As one of the most prominent and well-regarded residential London areas, Mill Hill offers an abundance of parks and tree-lined streets while remaining within the capital.
Many London locations, including Mill Hill, have observed steady raises of average property prices in the past twenty years.
Market fluctuations and trends vary from season to season but the past two decades have faced dramatic events that impacted the property market in unpredictable ways.
The housing market experienced an impressive growth from the year 2000 and showed no signs of slowing down. By 2004, the average price of a house in Mill Hill grew by over £110,000, while flats average prices stabilized after a notable rise, increasing by more than £23,500 in only twelve months.
When the financial instability hit the market in 2008, property prices hit a record drop of 15%, with lenders implementing severe restrictions and buyers less willing to commit to high rate mortgages.
The following years saw a slow but significant climb back to normality, until the 2016 referendum shook the economy once again, immediately impacting London’s property market considerably. Mill Hill houses and flats were similarly affected by the Brexit vote and suffered an important drop of prices.
And who would’ve foreseen the worldwide devastating events that followed the COVID 19 surge.
Under confinement and restrictions the property market immediately plummeted. With mass unemployment, salary cuts and even showings not allowed to take place, the housing prices crashed.
Mill Hill was no exception, the end of the lockdown and the introduction of the stamp duty break for buyers, stimulated the UK property market although for a short while, as the pandemic endured.
Without any certainty, experts’ predictions as well as speculations that the market will recover in the next five years, following the COVID crisis, are emerging.
The pandemic and the lockdown situation have also created a new factor, potential buyers are now considering, in their property estate investments. Green leafy trees and outdoor spaces are helping people reassess their work/life balance and opt for homes located in areas such as Mill Hill, should the country fall under lockdown again! Based on this evidence, it is most likely that the Mill Hill property market will prosper and investments will ultimately pay off in the long term.
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