House prices across the Croydon borough increased on average by more than 10 per cent in the 12 months to September, according to research by Hometrack.
Flats saw the biggest price increase, up to 14.2 per cent, which means the average flat in Croydon will set you back £277,630 compared to £243,522 in 2015.
Terraced properties saw the second biggest price increase at 11.7 per cent, the average terraced property in Croydon will now cost you £394,168 compared to £352,880 in 2015.
A few of the reasons why Croydon is a popular area for home buyers include a growing local economy, transport upgrades and a raft of regeneration programmes.
Jo Gumb, director of Develop Croydon, said: “Continued increases in house prices are a reflection of the fact Croydon has become more desirable – from Westfield and Hammerson’s £1.4billion investment in the retail sector to the recent opening of Boxpark Croydon.
“However, it should be pointed out that despite these price increases Croydon remains among the most affordable London boroughs for people looking to get onto the housing ladder.”
While semi-detached properties saw the lowest price increase in the borough at 10.8 per cent, the average semi-detached property in Croydon will cost you £480,076 compared to £433,210 in 2015.
Detached properties saw a bigger price increase than semi-detached properties at 11 percent, the average detached property in Croydon will now set you back £703,886 compared to £634,131 in 2015.
Mark Hayward, managing director of the National Association of Estate Agents (NAEA), said: “Although figures from Hometrack show property prices in Croydon are on the rise, it’s vital if you’re planning to sell to get an accurate house price valuation.
“By using a local reputable NAEA estate agent, you can ensure the right code of conduct is adhered to and you receive the correct information to help sell your house appropriately within the current market conditions.”
What the estate agents say:
Ken Hume MNAEA MARLA, James Alexander
The market quickly absorbed the ramifications of the UK's decision to leave the EU.
Post Brexit we worked to identify if any proceeding buyers were deterred and while some sales were lost, the majority were quickly tied back to previously interested buyers. Since the beginning of September activity has increased with applicants attracted by the BR Zone 3 transport network and the potential for growth.
As prices have risen over the past year so has the popularity for smaller cheaper properties which is reflected in the greater growth at the lower end of the market with flats up a whopping 10.39%.
We expect to see a slowdown over the winter as sellers wait for the traditionally strong spring market.
Emma Meakin, MNAEA, Paul Meakin Estate Agents
Two of the most talked about postcodes in Croydon are CR0 and CR2 as many watch with interest the pending rejuvenation plans for central Croydon. Unsurprisingly the areas are attracting new interest from a range of buyers who previously had never considered the two districts. Investors are researching and scouring for the best deals, first time buyers are realising the ease of commuting and families are impressed with the great schools, parks to explore, along with an array of entertainment.
The year-on-year figures have shown a good growth, evenly spread across the property market, which has increased confidence among homeowners and buyers. The letting market continues to be buoyant with good quality tenants now looking to move to the area.
Paul O’Shea, MNAE, Paul O‘Shea Estate Agency
Post Brexit we were concerned the market would stall, with buyers and sellers racked with indecision, but that doesn't seem to have happened.
Although we have seen a slight decrease in viewings, both sales numbers and prices are still very strong.
In general buyers appear very positive about Croydon which is largely due to the significant investment in schemes such as Boxpark, Westfield and the regeneration of Fairfield Halls.
It certainly helps that mortgage rates are so cheap and it looks as though we will be in an extremely low interest rate environment for the foreseeable future. Going into 2017 we are expecting prices to remain firm due to the overall lack of properties for sale and strong demand.
Peter Jones MNAEA, PA Jones Property Solutions
House prices increased substantially in 2016 peaking in the spring and remaining at, or just below, that level since.
Whilst it’s true to say that, due to Brexit, the housing market has quietened, there are now clear signs the underlying pace of the market is poised to pick up.
The New Year creates a unique opportunity for sellers wanting to showcase their property to a captive audience of buyers. Looking forward to 2017 I am confident the housing market will offer plenty of opportunities for motivated buyers.