By Michael Holloway – Partner Hunters Estate Agents
Spring Bounce Pushes Asking Prices Close to Record High
Traditionally, the property market has been a seasonal business, with the Springtime market being one of the busiest. This has not been so in recent years but it seems that 2024 has seen the return of the seasonal springtime bounce.
Certainly within the local Barnet and Whetstone markets we have seen a significant increase in the number of homes being listed and buyer demand is also the strongest it’s been this year.
The seasonal trend is not just limited to the North London market, as the recently published House Price Index from Rightmove confirms, with average asking prices of property coming to the market this month having risen by 1.1%, just short of the record in May 2023, while the annual rate of price growth is now +1.7%, the highest level for 12 months.
However, the report points to the increase in asking prices of properties at the top end of the market being the key factor behind this month’s growth. The top-of-the-ladder sector has seen its strongest start to the year for price growth since 2014.
Price Sensitive
The Rightmove report does strike a cautionary tone, confirming that the market remains price-sensitive and operating at different speeds, with prices and activity rising more slowly in the more mortgage dependent first-time buyer and second-stepper sectors.
Despite the small increase in asking prices and the general sense of greater optimism across the lower end of the market, high mortgage rates are continuing to stretch affordability for these buyers. This market sector is very price-sensitive, with prices and sales activity rising more slowly in the more mortgage-dependent, mass-market.
More encouraging are the number of new sellers coming to the market which is up by 12% compared to this time a year ago, and the number of sales being agreed is up by 13% as both sellers and buyers take advantage of the Spring bounce.
Top End of the Market
The Rightmove report also confirms that the biggest growth in activity is taking place at the top end of the market, with the number of new sellers in this sector are up by 18% compared with last year, and the number of sales being agreed up by 20%.
Home movers in this sector are typically less sensitive to higher mortgage rates, as well as being more equity-rich, contributing to their ability to move. While some buyers, across all sectors, will feel that their affordability has improved compared to last year due to economic stability, with inflation largely under control, wage growth and house prices holding steady.
Recently Listed by Hunters
Here are just a few of the recently listed properties from our offices in Barnet and Whetstone –
House for Sale in Barnet – £1,250,000
House for Sale in New Barnet – Guide Price £750,000
Bungalow for Sale in London – £675,000
House for Sale in London – £600,000
End of Terrace Under Offer – £565,000
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 Springtime move in Barnet or Whetstone?
Please feel free to call me at Barnet 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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