Our local property expert Nick Guy from Martin & Co shares his insight into the Redhill property market.
Nationally it has been a busy year within the residential property market. The sales market enjoyed peak activity in June due to the first band in stamp duty savings coming to an end, and the rental market has seen rents steadily rising as demand outstrips supply. Redhill has undoubtedly benefited from this surge in activity borne out by the facts below:
- Over the last 12 full months there have been 913 sales in Redhill. This is a 17% change on the previous 12 month period. The average sale price was £419,511.
- 24% of sales in the past 12 months were flats, achieving an average sales price of £239,607. Houses achieved an average price of £500,943. The total value of sales was £411,469,250.
- The highest value recorded by the Land Registry over the past 12 months was £545,000 for a flat and £2,150,000 for a house.
- 79% of properties let in the past 12 months were flats, achieving an average rental value of £982 per month. Houses achieved an average rent of £1,439 per month.
This busy market has of course put an upward pressure on local property values and the below graphs (the first for housing, the second for flats) not only show just how much values have increased but also that Redhill has significantly outperformed the rest of the Greater London market:
Redhill remains a key commuter belt town for housing and whilst we are unlikely to see the growth levels experienced in 2021 the current inward investment in the town centre should see property values continue to rise as move into 2022. The Marketfield Way development will bring a new dynamic to the town and its completion next year should see a further surge in demand from prospective buyers and tenants keen to live in the area and take advantage of the new amenities Redhill has to offer.