MARKET SEES PRICE FALLS since Christmas
The first thing is that in general we have seen prices from 1 - 3 years ago reduce dramatically in the area - possible as much as 30% in some cases. This is good news for renters although prices are still higher than say the Government estimate for Housing Benefit of £90 per week. Meaning no one can live in Mill Hill on full housing benefit unless they can top it up.
We have asked Estate Agents and Landlords the reason. They tell us that Brexit does seem to be slowing demand at the lower end of rentals. The top end is still doing quite well for luxury flats in new developments. In addition the huge number of rental properties that have been built in the area have made a glut of choice and the consequence is that the market is bound to be pushed down.
The nature of Brexit in March 2019 will determine whether prices will stabilise of get even lower. No one knows what Brexit means - so this is still impossible to predict. A hard brexit will surely lead to a further huge drop in prices whereas a soft brexit might lead to a smaller fall.
PRICES and AVAILABILITY
As of today on ZOOPLA you can rent up to 350 one to three bedroom properties in Mill Hill and within a 1/4 of a mile of Mill Hill. This is a massive number and is going up all the time. These properties are via Estate Agents who take roughly £150 a month of the rental charge we have been told. Private landlords who organise their own lettings would be on top of this. We suspect between 400 to 500 properties are available overall at the moment. Purple Bricks currently have 14 properties to rent in the area as well.
WHAT DO YOU PAY AT THE MOMENT
ROOM in a house/flat : £550 to £700 For sharers the price is dependent on size etc.
STUDIO FLAT : £650 to £900 Again size and quality determine the price
ONE BED FLAT : £800 to £1300 The prices are going much lower on these flats. Expect furnishings to high standard at top end and unfurnished at bottom.
TWO BED FLAT : £900 to £1600 Prices are still to come down for many of these but it will only be a matter of time. Already in surrounding areas they prices are at the bottom end. Location is important for these flats and size.
THREE BED FLAT/BUNGALOW £1300 - £1800 Not many of these available but several outside the area in North London. Again prices coming down with the lowest at the moment near Mill Hill
LUXURY FLATS There are many flats in this bracket being built and prices dont follow a pattern. Needless to say they look great in photos but are often small and expensive. Location on the Ridgeway adds around £1000 a month as well. So about £2000 for 1 beds and £2,500 for 2 beds.
PRIVATE LANDLORDS : Expect to see around £50 to £100 reduction on these prices.
SHOULD YOU PAY TOP/ADVERTISED PRICE AT THE MOMENT ?
If you are going to rent this summer then it is a renter who has the power. There is no need to match the asking rate anymore. You can offer below the asking rate because frankly unless you are after the lowest price on offer you will always be able to get something cheaper. In addition the possible reduction again next Spring with Brexit is something to bear in mind. You could end up locked in a more expensive deal. Waiting for Brexit is a good idea if you can.
So our advice is look around and negotiate if you find somewhere you like. We have been based in Mill Hill since 1989 so we know how it all works. Estate Agents are finding it hard - Hethringtons has closed - Statons still has not opened in Mill Hill despite having an office - and others are now working in Herts to increase business. New build estates seem to be where it is at for Estate Agents at the moment because the rental market is very slow.
Please tell us your thoughts on our TWITTER feeed or on INSIDE MILL HILL in the link thread. We would like to hear about your views on the property market in Mill Hill and whether you think the massive new developments at NIMR and PENTAVIA will reduce prices further ?
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