The UK has one of the most dynamic property markets in the globe. Different locations in the country have varying property prices and factors contributing to housing price changes for reasons you are about to find out here.
Barnet is one of the UK’s most preferred locations to own property. However, if you are looking forward to buying a new build or house to let, you need help from Barnet residential property solicitors. A conveyancing solicitor will help with property searches, due diligence, mortgage, and contracts.
Barnet property market
Barnet is one of the best locations to buy property in the UK. Unfortunately, with such great demand for housing comes a high property price.
According to Zoopla, the average sold price for a property in this town in the last 12 months is £730,852. The different property types have had different average sold prices in Barnet for the last year:
- Detached goes for: £1,365,452
- Semi-detached: £770,037
- Terraced: £625,160
- Flats for: £383,235.
Barnet has one of the most popular housing markets in the UK. With the high demand for housing in the town, you should expect house prices to rise. Some sources in the UK have reported that the house prices in Barnet rose by at least 7% in 2013.
According to Land Registry, between 2017 and 2018, a typical property in the capital’s Barnet was valued at £531,053. In a report published in October 2008, the property prices in upmarket London were at their peak, going at an average of £ 247,914.
In the last census in the UK, Barnet’s population was 387,800, making this town one of the most populated in the UK. Barnet is one of the second largest boroughs in the UK. Most people living in Barnet own their homes outright or with a mortgage. A significant number of people, 34,906, own private rentals.
Recent property investment in Barnet
The recent property investment in Barnet makes this borough one of the most preferred by new homebuyers. Property regeneration is a major buzzword in this town. Most of the investment in the town is privately funded through housing associations and the local authorities.
At least 27,000 new homes will be built in Barnet by 2025. This is expected to uplift the property market face to affordable, private, and social housing categories. This will include 10,000 homes in Colindale and at least 7,500 new homes at Brent Cross. Other homes will be built in Brookfield Riverside and Mill Hill. This will cater to the increasing demand for new homes in the town.
Why you should consider buying property in Barnet
There are many reasons for the surge in house prices in Barnet and other towns in the UK. Here are some of the reasons why you should look forward to investing in the Barnet property market:
Affordable living: Barnet is affordable to live and work for young families. If you want a place to raise a family, you should consider buying a home in Barnet borough. Most first-time home buyers in Barnet are families looking for space to upsize as they can work and earn a living out there.
Transport links: Barnet is an excellent location for commuting as the tube and the train link into London. The transport link is superb, and great schools are around to take your kids.
Good schools: Schools are essential to make on your checklist when you’re looking to move. Some of the most popular schools in Barnet include the Queen Elizabeth’s School and the most popular, Dame Alice Owen’s school. There are also many options for private schools you can choose to take your kids.
Final Thoughts
Barnet is one location in the UK you should consider when looking for a new home for your family. The town has property hotspots in Hadley Wood, Brookmans Park, Cuffley, and Arkley. If you want to buy property in some of these locations, you should consider hiring a conveyancing solicitor to take you through the process.
An experienced conveyancing solicitor will help you get the most suitable offer in the market and help with property search, due diligence, and paperwork. As a result, you lower the risk of buying a new home and the time it takes to complete when you have a licensed conveyancer.