Property Prices Continue to Rise as the Spring Market Hots-up.
By Michael Holloway – Partner Hunters Estate Agents
Along with the early signs of Spring across North London the traditionally strong springtime market has had an early start in 2024 with significantly more homes coming to the market and increasing buyer demand.
As we continue to see positive signs from the economy, with inflation falling, interest rates stable, and perhaps most relevant the availability of more competitive mortgage rates, confidence is steadily returning to the Barnet and Whetstone property market.
We are seeing local sellers that have previously been apprehensive of marketing their homes due to higher mortgage interest and the economic uncertainty being tempted back to the market as normality returns.
Buyer activity has also seen a significant increase in March as property stock levels increase, as well as the availability of more affordable mortgages and continued high rents, seem to be driving buyer demand.
Average House Price Increases
The property portal Rightmove produces a monthly ‘House Price Index’, the index is the property industry’s guide to the performance of the property market. There are of course regional variations, but from a Big Data perspective, it provides an overview of the UK property market.
The March index, published a few days ago makes interesting reading, here are the key metrics and observations –
Asking prices –
The index confirms that average asking prices have increased at their highest rate for 10 months during March, showing the average price of property coming to the market for sale rose by 1.5% or £5,279 in the month to £368,118.
The figure is higher than the historic average March increase of 1.0% and is up 0.8% annually. Whilst average asking prices are still £4,776 below the May 2023 peak.
Sales agreed –
Rightmove’s analysis shows that the number of sales being agreed is 13% higher than at this time last year, while buyer demand is 8% above last year, led by the less mortgage-rate-sensitive larger homes sector and London. Agreed sales in the less mortgage-rate-sensitive top-of-the-ladder sector are now 18% higher than last year.
It also confirms that it is this largest homes sector which is driving more people to get in touch with estate agents than at this time last year. In March so far, buyer demand for top-of-the-ladder properties is 12% higher than the same period last year, compared with 8% higher overall for all property types.
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 – £1,525,000
House for sale in Barnet – £1,250,000
House for sale in Barnet – £750,000
House for sale in Barnet – £675,000
House for sale in Whetstone – £690,000
House for sale in Barnet – Offers Over £520,000
Know of anyone or have a requirement for a retirement flat? We have one in High Barnet close to the Town Centre.
Flat for sale in Hillside Gardens – £165,000
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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