Southgate house prices
Like much of the UK, Southgate transactions are down on the previous year as sellers and buyers play the waiting game to see what emerges from the UK’s exit from the European Union.
From January 2018 to January 2019, transactions in Southgate were down 20% on year, with 174 in the N14 postcode area.
Over the past three months, meanwhile, The Land Registry reports £23,135,000 of property sold in the Southgate area, with 37% of those properties being flats.
Over the past 12 months, Southgate sale prices have risen – albeit marginally.
The 1.74 % rise last year saw Southgate’s average property price reach £639,209 which compares with £286,126 for the East of England as a whole and £229,339 nationally.
Detached homes in Southgate, meanwhile, averaged £945,666, while semi-detached properties sold for £745,724 on average.
Southgate’s flat sales averaged £371,110 while terraced homes fetched £601,736
House Price Metrics For Southgate
Southgate property prices forecast
With Southgate development on the up, new-build properties could form a large percentage of market sales as we move through 2019/2020.
The local authority has announced it is aiming to build 9,000 new homes by 2036 and development is already under way at a host of key Borough spots.
The site of the Sir Thomas Lipton Estate on Chase Side is to have 24 luxury apartments and 6 houses to be released later on this year.
Country Properties meanwhile, have re developed a site on Avenue Road with a further 400 new units made up of modern townhouses and apartments.
Finally, there have been plans submitted to the local authority for a further 300 new apartments to be built on the site of what is the Southgate Office Village at the top of Chase Road.
Southgate’s appeal to both local and out of area buyers is showing no signs of slowing down. The suburb and surrounding areas are in a great position to hold firm on any potential shaky ground caused by the current political and economic uncertainty.
The Southgate rental market
Southgate remains a key investment area for landlords and, while many are facing up to tightened legislation and changes to stamp duty and income taxation regulations, the suburb’s appeal remains high.
Renters forced out by high Inner London rents look to Southgate for its superb transport links back into the city, while families priced out of areas like Cockfosters, Winch more Hill and Hadley Wood look to Southgate for its wider range of homes and great amenities.
Average rents in Southgate hit £1500 per month at the end of the last full 12-month period – a rise of 3.5% year on year.
Meanwhile, 60% of Southgate property let in the past 12 months was flats, fetching an average rent of £1450 per month.
And with 42% of tenants in the suburb aged between 18 and 29, landlords and investors should continue to look at properties appealing to this millennial market, with little sign that the sales market will fall to a level this hard-hit generation could realistically afford.
The branch view…
Ashmore Residential Branch Manager, Chris Christodoulou said: “For all of the adverse press commentary Brexit and the property market has attracted since 2016, my belief is very much that our departure from the European Union is a political event that has tightened up the local and wider UK housing market”.
“When I look over the past two decades, we’ve been through two recessions, one of which was a global financial crisis”
“And I believe Brexit is just another hurdle for the property market to overcome.
“Sellers in the Southgate area are certainly sitting on their hands more than they were prior to 2017, but properties are still selling and people are still moving. That won’t change.
There are also investment opportunities out there for landlords and, while rental yields might not be as appealing as the ones you see in the north of the country on Homes Under the Hammer, capital growth for landlords with a long-term strategy remains strong in Southgate. If we roll back the clock 70 years, we’ve survived 2 World Wars, an Oil Crisis, numerous recessions, double digit interest rates, a Global financial crash and yet, house prices have always bounced back”
If you are looking to get further advice on buy to let and the latest on the Southgate property market , why not pop in to the office for a chat, there is plenty of parking and the kettle is always on. Or call the office for a chat on 020 8366 9777.