Neil Addington is the Director of award winning local estate agents Ivy Gate, covering Borehamwood, Barnet and surrounding areas. He regularly comments on the UK and local housing market.
What has happened in Borehamwood over the last five years?
In the last five years over 4,000 properties have been sold across both Barnet and Borehamwood.
Over 60% of these sales were in Borehamwood, with terraced houses being the most sought after. Borehamwood has proved a very popular place to live with the average property price rising by 41% over the five years, now standing at £431,000.
Whichever type of property you consider, the price changes are similar. Large detached properties are up 36% and now top £1m on average, at £1,034,000. The more frequent terraced properties and flats are both up over 40% to £367,000 and £267,000 respectively.
The good news for sellers is that prices have continued to move upwards in the past 12 months, up by about 7%, with demand for terraced properties driving that particular type up by 11%.
For sellers, Rightmove.co.uk reports that there were over 250 properties on the market at the end of April, the highest number in the past two years. Roughly 100 of those are new to the market.
This increased competition for buyers might partly explain why prices have stabilised since the turn of the year and are in fact, slightly down in the last few months.
Whether you’d like to buy, sell, rent or simply talk about property in the area, feel free to pop in to the office for a no obligation discussion over a coffee.
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