Mill Hill is a much-loved part of North London. It has the ambiance of a village and a real sense of community, while being only a few miles from the heart of the capital. As such, it’s unsurprising that property prices have risen over the last few years, and look set to continue doing so.
If you’re thinking of purchasing a property in Mill Hill, it’s worthwhile exploring the market now, to avoid paying more in the future. Here’s further information about how house prices have changed in the last year.
House prices in Mill Hill in the last year – a brief overview
According to RightMove’s data, the average price of a property in Mill Hill over the last year was £790,083.
As with many other areas in North London, the most commonly sold properties were apartments, and these went for an average of £451,360. Semi-detached homes remained sought-after too, going for around £714,403, and terraced houses weren’t much less, with an average price of £666,668.
These prices mark a fairly steep rise – of 17% compared to the previous year. Evidence suggests that this trend is likely to continue for the next few years at least.
A quick history of Mill Hill’s property market
Mill Hill’s property prices have gone up significantly in the last decade, with average values increasing from £454,971 in 2011, to £766,031 in 2020. Apartment prices reached record highs in 2016, but since then, have fallen slightly, and now remain fairly stable. Houses fell marginally in 2018 and 2019, but have now climbed dramatically, with an average house now costing £976,504.
Mill Hill has enjoyed one of the highest property price-rises in North-West London; at a time when other parts have experienced a decline.
Average prices – by property type
According to data taken from Home.co.uk, property values rose by the following amounts from May 2020 to May 2021:
- Detached homes: Currently £1,737,824 (from £1,550,418) – an increase of 12%
- Semi-detached homes: Currently £754,945 (from £738,954) – an increase of 2%
- Terraced properties: Currently £648,841 (from £588,936) – an increase of 10%
- Apartments: Currently £490,940 (from £514,149) – a decrease of 2%
Both detached and terraced houses have experienced a surge in value. This is likely to be due to their appeal to families, as they offer plenty of internal space, plus gardens too. Semi-detached homes also rose moderately, while apartment values fell slightly.
What factors are affecting the market?
Mill Hill has become increasingly more desirable over the last few years. Buyers are now prioritising homes with gardens and proximity to green spaces, and this place has an abundance of both. The spacious houses are also desirable, especially for those moving out of Central London.
The regeneration of Mill Hill East is another key factor. This extensive redevelopment project will bring new homes, enhanced transport services, and additional community facilities to the area, and will inevitably push prices up in the future.
Buying a property in Mill Hill
If you’re considering buying a home in Mill Hill, now is a great time to do so, before prices increase further. To find out more, talk to the Squires team today.