Property Update - Camberwell 2014 / 2015
A number of clients, who own property in Camberwell, have struck up a conversation with me recently regarding the future of the property market in SE5. I always like to talk about the Camberwell property market, and in future articles intend to discuss the local property market, its history of rents, property values, tenant demand, and rental yields.
According to recent data from January, property values in Camberwell, were 9.52% higher than the previous year. It should be no great shock to hear that Camberwell property values are beginning to slow up, and this is now finally being reflected in the general press when referring to the London market. Property values in this postcode grew up to 2.7% per month in the Summer just gone. However, in the last few months they have slowed down considerably, rising barely over 0.23% over the last three months.
The first half of 2014 saw a buoyant market in Camberwell, but the second half of the year saw the demand starting to fade. So what about 2015? Will the Camberwell market be held back by affordability and restricted mortgage lending, the General Election and the possibility of a small interest rate rise on the horizon? It looks like a mixture of these factors have already moderated housing demand. The softening in demand has led to an easing in both property price growth and sales in the last quarter of 2014. A moderation in growth looks likely in 2015 as supply and demand become increasingly better balanced.
However, back to Camberwell, long term property values are more important than the peaks and troughs to landlords, investors and buyers alike. I’m often asked by Landlords:-
• “Should I sell my property, or even buy another?”
• “Is the time right to buy another buy to let property in Camberwell?”
• “What property bargains are out there in Camberwell?”
Many other Camberwell landlords, both who are with us and many who are with other Camberwell letting agents, like to pop in for a coffee to discuss the Camberwell property market. I don’t bite, I don’t do hard sell, I will just give you my honest and straight talking opinion.