How Does Forest Hill House Price Inflation Compare to the Predictions of Leading Property Analysts?
James Hall
I help my clients create brilliant results when selling their property. I'm a self employed estate agent.
A survey of 19 senior property market analysts by the news organisation Reuters suggests that the majority believe house prices will rise less strongly in 2016 than they did this year - despite a continuing shortage of supply.
The consensus was that prices will rise 5.0 per cent in 2015 on average, then by 4.3 per cent next year and 3.9 per cent in 2017 - all well ahead of current inflation levels.
However if we look at SE23 and how house prices have performed we can see that in January 2015 the average terraced house sold for ￡537,272. Compare this to September this year – where the average sold value had risen to ￡584,770 – an increase of ￡47,498 which is a capital growth of 8.84% in the first 9 months of the year.
In November 2015, 99 new properties were listed for sale on Rightmove in Forest Hill, of which 69% are now under offer and 31% remain unsold. A sale rate close to 70% would suggest that although property prices are very high when compared to Forest Hill’s average salary of ￡29,578, the majority of buyers are still managing to finance their move to a new home.
At Hunters in Forest Hill we often use data provided by leading UK property market intelligence Company Hometrack.
Their data suggests that London property has seen 12% inflation in the last 12 months. compared to a UK average of 7.1% and a UK 20 City average of 9.1%.
In fact Hometrack states "Impetus for growth coming from large regional cities in early stages of house price recovery where rising demand is resulting in levels of house price growth not seen since 2007".
You can see Hometrack data here.
If you are interested in preparing a report for your South East London property, you can check the current value as well as have up-to-date local market intelligence by using Hometracks brilliant automated valuation and market intelligence tool which is used by 17 of the top 20 UK mortgage lenders.
Usually charged at ￡20, we can offer you a report for FREE today, just contact me as I'll need a few basic details for the report to be as accurate as possible.