Enfield, as the northernmost borough of London, retains its strong links to the capital while being gatekeeper to the countryside of middle England. Quick transport links will get you into the City in half an hour, while the bordering M25 offers escape to more rural pastures. Home to green leafy walks and heritage properties such as Forty Hall, the town is a dream location for anyone looking for a break from busy city life.
A strong reason for Enfield’s popularity with Inner Londoners is its property prices. Offering allthat city-goers desire in a post pandemic world - spacious properties, large gardens and aspeedy commute for those in the office a couple of times a week - all at an average pricec £518,000, 40% less than theaverage in Inner London.
This is one of the reasons why thetime it takes to sell a property inEnfield has dropped to a recordlow this year, averaging 54 days.
Plenty of upsizers have made Enfield their home across theyears. Similar to many suburban markets, these larger homes havebeen the big winners of the Covidboom.
The average price of a detachedhome sits well above the six-figure mark at £1,25m, with prices up 16% since 2019. On the back ofthis, Enfield saw 7% of all it’s salessurpass the £1m mark this year,the highest share on record.
As with most areas across thecountry, flat prices have not faredas well. The average price of a flatin Enfield has fallen 1% since lastyear. Meanwhile the proportion offlats sold across Enfield has fallen 3% since 2019 too.
It’s clear that once people move into Enfield they seldom find reason to move out.
Over the last 12 months, almost half(48.6%) of all buyers in Enfield already lived within the borough. Enfield's beauty has caught the eye of many Inner Londoners too. These buyers made up 21% of purchasers in the town this year, up from 9% in 2019.
There are, however, risks on thehorizon for the housing market. Interest rate rises in the face ofdouble-digit inflation may start toput limits on how much buyers canafford to pay. However, Enfield, withits more modest house prices and popularity with Inner London upsizers, mean it is likely to hold strong in the face of any oncoming flux.
With stock levels as low as they are, competition is the name of the game in thelettings market. And similar to the sales market, it's spacious family homes that are the most sought after.
Overall, rents in Enfield have risen by 10% this year to stand at an average of £1,550 pcm, marking the strongest rental growth on record.
Despite smaller homes typically seeing less growth, the average rentof a one-bed in Enfield crossed the £1,000 a month mark for the first time this year. Enfield is one of just10 boroughs where the average cost of a studio still sits below four figures.
At the other end of the scale, it's four-bed homes that have seen the strongest growth, rising by £400 or 18.9% this year. Strong growth since 2021 has pushed many families further out of the capital in order toget the space they need. And manyof these households are trying before they buy.
Landlords with properties in Enfieldare benefitting from the strong demand in the rental market. As one of the more affordable boroughs, Enfield has consistently offered higher returns for investors than the Greater London average.
Rental growth in the town is outpacing house prices, boostinggross yields. And we expect thisfigure to grow further in the coming years.
While the cost of living crisis andrising interest rates will keep a lid onhouse price growth next year, landlords will seek to pass on risingcosts to tenants through higherrents. This is why we forecast rents in London to rise 6% in 2023 and5% in 2024.
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