People move to Finchley for a host of different reasons. Whether it’s looking for a quieter suburb of London that offers more tranquillity compared to the centre of the city or securing a place at one of the well-regarded schools nearby. Affordability is another influential factor, and while house prices have risen in recent years, compared to other parts of North London, Finchley remains a cost-effective option for buyers.
As is the case with London and rest of the UK, over the past 10-15 years a number of sizeable events have impacted house prices in Finchley. From the financial crash in 2008, to the EU referendum and the aftermath of the Brexit result, the property market is always influenced by major political decisions. The latest – and probably most unexpected – event has been the pandemic, which has created a lot of uncertainty over the past couple of years.
Finchley house prices over the past 12 months
However, the good news is that most industry experts are very optimistic about the outlook in 2022, with house prices expected to rise by 5%, as demand continues to outstrip supply. While the Stamp Duty exemptions offered by the government during the peak months of the pandemic are no longer available, as confidence in the market returns, so too are people to London, which means more enquiries and opportunities for those looking to sell.
Looking back over the past 12 months, the average sale price in Finchley was just over £680,000, with flats and apartments accounting for most of the deals. On average, buyers paid an average of £420,000 for a flat or apartment in Finchley.
Semi-detached houses proved to be the next most popular with buyers, selling for an average of £915,000, while terraced properties fetched an average of £730,000. Overall, property prices rose by 6% compared to the previous year.
The East Finchley market proved to be one of London’s success stories in 2021, with average house prices reaching over £1 million, which was a 11.9% annual increase.
Finchley house prices in 2022
As we move into the second month of 2022, there is now more than enough optimism about the property market to encourage sellers who needed some assurances about its direction. Stock levels are low across London and the UK, so a well-presented property priced at a competitive local rate in Finchley has a great chance of attracting serious buyers.
The average number of days it takes to sell a property also fell to its shortest period in years by September 2021, taking only 36 days to complete. This is great news for both buyers and sellers, as it demonstrates a willingness to negotiate and resolve any issues quickly to keep the chain moving and intact.
A prediction of a 5% price rise over the next 12 months is possibly a safe estimate, and as things return to normal there is every reason to expect it could be higher. Of course, there is never any certainty about what the future holds, but you can be sure that Finchley will always be a desirable place to live, and it will continue to offer a wealth of possibilities for people looking to invest in the property market.