Why the "Humble" HA3 Terrace is Quietly Schooling the Big Detached Houses this September
Hello there, neighbour! It’s Dharmesh Doshi here. I was chatting with a friend near Harrow Weald bus garage the other day, and he told me something that made me chuckle. He said, "Dharmesh, surely the biggest houses always make the most money?"
It sounds sensible, doesn't it? You’d think a grand house with a massive garden would grow in value faster than a smaller home. But here is a secret: in our HA3 postcode, the "biggest" isn't always the "best" when it comes to how much your home’s value grows over time.
The Myth of the Big House Win
Right now, the Bank of England has set the base rate at 3.75%. While that’s lower than it was a while back, it still means borrowing money from the bank costs a bit more than we were used to a few years ago. Because of this, people are being much more careful.
In places like Kenton and Belmont, we are seeing a "Buyer’s Market." This means there are 328 properties currently looking for new owners across HA3, giving buyers plenty of choice and a bit more power to haggle.
Let’s Look at the Price Tags
If you walked into an estate agent today, here is what the "sticker price" usually looks like in HA3:
- A detached house is the king of the hill, often fetching over £1.2 million (we recently saw a beautiful one on West Drive go for £1.28 million!).
- A semi-detached house currently asks for about £595,966.
- A terraced house sits at £535,975.
- A flat is the most affordable way in, at £274,782.
Did you notice the gap? Moving from a terrace to a semi-detached house costs about £60,000 extra. That is essentially the price of a private driveway and a bit of extra elbow room!
The 7-Year Surprise
Here is the bit that will make you drop your tea. If you bought a terraced home in HA3 seven years ago, your home is worth £25,950 more today. That’s a lovely 5.1% increase.
However, if you bought a flat seven years ago for the average price of £290,196, it would likely be worth £274,782 today. That’s actually a drop of over £15,000. While shops and cafes in Wealdstone are buzzing, the "flat" market is feeling the pinch because higher mortgage costs make the monthly bills for first-time buyers quite tough, and people are choosing smaller houses over flats whenever they can.
The Big Picture: Why is this happening?
Nationally, wages are growing by 4%, which is great news! But because inflation (the cost of your weekly shop) is at 3.1%, people don't feel quite as rich as they’d like.
When you combine this with the fact that banks are approving about 58,200 mortgages a month across the UK, you see a trend: people are desperate for "forever homes" with gardens. That is why terraced houses and semis in HA3 are holding their value so well compared to flats.
What should you do?
- If you own a terrace or semi: You are sitting pretty. Your home is the "sweet spot" of the HA3 market.
- If you own a flat: Don't panic, but be realistic. It’s a "Buyer’s Market," so if you want to move, you need to price it very competitively to catch the eye of someone stepping onto the ladder.
- If you are a buyer: Look at the flats! Because they haven't grown in value like houses, there are some absolute bargains to be had in areas near Kenton Road, especially if you’re looking for your first home.
The next twelve months in HA3 will likely belong to the terraced house. They are the "Goldilocks" of property—not too expensive to heat and look after, but big enough for a growing family.