In short the sun is shining and the garden is rosy! Long may it continue. The national year on year price rise for property is 5.4% making the average property in the UK worth £181,000. With rises in the SE of 8.4% over the last year and 9.2%...
In short the sun is shining and the garden is rosy! Long may it continue. The national year on year price rise for property is 5.4% making the average property in the UK worth £181,000. With rises in the SE of 8.4% over the last year and 9.2% on average in London. So London is still leading the country in house price increase.
If you are a property owner June (which is the most recent month that data has been released by the Land Registry was a good month – property prices up by 1.2% in a month in Hillingdon. That’s a month – which compares well to annual interest on money in a bank account. Mind you every month won't see an increase at that level over the long term.
Property in Hillingdon has been a good asset to own over the last year with prices rising by 15.2%, in London only Newham rose faster with an increase in prices of 16%. So we are the second highest borough.
The average sold property in Hillingdon was valued at £342K compared to say Harrow or Hounslow where the average price is £380K. So I think the area offers good value by comparison.
Why are prices going up in Hillingdon?
- Fundamentally because demand exceeds supply. We are still not being enough property in the area which restricts supply and demand for property is strong from owner occupiers and buy to let landlords.
- The jobs market is strong. Unemployment is low. January data showed Hillingdon Job Seekers Allowance claimants were 1.5% of the population, down from 2.1% last year. This is low for West London where the average unemployment rate was 1.9%. When I was growing up my Dad said to me once if you live in driving distance of Heathrow you would never be out of a job. Heathrow provides second wave jobs locally many employed in supporting industry such as catering or engineering or freight/logistics.
- Also as a transport hub Hillingdon attracts European head offices to the area, attracted by proximity to Heathrow, London, Thames Valley and the rest of the UK. Sitting next to the M25 M4 and M40.
- Finally Hillingdon is a desirable place to live with lots of green spaces.
If you are thinking about letting a property in Hillingdon, feel free to talk it over with us, we'd be delighted to give you straightforward impartial advice.