Barnet & Whetstone Property Market Update – September 2024
By Michael Holloway – Partner Hunters Estate Agents
This month’s recently released House Price Index from the property portal Rightmove confirms an increase in the asking price of new homes coming onto the market, up by 0.8 per cent this month.
Also, reported in the RICS (Royal Institute of Chartered Surveyors) Residential Survey for August 2024, confirms a positive shift in the UK housing market, spurred on by the recent decrease in mortgage interest rates. The survey further reports that buyer demand and sales activity are also on the rise, with industry professionals anticipating further growth as we move into the final quarter of the year.
The RICS report highlights the House Price Balance, which measures the difference between surveyors reporting price increases versus those seeing declines.
RICS Report Conclusions
The August survey results reveal a growing number of prospective homebuyers, with a net balance of +15 respondents reporting an uptick in this trend, compared to +4 in July.
House prices have begun to rise after nearly two years of decline. The August survey indicates a return to positive price movement for the first time since October 2022, with a net balance of +1 per cent, and +14 of respondents expecting further price increases over the next three months.
On the supply side, new property listings have seen a modest improvement (+7, up from +3 in July). Reports of increased appraisal activity suggest that this trend will continue, providing more options for buyers.
In the rental market, tenant demand remains positive, although growth has slowed. The net balance of +11 in August is down from +26 in July but still indicates solid interest from renters. However, the supply of rental properties remains constrained, with new landlord instructions continuing to decline. The net balance for new rental listings dropped to -21, down from -9 in the previous month.
This persistent shortage of rental properties is expected to drive rents higher. Near-term expectations for rental prices remain elevated, with a net balance of +39 respondents predicting further increases in the coming months.
A selection of Recently Listed Homes From Hunters
Here are just a few of our most recently listed properties for sale from our Barnet and Whetstone offices –
House for Sale in New Barnet – £865,000
House for Sale in East Barnet – £865,000
House for Sale in Barnet – £750,000
House for Sale in Barnet – Offers Over £735,000
Apartment for Sale in Barnet – Offers Over £475,000
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
See our ‘Recently Sold Properties’.
Mortgages
If you are considering a move, It is more important than ever to shop around for the best deals and remember that not all deals are advertised, some of the best deals are only available from mortgage brokers.
Contact mortgage advisors Simpson Bowers, a firm of local independent financial advisors on
020 8275 8555. www.simpsonbowers.co.uk I can highly recommend them as they have helped many of our clients, including myself.
Ready for a move this Autumn?
Please feel free to call me at our Barnet office or Elliot at Whetstone if you are considering selling your home in the Barnet and Whetstone areas, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
You can also use our Instant Online Valuation tool.
Good luck with your house hunting.
Michael Holloway – Hunters
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