By Michael Holloway – Partner Hunters Estate Agents
Property Market Momentum Maintained as Inflation hits 2%
Whilst talk of the General Election dominates the media, the local property market remains largely unaffected, with buyer demand still strong and plenty of new properties being listed by both our Barnet & Whetstone offices.
We hope the Goldilocks Effect of the market being not too hot and not too cool will stay with us for a while, as the manic seller and buyer markets we’ve seen in recent years are challenging and stressful for us all.
The economy is in better shape now than it’s been since Kwasi Kwarteng’s dreadful Mini Budget in September 2022, as last week’s announcement that inflation hit 2% in the year to May confirmed, its lowest point for three years. As well as The Bank of England also confirmed last week that interest rates will remain steady at 5.25%, with the markets expecting this to fall later in the year. The steady economy adds further to the property market’s sense of stability and the growing confidence of both buyers and sellers.
Our yardstick for the general state of the property market is Rightmove’s House Price Index, in the recently published June report they also confirm that the market is stable, with virtually no change, a drop of £21 on the previous month in the average asking price of property coming on to the market. Which is what we have come to expect at this time of year and seems to be a familiar seasonal pattern of recent years.
The report goes on to confirm that the majority of buyers and sellers have continued their plans since the election was called, with the only sign of election caution being a slight drop in the number of new sellers especially at the typically more discretionary top-end of the market. Over the last four weeks, the number of sales being agreed has stayed steady at 6% higher than a year ago
Buyer demand has also remained stable and is now 5% higher than last year. This supports Rightmove’s poll of over 14,000 people, where 95% of those planning to move home said that the election will not affect their plans.
The Local North London Property Market
Locally, the market in and around our offices in Barnet and Whetstone hasn’t seen any impact on either buyer demand or the number of sellers listing their homes since the Prime Minister called an early election.
It’s great to see stability return to the local market, with buyers and sellers able to take a little more time in the decision-making process and not feel pressured to make snap calls on what is the biggest financial transaction of most people’s lives.
We have seen an increase in the amount of stock coming to the market in June and with prices holding steady, more buyers are being encouraged to make the move with the confidence that the more steady economic climate brings.
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 – £925,000
House for Sale in Barnet – £800,000
House Under Offer in Barnet – £795,000
House for Sale in Barnet – £765,000
House For Sale in Barnet – £665,000
Flat for Sale in Barnet – £450,000
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 in Barnet or Whetstone?
Please feel free to 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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