Greenford Property Report: May 2019
Greenford Property Market
It seems over the last three months the Greenford property market seems to be picking up with a respectable 1.06% increase in property prices. This beats national increases of 0.9% of newly marketed properties recorded in May. However, due to poor performance at the start of the year, prices are still cheaper than they would have been 6 months ago meaning there’s still time to grab a bargain.
Stagnant property listings
A little more worrying for buyers and sellers alike is the increase in the time it takes a property to sell. It seems every property type is now taking longer to sell than it did a year ago. Detached properties fared worse, now taking over twice as long on average to sell in May 2019 as they did the previous year. Semi-detached properties in Greenford now sit on the market for an average of 173 days before they are sold, compared to 137 days a year ago. Semi-detached properties actually notched up the shortest selling time out of all property subsets, but it is still longer than the average of 74 days for Greater London.
As we enter the summer months, activity seems to be picking up. This view is supported when we note that the number of properties held by estate agents increased across the UK, from an average of 34 per a branch in February to 37 in March. This continuing trend is mirrored across Greenford as the number of properties on the market in May grew to 271, up from the previous months.
Increase in number of Flats on the market
For buyers, the increasing number of properties on the market means there’s more chance of grabbing a bargain as motivated sellers try to divest themselves of their homes or investment properties. This seems especially relevant if you’re looking at flats or apartments. Greenford has seen a 44% increase in the number of flats on the market compared to a year ago. With 124 listed as available in the month of May compared to only 86 this time last year. What’s more, the selling price for flats in Greenford has actually fallen by 16% for the year to February. With a sudden influx of properties on the market, this will only further squeeze prices lower as buyers have the luxury of playing sellers against one another.
SAB Estates view
With the Greenford property market showing stronger than expected growth for the first quarter, we are optimistic for the summer months ahead. Being based in Greenford, SAB Estates has a long history and deep relationship with the area, its people, businesses and organisations. We’re proud of the diversity in the area and encouraged by the development taking place. Whether it’s the mixed-use community taking shape on the site of the former GSK office building or the recently completed developments on Greenford Broadway, the area is continually regenerating and improving. With great schools and transport links, it’s a great place to live and buy a home and we envisage the property market to remain strong and busy times to come.
If you would like to speak to someone about the market in Greenford, or you are looking to sell your property or buy in the area, get in touch today on 020 8575 2929.