Mill Hill Q1 local market update

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MARKET SUMMARY

NW7

National Market Spring Market Update NATIONAL MARKET

1.7%

101,780

UK house price growth, year to January 2019

Transactions in February, up 2.7% on a year ago

Source: ONS

Source: HMRC

Q1 2019

We bring you the latest trends in the UK's housing market, with a detailed focus on North London.

House prices

National housing market trends

Annual house price growth across the country in the year to January was just 1.7%, down from 4.3% in the year to January 2018 and the lowest level since June 2013. Price growth remains strongest across the Midlands and Wales, whilst prices in London and across much of the South have stalled.

5%

0%

-5%

Economy -10%

-15% Feb 18

Mar 18

Apr 18

May 18

Mortgage approvals

June 18

July 18

Aug 18

House prices

Sep 18

Oct 18

Nov 18

Dec 18

Jan 19

Feb 19

Transactions

UK employment is at its highest level since 1971. The ONS report 32.7 million people aged 16-64 were in employment in the three months to the end of January. Unemployment fell to below 4% for the first time since 1975, and is well below the EU average of 6.5%

Transactions Average property values over last 12 months DETACHED

SEMI-DETACHED

TERRACED

FLAT/APARTMENT

NORTH LONDON

£977,992

£637,575

£565,222

£412,129

GREATER LONDON

£877,468

£564,888

£540,103

£430,889

ENGLAND & WALES

£348,247

£214,438

£179,335

£216,987

Annual change in private rents to February 2019 by region 1.

2.

3.

4.

5.

6.

7.

3% 2.5% 2% 1.5%

8.

9.

10.

11.

1% 0.5% 0% 1

2

3

4

5

6

% change

Source: Dataloft, Land Registry, Bank of England and ONS

7

8

9

10

11

London South East South West East of England East Midlands West Midlands Yorkshire & The Humber North East North West Wales Scotland

Seasonally adjusted there were 101,780 property transactions across the UK in February 2019, 2.7% higher than a year ago, according to data released by the HMRC. This is the first positive annual increase in over a year.

Demand Demand from prospective buyers across the country fell by 15% in February to a near seven year low according to the National Association of Estate Agents. An average of 252 would-be buyers were registered per estate agency branch in February, down from 297 in January and the lowest figure since July 2013 (250).

Investment In the year to the end of February 2019, average rents rose by 1.1% across the UK. Rental values remained static or rose in all but one regions of the UK, with the East Midlands currently experiencing the highest annual change in rents.

Mill Hill Local Market Update LOCAL MARKET ROUND UP

THE LAST 3 MONTHS, TOP 3 TRANSACTIONS

Over the last 12 months there have been 317 sales in Mill Hill. This is a –30% change on the previous 12 month period. In the same period of time at Martyn Gerrard Mill Hill we have had an increase of 66% in the number of sales.

£1.2m THE REDDINGS NW7

£852,500k LAWRENCE GARDENS NW7

Transactions by price band over the last 12 months NATIONAL

MILL HILL

£842,500k

less than £100k £100k-£250k

ASHLEY WALK NW7

£250k-£500k £500k-£750k £750k-£1m £1m-£2m £2m-£5m £5m+

HOUSE PRICE GROWTH OVER 1 YEAR AND 5 YEARS

Percentage of sales by property type over last 12 months

35%

16%

Apartments

Terraced

29% Semi-detached

20% Detached

–8%

+40%

STREET WITH MOST TRANSACTIONS IN LAST 3 MONTHS

Average prices over last 12 months £1,600,000

Lawrence Gardens, NW7

£1,200,000 £800,000 £400,000 0 Flat/Apartment

Mill Hill

Terraced

Semi-detached

Detached

Greater London

Source:Dataloft, Land Registry

Gregg Cruder Mill Hill Office 109 Mill Hill Broadway, Mill Hill, NW7 3TG T: 020 8906 0660 E: Greggc@martyngerrard.co.uk

Disclaimer: This report is produced for general information only. Whilst every effort has been made to ensure the accuracy of this publication, Dataloft Ltd accepts no liability for any loss or damage of any nature arising from its use or from any changes made to Dataloft content by Inform users. Reproduction of all or part of the report in any form is prohibited without written permission from Dataloft Ltd. Report edited by Inform user and published on 2019-04-09.

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