There is a great deal to be said for examining property prices now and what they used to be. This can give you an indicator of the level of demand and expectancy for the market, while some people will try and predict future developments from what has happened in the past. No matter your reason for checking out the changes in property prices in Maida Vale in the last 12 months, there is an interesting finding.
In the past year, property prices in Maida Vale have increased by 12.9%. By the same extent, house prices for the whole of London have just risen by 0.1% in the same time-frame. It is often pointless comparing parts of London to other areas in the country for property prices, but the clear difference between prices in Maida Vale and prices in London as a whole are startling. There will be parts of London that are rocketing, the Crossrail effect is still impacting on areas, but there are parts of London where property prices are slowing down or even falling. If you are looking to buy in London, the rising prices in Maida Vale may put you off in comparison to other areas, but it is all about your own perceptions on value and worth.
Maida Vale is a highly desirable area
Given this notable rise in property values in Maida Vale, it is clearly an area that people want to live in, and an area that people believe will provide long term benefits. If you have the finances and are looking for a place that offers short and long term benefits, Maida Vale represents an excellent location to stay. It is a stunning and affluent area of London but the movement of the market indicates that there is still clearly a demand for properties in the area that is racing faster than demand, and this has led to the notable rise in house prices in Maida Vale in the last 12 months.
It is also worth noting that the current property prices in Maida Vale are 45.1% higher than the average property price in London. The current average property price in Maida Vale stands at £747,572 while the average property price in London stands at £515,292. Again, this reflects the nature of home, and the area itself, of Maida Vale in comparison to many other parts of the English capital.
With respect to the average rental price in Maida Vale, this stands at £912 per week. The average rental price in London stands at £734 per week, which means that rental prices in Maida Vale are 24.4% above the average in London.
Anyone who knows the area of Maida Vale will not be surprised over these figures, or indeed, the way that property prices in the area are moving higher and faster for prices across London. Maida Vale is definitely not the place that the average first-time buyer or young family will move into, but it is an aspirational place where people move up to, which often creates spaces further down the line in other areas, which means that Maida Vale has a strong role to play in the overall London property market.