Morning! Morris Breuer here. Let’s play a little game of “what if.” Imagine it’s October 2019. You’re standing outside a local favourite like the cafes in Canons Park, clutching a house deposit and a dream. If you had to pick one type of home in Edgware to bet your life savings on, which one would you choose?
Did you know that if you had picked a big detached house seven years ago, your “home” would have effectively earned you about £24,500 every single year just for existing? That is more than many people take home in a part-time job! But as we look at the streets of Deansbrook and Broadfields today, the story for different types of homes is starting to look very different indeed.
The Big Picture: Why Your Wallet Feels Different
Right now, across the whole country, the people who pull the big levers, the Bank of England, have kept the main interest rate at 3.75%. For you and me, that means the “cost of borrowing” is a bit higher than it was when we were all stuck at home during the pandemic.
Because prices for things in the shops are still rising at 3.3% (what the experts call inflation), the money people bring home from work isn’t stretching quite as far. This hits our HA8 neighbours in different ways. If you’re looking at a flat in Burnt Oak, you might be feeling the pinch. But if you’re looking at luxury detached homes like those on Carlton Close or St Margarets Road, where we’ve seen sales hit £1.7 million recently, the buyers often have bigger cushions to lean on.
The Great Edgware Price Gap
Let’s look at what people are actually asking for their homes right now. If you want a detached house in Edgware, you’re looking at an average of £1,042,105.
But here is where it gets interesting. A semi-detached home is averaging £669,483. That gap of about £372,000 is roughly the price of a whole extra flat! If you choose a terraced home at £516,824, you’re saving another £150,000 compared to a semi. It’s like a giant ladder where every step up costs the price of a luxury sports car (or ten). At the entry point, flats are sitting at £319,168, which is where most first-time buyers are trying to get a foot in the door.
The 7-Year Sprint: Who Won?
If we look back seven years, the winners are clear. It’s the “big houses” that have sprinted ahead.
- Detached Homes: Your home is worth £171,605 more now than in 2019.
- Semi-Detached: You’ve gained a healthy £95,754.
- Terraced: A solid £69,779 increase.
- Flats: This is the surprise. Over seven years, price growth has been much slower, adding just £10,195.
Why the difference? During the last few years, everyone wanted gardens and home offices. That “race for space” pushed the prices of houses up like a rocket, while flats stayed more grounded because there were simply more of them available and fewer people fighting over them.
What Should You Do?
Right now, it is a Buyer’s Market in HA8. With about 450 homes for sale across the area, you have more choice than usual.
- If you own a house: You are sitting on a “pot of gold” from that 7-year growth. If you’re thinking of moving, you have plenty of value to use.
- If you are a first-time buyer: Don’t be discouraged by the flat growth. While they haven’t shot up in price, it means they are much more affordable compared to houses than they used to be. It’s a great time to stop renting.
- The 12-Month Outlook: As wages keep growing (up 3.7% lately), people will slowly be able to afford more again. I expect terraced houses to be the “sweet spot” for 2027, they offer some of that “house” feeling but without the million-pound price tag.
Whether you’re in the leafy bits of Hale or the bustling centre of Edgware, your house type dictates your strategy. Give me a shout if you want to know exactly where your front door sits on that ladder!
