How Have House Prices Changed in Mill Hill Over the Last Five Years?
Property prices have risen in virtually every location in the UK over the last five years, and houses in Mill Hill (in the borough of Barnet) are no exception. The area has seen fairly steep price increases, and this trend looks set to continue.
Here’s more information about Mill Hill’s property prices since the end of 2012.
Mill Hill Property Prices – A Review of the Last Five Years
- 2012. London property prices have always been higher than the national average, and 2012 was no exception. The average price of a property in the Barnet borough was £361,371 back then, which was nearly £193,000 higher than the UK average at the time. It was even higher than the overall London average, which was £313,744.
- 2013. By 2013, Mill Hill house prices had risen steeply. According to the land registry, average prices for the borough of Barnet had increased to £392,168; over £30,000 in the space of a year. However, this was the trend across London in general, with the average price increase being over £38,000. The whole of the UK experienced an overall rise in house values, but not to quite the same level, with the national average growth being just over £9,000.
- 2014. During this year, UK house prices climbed more steeply than previous years; rising from £177,971 at the end of 2013, to £191,669 the following year. However, Mill Hill experienced noticeably more significant growth, increasing to £450,577. This was a staggering rise of over £58,000. Following a similar trend, the average price for properties in London as a whole rose from £352,028 to £402,898; close to £50,000 higher.
- 2015. It was at the end of 2015 that average house prices in Mill Hill finally went over the half a million mark; £501,293 to be exact. Although growth had slowed slightly compared to the previous year, it was still a remarkable increase. Again, this was almost exactly in line with average London price growth, with the average cost for a London property now hitting £450,053 – an increase of close to £50,000 on the year before. Overall UK price increases were much more modest – rising to £204,926 (an increase of around £13,000).
- 2016. The rapid rise in prices couldn’t continue forever, and by the end of 2016, average property values in Mill Hill were still climbing, but at a far slower pace. The standard price for a house in the area was now £522,742. For the third year in a row, this pattern of growth matched the overall growth for London – where average prices had risen to £472,718. UK house values were still a lot less – at £215,543.
- 2017. The most recent land registry figures tell us that Mill Hill prices still continue to rise, though not quite at the pace of two years previously. Currently, the average value of a property in the area is around £536,388; over £300,000 higher than the national average! London prices as a whole are still just below half a million – at £483,568.
The Future?
Judging by the last five years, it seems likely that Mill Hill prices will continue to go up, making it a good option for property investors. We recommend keeping an eye on the Mill Hill property market, with a view to investing sooner, rather than later.