As the year ends, a picture is emerging of what happened to the New Malden property market in 2019. Far from being the damp squib many people expected, the market has thrived. That’s not to say market activity has been rampant; it can’t be denied that things have slowed and there were 4.5 per cent more sales in the first half of 2019 than in the previous year.
The cycle which started in the aftermath of the credit crunch is giving way to a new one, and we’re already dealing with buyers every day who understand that now is exactly the right time to pounce. The rewards of getting it right are immense. Over the last 20 years, 2017 saw the peak of house price growth. In that year the price of the average home rose by £66,900, in just 12 months.
The advent of tighter lending regulations has meant we’re likely to see more moderated levels of house price growth, but even so homeowners can expect their homes to contribute more than their fair share to the growth of family wealth. It’s worth noting that since 2010, the increase in home values each year has equalled as much as 176.7 per cent of local average incomes. Not to be sniffed at.
The main reason never to underestimate our area is that its appeal seems to grow wider all the time. There was a time when the demand for homes in our area came from a very defined socio-demographic profile. Now, however, a broader range of people from further afield are seeking their perfect new home in our beautiful part of the world.
Annual sales by house type
This chart shows the number of sales over the last few years. We’ve split it by primary house types so you can see what impact each kind of property has had on the market. While there’s nothing particularly surprising, given the nature of our area, it’s nonetheless interesting to see how the patterns have changed over time.
House prices over time in our area
Prices in the local area change a lot on a quarterly basis. In this chart, we look at how the average price of properties on the market has changed over time. There’s a lot of volatility but the overarching story it tells reflects the day-to-day reality.
How local people get to work in our area
How do you get into work every day? Well, as you can probably see from this chart, you’re in good company. Given the nature of our local area, there’s no huge surprise in the pattern. However, what is interesting is how much of a reflection commuting patterns are of the local market.
If you would like to chat to a property expert about the New Malden area, give us a call on: 020 8605 1300 or email: mail@gracemiller.co.uk
