here are London’s 5 hottest property markets:
1. Edmonton N18
This North London borough still offers houses at relatively low prices, placing it at the top of the list. It is set to benefit from a multibillion-pound regeneration project taking shape at nearby Meridian Water, plus has good Overground commuter trains – with services from Silver Street to Liverpool Street taking just under half an hour. Rightmove shows that the average property price in N18 is £359,000, up by almost 11% in the past 12 months from £324,000.
2. Walthamstow E17
There’s an increasing huge demand for property in this attractive area of North East London. However, prices have dipped ever so slightly from £490,000 to £488,000.
3. Wanstead E11
Wanstead has seen a massively encouraging increase from £507,000 last year to £540,000, making it one of the best areas to invest in.
4. Chingford E4
Chingford has shown a small but steady increase of 2%, with prices up from £496,000 to £508,000.
5. Seven Sisters and South Tottenham N15
Prices in these two neighbouring areas are also up 2% from an average of £476,000 to £485,000.
The most sluggish markets in London revealed by PropCast are the high-value central locations just outside of the prime areas that are favoured by international investors including St John’s Wood NW8 and Covent Garden WC2.
Gavin Brazg, founder of PropCast, says 17% of London’s postcodes can still be considered sellers’ markets, where homes are selling strongly.
“Homeowners here have it easier as the balance of power is skewed in their favour. Properties sell quicker and often after a bidding war — as long as the initial asking price is set realistically.”
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