November 11, 2016
Edgware Housing Crisis? Only 2.2% of Edgware Homes Are For Sale
The Edgware Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Edgware property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Edgware, the market is likely to see upward pressure on property values continue.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Edgware property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Edgware has increased.
For example, last month HA8 saw 126 new properties coming on to the market, not bad when you consider for the last year that figure has been as low as in the 80 to 90 range. With the average Edgware property value hitting a record high, reaching almost £513,600 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Edgware’s supply crisis may be starting to ease.
As I write this article, 2.24% of Edgware properties are up for sale. In terms of actual chimney pots, that equates to 406 properties on the market in Edgware (within 1 mile of the centre of Edgware) – which, when compared to only a year ago when that figure stood at 310, is a serious increase in the number of properties available to buy. Split down into the type of property; it makes even more fascinating reading…
- Detached Properties in Edgware – 56 on the market a year ago compared to 64 on the market now – an increase of 14%
- Semi Detached Properties in Edgware – 81 on the market a year ago compared to 112 on the market now – an increase of 38%
- Terraced Properties in Edgware – 17 on the market a year ago compared to 40 on the market now – an increase of 135%
- Flats / Apartments Properties in Edgware – 148 on the market a year ago compared to 181 on the market now – an increase of 22%
This is evidence of strength in the Edgware housing market that many didn’t expect. Many believed that the Edgware property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Edgware Property Market – which is good news for everyone.
If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Edgware Property Market together with regular postings on what I consider the best buy to let deals in Edgware, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! email me on Steve@benjaminstevens.co.uk
If you are in the area feel free to pop into the office we are based at 194 Station Road Edgware Middlesex HA8 7AT– the kettle is always on.
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