Even though the media tells us that many people have left the capital, with many more looking for a way out of London. However, the demand for property in the capital is still greater than the supply of houses, and more homes are still needed for sale in London.
This is something we have seen in our dealings with clients, and it is also the opinion of Sadiq Khan, the Mayor of London. The Mayor is on record as saying property price rises in the capital are mainly due to a lack of available property.
Supply needs to meet demand
In speaking with City A.M. the Mayor said; “The main reason is the lack of supply to meet demand. And so what we’ve got to do is increase the supply of all forms of housing in London to meet the demand.”
If you are looking to sell your home in or around Belsize Park, we are on hand to support you.
The Mayor was speaking on a Zoom call, and referenced the property market being animated. He said; “The government has now changed its policy in relation to stamp duty. We’ll have to wait and see the impact of that.”
Average property prices in London continue to rise
For all the talk of the decline of the London housing market, the average house price in the capital remains the highest in England. As of May 2021, the average price of property in London was £497,948; which represents a rise of 5.2% compared to the year-on-year figures.
We know the Belsize Park housing market
As of the beginning of August 2021, Rightmove said house prices in Belsize Park were as follows:
“Properties in Belsize Park had an overall average price of £1,188,921 over the last year.
The majority of sales in Belsize Park during the last year were flats, selling for an average price of £902,796. Terraced properties sold for an average of £2,136,636, with semi-detached properties fetching £3,438,750.
Overall, sold prices in Belsize Park over the last year were 1% down on the previous year and 4% down on the 2017 peak of £1,232,989.”
There is no denying Belsize Park is one of the more expensive areas in London, but this is also a large part of its charm. The prospective buyers who engage in this housing market, know what they are looking for, and are still looking for value for money. There are some parts of the London housing market which are more expensive than Belsize Park. If you are looking for guidance in this popular part of London, let us know, and we will be more than happy to assist you.
The London Mayor was also asked if he thought a significant influx of wealthy property buyers from Hong Kong will further impact property prices in the capital.
A study undertaken by an estate agency suggests sales enquiries from Hong Kong based buyers increased by 20%. The Mayor said; “Somebody is very blinkered if they blamed Hongkongers for the current price of the property in London or a potential increase.”
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.
