Search

Price of Hampstead family homes rising by ‘£310-a-day’

13:00 27 February 2014

A four-bedroom house in Vale of Health, Hampstead, currently on the market for just under £2.5m.

A four-bedroom house in Vale of Health, Hampstead, currently on the market for just under £2.5m.

Archant

The value of an average family house in Hampstead is rising by £310 a day, according to new figures.

A four-bedroom house in Spencer Walk, Hampstead, currently on the market for £2.5m.A four-bedroom house in Spencer Walk, Hampstead, currently on the market for £2.5m.

A new report conducted by estate agents Savills has forecast a 22.7 per cent rise in Hampstead property prices over the next five years to 2018.

This will mean a four-bedroom house in the area, which currently has an average price tag of £2.5million, will rise in value by £567,500 over five years.

Frank Townsend, residential director for Savills Hampstead, said: “I think you’ll find that there are going to be certain areas of the market that show higher growth than other areas.

“The area in which we will continue to see high demand is what we call our ‘core market’, our average market.

Hampstead house prices

22.7 per cent rise in house prices predicted by 2018

£310-a-day price tag increase for four-bed houses worth an average of £2.5m

58 per cent of £2million-plus homes purchased by foreign buyers

21 per cent of homes bought for investment purposes and redevelopment

“Homes valued at £750,000 to £2.5million is the core market in Hampstead. That covers everything from two-bed apartments to four-bed houses.”

The new report also finds that 58 per cent of Hampstead homes sold for £2million-plus are bought by foreign purchasers. However, Mr Townsend insists Hampstead’s core market is mainly domestic.

He points to mansion properties – such as two in Winnington Road, Hampstead Garden Suburb, both sold by Savills for around £21million each last year – as the preserve of super-rich international buyers.

This seems to be supported by other figures in the report which show that 68 per cent of Hampstead properties worth between £1m and £2m are sold to UK residents.

The report also shows that 45 per cent of people buying in Hampstead are moving in order to upsize, while only 21 per cent are buying Hampstead homes for investment purposes and for redevelopment.

Again, these figures are supported in the report by further statistics that show 71 per cent of homes bought in Hampstead are used as the buyer’s main residence.

Hampstead resident Janine Griffis, who spearheaded the formation of Hampstead Neighbourhood Forum, said: “We all know that Hampstead is changing rapidly and people are very concerned about keeping the diversity in Hampstead.

“Hampstead has always had a huge mix of residents so one of the concerns for the forum will be how to retain that kind of mix – looking at the mix of housing and looking at whether there is any opportunity for low-income housing.

“Housing has become so expensive in Hampstead it puts pressure on transferring useful shops and offices into residences, as we have seen with the Old White Bear pub.”

Mr Townsend thinks the predicted rise in Hampstead house prices will not be felt as ferociously as it appears.

“In real terms [the rise] is moderately modest, he added. “You’re talking about 4 per cent annually, so in real terms that’s quite a credible number, not getting anywhere near double digit growth, so it may be sustainable.

“The lack of readily-available affordable homes in a place like London is part and parcel of the problem.”

0 comments

Latest Hampstead & Highgate News Stories

Yasmin Farah

Police are appealing for the public’s help to find two sixteen-year-old girls who have gone missing from Camden.

Mary Langan with her 23-year-old son, James

Carers of adults with demential and disabilities are demanding change after a report revealed there is a “breakdown of trust” on the Haringey boards designed to represent them.

Yesterday, 17:14
Nina Martynchyk with her foster mother, Nina B

A young woman who overcame anorexia is organising a conference with the Royal Free Hospital to draw attention to how the condition affects children and teenagers

Yesterday, 16:01
Highgate School

Students and staff at Highgate school were reflecting on a very impressive set of GCSE results today, with 88.2 percent of exams receiving a grade of A* or A.

Yesterday, 12:41
Hampstead School is in Westbere Road (Pic credit: Google streetview)

The Hampstead School has once again seen its GCSE results improve today, with nearly a quarter of all grades receiving an A* or A grade.

Yesterday, 11:53
Hornsey School for Girls

Girls at Hornsey School for Girls were today collecting some stellar GCSE results.

Yesterday, 11:44
Sam White has praised William Ellis pupils

The headteacher of William Ellis school, Sam White, was full of praise for his students today after a promising set of GCSE results.

Yesterday, 10:56
UCS school

University College School was today celebrating the second best set of GCSE results in its history, with a remarkable 88.6 percent of exams achieving either an A* or A grade.

PROMOTED CONTENT

The showroom is located in Hayes

After 25 years as a trade-only business, family-run door manufacturers Composite Door Master are set to open their first public showroom in Hayes this weekend.

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now

Newsletter Sign Up

Sign up to the following newsletters:

Most read Hampstead & Highgate news

HOT JOBS

Show Job Lists

Property Newsletter Sign-up

Get the latest North London property news and features straight to your inbox with our regular newsletter

I am also happy to receive other emails...
Fields marked with a * are mandatory
Email Marketing by e-shot

Competitions

You could win £15,000 to spend on either their mortgage or a deposit towards the home of their dreams

Wouldn’t it be lovely to have a period of time when you simply don’t have to worry about finding the money each month to pay your mortgage? When you don’t have to put money aside from your monthly income, or worry about having to afford other essential outgoings?

Which book character do you share cleaning habits with?

Whether you have more in common with put-upon Cinderella, emotionally turbulent Jane Eyre, or easily distracted Mole, you’re sure to appreciate that one lucky winner will receive four sessions of free cleaning. Enter our quiz for your chance to win. All runners up will get £10 off their first clean when making a repeat booking.

Digital Edition

cover

Enjoy the
Hampstead & Highgate Express
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now