The past few years have been one long period of uncertainty spanning Brexit and then the covid crisis. Uncertainty in general is never particularly good for housing prices. However, despite these unprecedented disruptions the Croydon market has managed to maintain something akin to stability. What are the forces behind this apparent stability, and how will they influence housing prices in Croydon going forward?
The Bust That Wasn’t
Despite dire predictions in early 2020 that the bottom was going to fall out of the UK housing market, that market has shown tremendous resilience. There are numerous reasons for this but two stand out above the others. They are: 1) well-to-do individuals unaffected by shutdowns have been very active and 2) the Stamp Duty holiday enticed a lot of fence-sitters into the market. Beyond those two there are other forces that affect housing prices in Croydon, most notably Londoners exiting the city centre in droves.
Where are House Prices in Croydon Going?
In December 2019 just before shutdowns swept the UK the average price of a terraced home in Croydon was £427,384. As of this writing that average price stands at £419,135. As you can see, a full year of upheaval has delivered us right back to where we were at the end of 2019 before anyone had ever heard the word “covid”. What’s even more remarkable is that the price of a semi-detached home in Croydon actually rose 6% over the past year, from £500,774 to £533,013.
So where are home prices in Croydon going from here? Most are predicting that the end of the Stamp Duty holiday will drive many from the market and that will cause a temporary drop in prices. How big that drop will be is the subject of lively debate.
For an up-to-date market appraisal to learn the value of your home, contact the Croydon office on 020 3973 9700 or e-mail firstname.lastname@example.org.