It is understandable when inexperienced or first-time buyers are reluctant to enter the property market given the uncertainty surrounding the circus that is Brexit. This has seen the number of sales in the capital fall by a quarter over the past three years.
Zoopla, one of the countries leading property directories and sources of the housing market data data suggests the slump in house price growth may be slowing, and they aren’t alone in that forecast. In October 2018 the level of house price falls plateaued and the number of areas in London registering a drop in prices has since fallen from 80% in October to 68% today. These areas tend to be ones with the potential for regeneration or those in early stages of regeneration. North London is seeing a rise in investment, areas such as Tottenham and its surrounding areas; Turnpike Lane, Green Lanes, Manor House, Bruce Grove, Wood Green and Finsbury Park.
With house price growth predicted to be flat this year but not falling for the first time in a longtime, it is forecast by leading experts that it will indeed pick up in 2020. “As the cost of buying in the capital realigns with average salaries, experts predict that demand will bounce back.” says The Daily Telegraph’s Marianna Hunt – she goes further in stating, “House prices grew rapidly between 2010 and 2016 and we’re currently seeing those prices fall back into line.”
Separate research by Rightmove also points to strong signals that the collapse in London’s housing market is slowing with a likely increase. In the early part of 2019 until last June, London saw the smallest fall of just 2%, a 100% improvement in the previous quarter. In areas of regeneration and their immediate surrounding areas benefiting from the improvements, an increase of 4% has been seen. Homes & Property point some of this to “the slight upswing is thanks to higher numbers of first-time buyers taking advantage of low mortgage rates and the market slowdown.”
Richard Donnell from Zoopla backs this, “The London housing market is coming to the end of what can be described as a three to four year repricing process, in which many areas have experienced small, single digit falls. House prices grew rapidly between 2010 and 2016 and we’re currently seeing those prices fall back into line.”
Since the regeneration of Tottenham and its surrounding areas, Haringey and Hackney have seen clear signals of an area on the up. Tottenham regeneration – https://tottenham.london/explore/tottenham-hale
Haringey Local Authority themselves state, “A recent study into Economy and Employment Space in Wood Green identified Turnpike Lane as an area of untapped opportunity. With investment, it has huge potential to be a busy and thriving street meeting local shopping needs and business needs.”
Haringey Local Authority themselves state, “A recent study into Economy and Employment Space in Wood Green identified Turnpike Lane as an area of untapped opportunity. With investment, it has huge potential to be a busy and thriving street meeting local shopping needs and business needs.”
Here at Eureka Property, we couldn’t agree more. We are firm believers that we have chosen to work in this community because for almost a decade we have seen the potential of this vibrant neighbourhood grow for the better.
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