With the prices of property in Central London climbing to record highs, people are looking for cheaper options. One of the areas to consider is North London, where property prices are substantially lower. Seven places worth considering in the north of London are Arnos Grove, Bounds Green, Cockfosters, Enfield Town, Palmers Green, Southgate and Winchmore Hill.
These all have a wealth of character and a multi-cultural environment and buzz that sets them apart. With many of these areas being redeveloped, it’s a good place to live and commute into the city centre. The six boroughs that make up North London are currently home to more than 1.4 million people, a bigger population than many UK and European cities.
How much is my house worth? In February 2017, the current average value of a property in North London was estimated at £649,617. This has decreased by nearly half a percent from November 2016. The current average property value in Central London is £1,459,408, which is more than double!
Here are some property values and average rentals in the 7 areas listed above:
Arnos Grove
The average overall property price here is £648,581 and the average rent is £309 per week. A one-bedroom flat sold recently for £429.950, while a three-bedroom semi went for £650,000. Currently being advertised is a 1-bedroom apartment for £400,000 and a 2-bedroom bungalow under auction at offers starting at £390,000. A 12th floor two-bedroom flat is for rent at £1,250 per calendar month, while a two-bedroom maisonette is priced at £1,480 per calendar month.
Bounds Green
The average property price for a terraced house is £741,745, while flats were selling at an average of £393,120. The average rent stands at £267 per week. A three-bedroom end of terrace is selling at £650,000, while a three-bedroom semi-detached house is going for £950,000. An upmarket ground floor two-bedroom apartment is asking £1,600 per calendar month, while a first floor flat with 2 bedrooms is advertised at £1,395 per month.
Cockfosters
At the north end of the Piccadilly Line at Cockfosters, the overall average property price is £637,527 (the average for a detached property stands at £1,135,875) and the average rent is £575 per week. A three-bedroom terraced house is going for £599,950 and a five-bedroom detached house for £2,950,000. On the rental side, there’s a studio apartment for £850 per calendar month, and a one-bed maisonette for £1,100 per month.
Enfield Town
On the outer edge of North London, Enfield has a country feel to it. There are some charming pubs for a lunchtime or evening pint and a good selection of shops and restaurants. The average terraced property price here is £462,450 and the average rent £371 per week. A 4-bedroom semi-detached house is advertised at £550,000, while a 3-bedroom townhouse is selling for £885,000. For those wishing to rent there’s a 4-bedroom house at £2,150 per calendar month, a 1-bedroom ground floor flat at £960 per calendar month, and a 2-bedroom terraced house at £1,500 per calendar month.
Palmers Green
The overall average property price for a house for this area is £502,234 and the average rent £401 per week. A 1-bedroom flat is selling for £350,000, a 4-bedroom semi-detached house for £880,000 and a top-floor 1-bedroom flat for £250,000. The rent for a three-bedroom end of terrace is £1850 per calendar month, a second floor one-bedroom flat is advertised at £1,150 per calendar month and a one-bedroom maisonette flat is advertised at £1,250m per calendar month.
Southgate
Nestled close to Barnet, this leafy North London suburb is a very popular and cheaper place for families to live. With good schools and an easy commute to central London via the Piccadilly Line, Southgate is an attractive option. It has some great cafes, shops and restaurants and is a hidden North London gem.
The average property price for a semi-detached house in this area is £760,346, while flats sell at an average of £366,104. A two-bedroom purpose-built first floor flat, offering easy access to both Southgate and Oakwood tube stations, bus links, shopping and leisure amenities is advertised at £235,000, while a three-bedroom semi-detached house is on the books at an asking price of £675,000. For rent, there’s a 4-bedroom semi-detached house for £2,000 per calendar month and a top floor, one-bedroom apartment for £1,050 per calendar month.
Winchmore Hill
A terraced property here averages £566,152, while rentals come out at £340 per week. A 5-bedroom semi is advertised for £875,000, while a two-bedroom detached house is on sale for £775,000. To rent there’s a three-bedroom detached house at £2,100 per calendar month, a two-bedroom cottage at £1450 per calendar month and a studio flat at £825 per calendar month.
