We all know that life in London isn’t cheap, and this is true for the London housing market.
The property market in the capital stands apart from other areas of the country. If you are looking to purchase property in London, it is vital you are aware of this, and prepare yourself for an expensive challenge.
At the start of 2021, it is found the average cost of property in London is £660,754.
Some areas of London are very expensive
There are some areas of London that are expensive, such as Kensington and Chelsea, where the average price for property is over £1.5m. However, there are parts of East London where the average house price isn’t too far away from the current UK average, which stands at £316,516.
According to research carried out by the My London website, primarily reviewing Zoopla and Rightmove data, the household income you need to buy property in the London Borough of Camden stands at £211,000. The average asking price of a property in the London Borough of Camden is £968,275; and the most common property for first-time buyers is a two-bedroom property.
What are you looking for in your home?
It is important to know what your budget is, and where you are looking to buy. There are many factors to consider when looking to buy a home, and in the London borough of Camden, there are many things to think about.
Schools and transport will always be something to review, but you should look for open spaces, and your quality of life. If you have any questions about the local area, get in touch, and we can help.
As of February 2021, Rightmove says the following about the Belsize Park property market:
“Properties in Belsize Park had an overall average price of £1,184,998 over the last year.
The majority of sales in Belsize Park during the last year were flats, selling for an average price of £916,799. Terraced properties sold for an average of £2,496,077, with semi-detached properties fetching £3,703,333.
Overall, sold prices in Belsize Park over the last year were 2% up on the previous year and 4% down on the 2017 peak of £1,232,989.”
As you will see, the average price of property in Belsize Park, is higher than the average for the borough. This shouldn’t be a surprise. There is a broad range of property areas to choose from in Camden, and while Belsize Park isn’t the most exclusive, it is at the higher end. Therefore, it shouldn’t be a surprise to see the average price paid for property here is higher than the market average.
Belsize Park appeals to certain buyers, and whether you are buying or selling in the area, we can help you. If you are looking to sell your Belsize Park, we are on hand to assist you with the process.
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
