Local Market Update for September in Harrow and Wembley!
Property market transactions and prices up as recovery continues…
Is now the best time to buy or sell? What types of homes are selling best? What’s a great investment in the local area? How has my home value changed due to recent events? We have all the information you need in our monthly market reports!
The UK property market continued its recovery last month, maintaining a momentum that has surprised many since it reopened in May. The high volume of deals struck since then has begun to convert into transactions, and the UK property market saw the highest number of exchanges since the end of 2019 in the week ending 29th August.
With so many working from home for an extended period, there has been time to reassess and consider requirements such as proximity to work, and with the potential for further lockdowns, there is a determination to act.
RICS said that buyer interest, instructions, agreed sales and house prices were all up in August, according to the latest UK Residential Market Survey.
September was the first month since March that current house price expectations moved back into positive territory (50+) according to the latest IHS Markit UK House Price Index, with a reading of 52.7. Future expectations for house price growth continued to strengthen too, with a reading of 54.4.
Furthermore, both Halifax and Nationwide reported that the average price of a UK home had reached a new high in August. Prices increased by 1.6% from July to August, up 5.2% on an annual basis, according to Halifax. Nationwide reported that UK house prices rose by 2.0% in August, which is the highest monthly rise since February 2004.
On this basis, we can assume that double-digit price falls will not take place despite an assumption of a rise in unemployment and second wave of Covid-19!
So, what’s the home value numbers for the local property market?
Harrow
Current home values:
While we did see a drop in value trends for Harrow during the beginning of 2020, the bounce back is also clear, and this should continue to rise!
Still well above average for Harrow home values compared to the rest of the UK, and the bounce back continues to be seen as 2020 continues.
Wembley
Current home values:
Wembley is also seeing a very clear bounce back as 2020 continues, but especially a bigger upwards curve for flats and apartments.
Similarly to Harrow, Wembley stays way above value compared to the rest of the UK, and the steep upwards trend in home prices is more dramatic than the rest of the UK, which is a positive step towards getting house prices back on top!
We’re seeing unprecedented demand for homes following lockdown, as people seek to move out to a better home life. While the stamp duty holiday continues, realistically, you only have until around Christmas to be safe in ensuring you can take advantage of this holiday, as you will need to complete on your new home before the scheme ends on March 31st 2021.
Buyers, now is the time to start looking, and sellers, now is the time to take advantage of such a buoyant market!
If you’re wondering how your specific home value has been affected, we are available to come and give you an ACCURATE valuation. Simply fill in the form HERE. Or for a ball price figure, head to our instant valuation tool where you can see an estimated amount using local housing data.