How have property prices changed so far in Kilburn in 2022?
Kilburn is one of the best places to live in London, offering a fantastic work/life balance that gets you away from the hustle of city centre without ever being too far away. If you are thinking of moving to Kilburn, we look at how prices have changed over the past year and what to expect in the months ahead.
What was the average property price in Kilburn last year?
Property prices in Kilburn have continued to rise over the past year, with buyers finding a wealth of new opportunities in this leafy part of northwest London. Thanks to its proximity to central London, strong transport links and good quality schools, Kilburn has a lot of offer buy-to-let investors and house hunters alike.
In 2021, sold prices in Kilburn were up by around 11%, reaching an average of £800,000. Flats tended to be the most popular housing stock, which average out at around £600,000 per unit.
Terraced properties were the next most popular property type, averaging sales of around £1.3m million. Semi-detached houses tended to be more expensive, going for around £1.4m on average, with many offering spacious interiors, separate driveways, gardens the ample opportunity for extension building.
What is the average property price in Kilburn now?
As of April 2022, average house prices in Brent rose to £614,000, which is a 1.4% up on the previous month and a 2.8% increase on April of last year.
This reflects the general trend occurring across the capital, with average prices in London reaching an average of £689,000 in May, which is a yearly increase of 7.6%. From January 2022 to April 2022, the average UK property price increased for four consecutive months. Over the past two years, average asking prices have risen by more than £55,000, while in the two years leading up to the pandemic the increase across the same period stood at only £6,000.
Why are property prices continued to rise?
As is the case across much of the country, there is a shortage of housing stock and a high demand from buyers eager to secure the right property. The pandemic helped to create a build up buyers who were uncertain about job security and attending property viewings which meant there was a surge in interest once things started to reopen.
Buyers were helped further during this period by the extended stamp duty holiday (which ended in October 2021) which many people were eager to take advantage of. Low mortgage rates also contributed to rising prices, with many sub 1% deals on offer in 2021.
Is it the right time to buy a property in Kilburn?
Many buyers will be hoping that house prices in Kilburn will start to fall but given the rate of increase over the past few years there is no guarantee that will happen. Even in these challenging times of real uncertainty, the property market has proven to be extremely resilient.
It is impossible to predict the future with confidence, which means prices are just as likely to fall as they are to rise. So it could be a safer option to buy the property you need in Kilburn now rather than waiting for a drop in prices that may not happen for some time yet.
Buy a property in Kilburn with Living Residential
At Living Residential we understand that buying a new home is one of the biggest decisions you will make in your life. Over the years we’ve helped countless buyers to find the right property in Kilburn to suit their budget and lifestyle, guiding them through the process from start to finish. Whether you are a first-time buyer or selling up and looking for w new home, our friendly team of property professionals are available to help. Get in touch with our team today.
