Local Market Update – Harrow and Wembley!
While the UK moves through the seasons, the property market has its ups and downs, and especially over the last few years of big changes – with Brexit, new elections, and now Covid-19, it’s important to see where we’re currently standing. See the recent stats here:
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 new monthly market reports!
House prices hit a new all-time high in July as the property market gradually reopened, after being put on pause during the coronavirus lockdown. According to the latest Halifax House Price Index the average price of a home in the UK was £241,604 last month, 1.7% higher than June's £237,834. Prices are 3.8% higher than July 2019.
The staggered reopening of housing markets across countries and the added boost from the stamp duty holiday means we expect levels of demand and new sales to remain above pre lockdown levels over the next 1-2 months at least. We expect UK house prices to remain in the 2-3% annual growth range for the remainder of the year, which is fantastic for those who want to sell their home or move in this time.
With the Stamp Duty Holiday also giving a boost to first time buyers across the country, this means everyone wins out of this new property boost and the market forecast is looking sunny and bright for the future.
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.