Our house, in the middle of N4 - Finsbury Park property
By LiseS | Saturday, September 18, 2010, 21:14
Property prices have been a cause for debate and, for some, great anxiety over the past few months. Although the Halifax House price Index is reporting a broad stability and a return to the house prices of the end of 2009 following a dip last Spring, some analysts are predictiing average house price drops of up to a third as recession, spending cuts and tighter lending kick in. Will we see a return to the bleak days of 1989 in N4, or is the North London property market safe for now?
I can see my house from here...property is on the up in some parts of Finsbury Park
Well, that very much depends on which side of the park you are, says website wheresmyproperty.com. Islington properties are still showing an increase in prices above the 0.2% monthly increase reported by Halifax. Hackney is also showing healthy growth, but Haringey is not looking quite so rosy.
Nestoria shows 195 properties currently listed for sale around Finsbury Park, priced between £100k for a studio flat and £1.3m for a 6 bed period house with its own gardens. Findaproperty's historical data reveals a general dip in prices over the past three years, with a Finsbury Park flat now averaging £250k.
While homeowners brace themselves for a drop in prices, first-time buyers may be breathing a sigh of relief - the overheated housing market has in recent years meant many young professionals have been unable to get a foot on the housing ladder unless they are fortunate enough to have the help of parents (or, in our case, deceased grandparents).
It's with these people in mind that council guidelines now set quotas for affordable housing within all planned new developments. Current planning guidelines also take account of environmental impact and sustainability, looking at waste, pollution, traffic generation and impact on the built environment when considering applications.
Demand still seems to outsrip supply in North London, which means there should be growth in the market for some time yet - although time will tell the result of current economic circumstances in N4 and beyond.
Have you just moved house, or are you about to? Are you buying for the first time? Are you worried about house prices - going up or down? Let us know below!