Average house prices in Enfield rose significantly in the 12 months to January 2017, starting to grow again at the beginning of the year after three months of contraction – but remaining below the London average, a study has revealed.
The latest UK House Price Index, published by the government’s Land Registry on 21 March, found that the average house in the north London borough was worth £ £397,004 in January – when the data were last recorded.
It means the average price increased by 9% in one year – up from £364,189 at the beginning of 2016.
The Enfield figure exceeded the average increase in London; overall, prices in the capital went up by 7.3% in the same period. However, properties in the north London borough remain cheaper compared to the London median price of £490,718.
The figure for January 2017 meant that prices in the borough started to grow again after a decline in the last three months of 2016: the average price for a property in the area reached its peak in September at £404,397, then decreased by almost £10,000 – it was £394,691 in December – before the January growth, which brought it back to the summer levels (just above the £396,630 figure for August).
And Enfield prices might grow further over the next few years due to the prospect of Crossrail 2.
According to plans presented in autumn 2015, the new fast rail track from Surrey to Hertfordshire across London, which could open by 2033, will stop at four stations in Enfield – Ponders End, Brimsdown, Enfield Lock and the new Meridian Water station.
Research published by The Telegraph in spring 2016 showed property values around these four stations had already started being influenced by the plans, showing a strong increase between 2012 and 2015 – by 19.71% at Enfield Lock, 42.40% at Brimsdown, 42.46% at Ponders End and 34.20% in the current Angel station area, where Meridian Water station will be built.
A further increase is also suggested by the experience drawn from the Elizabeth line (Crossrail 1), the ‘twin’ track running from east to west of London, which – more than three years before its completion – has already added an estimated £5.5 billion to property values along its route.