I have been taking a look at property prices in Uxbridge, Cowley, Hayes, West Drayton and Ruislip recently and they continue to rise. Nothing like the 14% annually we have seen over the last few years and increases are not linear. Some months we are up according to data from the Land Registry but others we are down a little as demonstrated in the table.
|Month and Year||Average Property Price Hillingdon||% Var to Prev Month|
The latest information on property prices for a property in Hillingdon showed the average price is currently £423,181, compared to £412,734 over the last year. This year on year change is a 2.5% increase which I put in-line with inflation.
So growth has been slower this year. What do we face on the horizon? There are rate rise in mortgages that are expected which are likely to put further ceilings on the amount that lenders will lend, which will mean less cash is available to borrowers. However wage growth has been strong which can underpin the prices. There is also not a lot of stock on the market with many people staying put, less stock means higher prices or at least staying level.
The future remains uncertain as it always does. For me investment in property and property ownership is never a short term consideration. But a long term view. After all good years and bad years balance out and over a number a years the housing market in the area has strongly outperformed the rate of inflation.
Hillingdon Property Prices Since 2000!
At the millennium the average property price in the borough was £120,742. Property has seen an increase in value for property owners of 250%. If investment if for short term such as two or three years it can be hard to guarantee a return, but a long term view will win out in the end!