The average price for a property in Crawley has increased 6.9% in the past year, going up £20,174 from £292,085 to £312,259. This is 2.7% above the national increase in property values of 4.2%. It reflects the ongoing attractiveness of the area for buyers based on key factors such as transport links, amenities, local employment and planned changes to the local area.
£312,259 places the average Crawley property at £11,000 above the national average property value which now stands at £300,001 according to the latest figures from Rightmove. This figure is however, based on sale prices rather than sold prices with purchases now taking longer than before to complete.
Crawley therefore continues to be a good affordable property investment choice compared to surrounding locations such as Brighton, Haywards Heath and Horsham.
This 6.9% increase is also within a safe economic boundary compared to some other areas where growth has been more dramatic. With interest rates and concerns over Brexit still at the forefront of many people’s minds, Crawley is at a good position to withstand any sudden downturns in average prices or affordability brought on by interest rate changes or similar.
The property market is notoriously fickle and difficult to predict with so many economic variables at play but Industry commentators suggest that there will be a downturn in the London market after so many years of explosive growth. Figures already show that London properties are taking longer to sell than other areas of the country and prices are stalling. This could have a knock on effect on surrounding areas, especially those within an hour of London such as Crawley.
It is unlikely that this will change things dramatically in the short term but over time it could see an influx of more people in to the area as supply outstrips demand in the city and people begin to look within commutable distances. This would put a squeeze on housing in the area even with the creation of new housing developments around the boundary of Crawley, Horsham and Gatwick. If demand cannot be catered for then prices will inevitably climb in the next few years. With this in mind and with prices currently affordable and growth performing better than other areas, this is a great time to invest in the area.
Zoom995 now take on more instructions in the Crawley area than any other agent. With over 30 years estate agency experience in the town, we have a deep knowledge of living in Crawley and surrounding towns. Contact us today for a free valuation.