Mill Hill Local Market Update Q2

MARKET SUMMARY

NW7

National Market Summer Market Update NATIONAL MARKET

1.4%

89,810

UK house price growth, year to April 2019

Transactions in May, an -11.3% fall on a year ago

Source: ONS

Source: HMRC

JULY 2019

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

House prices

National housing market trends

0%

The average price of a property across the UK was £228,903 January to June 2019, 1.4% higher than a year ago. On a monthly basis, average prices rose by 0.7%, the first rise in monthly prices since August 2018.

-5%

Economy

5%

-10%

-15% May 18

June 18

July 18

Aug 18

Mortgage approvals

Sep 18

Oct 18

Nov 18

House prices

Dec 18

Jan 19

Feb 19

Mar 19

Apr 19

May 19

The UK economy contracted 0.4% in April, according to the ONS, meaning growth for the three months to April slowed to 0.3%. The fall was driven by declining output across the production and construction sectors following stockpiling in March, along with a 24% fall in car manufacturing.

Transactions

Transactions The HMRC report that the number of properties sold in May was 11.3% lower than a year earlier, dropping below 90,000 for the first time since May 2016.

Average property values over last 12 months DETACHED

SEMI-DETACHED

TERRACED

FLAT/APARTMENT

NORTH FINCHLEY

£1,028,269

£760,021

£625,235

£350,750

GREATER LONDON

£863,529

£564,662

£538,561

£427,506

ENGLAND & WALES

£349,005

£215,051

£178,908

£215,891

Demand The latest RICS Residential Market Survey suggests the market is beginning to stabilise. Demand levels were largely unchanged in June, compared to May following consecutive months of decline since July 2018.

Investment Annual change in private rents to May 2019 by region 1.

2.

3.

4.

5.

6.

7.

2.5% 2% 1.5% 1%

8.

9.

10.

11.

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

Average rents paid by UK private tenants grew by 1.3% in the year to May, the highest rate of annual growth in 18 months. Rents are currently experiencing strongest growth across the South West and East Midlands.

Mill Hill Local Market Update LOCAL MARKET ROUND UP

THE LAST 3 MONTHS, TOP 3 TRANSACTIONS

There has been a rise in transactions across Mill Hill and the surrounding area of around 10%, compared to the same period last year. This has resulted in our market share growing by 15% in the same period - We need more homes for our registered buyers.

£1.35m TRETAWN GARDENS NW7

£1.325m RIDGEWAY VIEWS NW7

Transactions by price band over the last 12 months NATIONAL

MILL HILL

£875,000

less than £100k £100k-£250k

UPHILL GROVE 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

37%

15%

Apartments

Terraced

28% Semi-detached

20% Detached

–10%

+35%

STREET WITH MOST TRANSACTIONS IN LAST 3 MONTHS

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

Lawrence Street, 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 2019-06-20.

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