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Sales February 5, 2021
     

London Average House Prices Still Rising

The start of 2021 begun with another national lockdown, but the housing market remained open. At Sovereign House, we have worked closely with buyers and vendors of late, and many people are looking to make a move soon.

It is far from business as normal in the property market, but there is a lot of activity. This is shown in information provided by Rightmove and Zoopla, suggesting the property market in the capital is thriving.

In information provided by Zoopla, the current average value of a property in the capital stands at £660,754, which is 4.1% higher than this time last year.

While the London housing market is often spoken of as a single entity, we know this isn’t the case. There are many different areas of London, and there are many different price brackets. A prospective buyer might have more than enough of a deposit to afford a good house in part of London, but property in other areas might be out of their reach.

There are London property options available for everyone

No matter what your budget is, it is likely there will be something which is suitable for you.

At the end of January 2021, Rightmove says this about the Hackney housing market:

Properties in Hackney had an overall average price of £649,278 over the last year.

The majority of sales in Hackney during the last year were flats, selling for an average price of £520,240. Terraced properties sold for an average of £1,056,493, with semi-detached properties fetching £1,393,244.

Overall, sold prices in Hackney over the last year were 11% up on the previous year and 6% up on the 2018 peak of £612,450.”

The average price paid for property in Hackney is just above the average price paid for property in London, which will make the area appealing to many likely buyers.

We are here to assist you as best we can

For Bow, Rightmove said towards the end of January 2021;

Properties in Bow had an overall average price of £506,076 over the last year.

The majority of sales in Bow during the last year were flats, selling for an average price of £443,973. Terraced properties sold for an average of £814,656, with semi-detached properties fetching £717,500.

Overall, sold prices in Bow over the last year were 6% up on the previous year and 6% up on the 2018 peak of £479,335.”

As you can see by contrast, the average price paid for property in nearby Bow is more affordable than in Hackney, but it might not be the ideal area for some property buyers.

For the London Borough of Hackney, Rightmove said as of the end of January 2021;

Properties in Hackney had an overall average price of £716,491 over the last year.



The majority of sales in Hackney during the last year were flats, selling for an average price of £623,033. Terraced properties sold for an average of £1,098,940, with semi-detached properties fetching £1,163,706.

Overall, sold prices in Hackney over the last year were 5% up on the previous year and 16% up on the 2018 peak of £618,650.”

These are challenging times in the property market, but there is activity and demand for homes. At Sovereign House, we are keen to help you with whatever you need in the Hackney housing market. Why not call us on 020 8985 5800 or visit us at 213 Victoria Park Road, we look forward to assisting you with your property needs.

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