Barnet & Whetstone Property Market Update – October 2024
By Elliot Thunder-Blair – Partner Hunters Estate Agents
Home Sales Agreed up 29% on Same Time Last Year
Rightmove’s latest House Price Index reveals a 29% increase in sales agreed compared to the same period last year. The report highlights a “healthy level of underlying buyer demand,” with more people planning their next move.
Additionally, the index reports that the number of enquiries made to estate agents about homes for sale has risen by 17% compared to the same time last year.
However, the report notes a lower than expected trend in the price of property coming onto the market, which has seen a modest 0.3% increase in the past month, significantly below the typical growth expected for this time of year.
The comment from Rightmove says: “This is a much lower monthly increase in new seller asking prices than is typical at this time of year, with the long-term average October rise being 1.3%. This much more muted than usual Autumn price bounce comes as buyer choice increases to a level not seen for 10 years, putting downward pressure on price growth.”
New Property Sellers – Pricing to Sell
The Rightmove House Price Index adds that this month’s limited price growth is partly due to some sellers pricing their properties more competitively to attract buyers, especially as competition among sellers increases.
‘Some sellers appear to be acting on this caution, contributing to limited price growth and better buyer affordability. This is helping to keep the number of sales being agreed consistently and strongly ahead of the quieter market of this time last year.’
‘We’re not seeing activity slow down, but some market commentators report that some movers are now waiting for Budget clarity and anticipated cheaper mortgage rates later this year. However, others state that movers are largely just getting on with plans.’
Higher Availability of Homes For Sale
The report continues by confirming the number of available homes for sale is 12% higher than at this time last year, which mirrors our own experience at Hunters, with stock levels of homes currently for sale at its highest since 2014.
Competition for buyers is especially fierce in the upper end of the market, with the number of four and five-bedroom detached homes for sale up 17% compared to last year. This creates a buyer’s market, emphasizing the importance for sellers to price competitively as affordability remains tight and buyers have more options.
Affordability remains the biggest challenge for many movers, with mortgage rates still high compared to recent years. However, if the widely expected Bank of England rate cut does materialise, it could provide the boost that many prospective buyers have been waiting for.
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, Barnet – Offers Over £950,000
House for Sale, Barnet – £835,000
House for Sale, Potters Bar – Offers Over £725,000
House for Sale, East Barnet – £700,000
Cottage for Sale, New Barnet – Offers Over £650,000
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
The Rightmove weekly mortgage tracker shows that the average 5-year fixed mortgage rate is now 4.61%, up from 4.55% last week, the first weekly increase since May
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 or visit their website – 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 either our Barnet, or Whetstone offices if you are considering selling your home in or around these areas of North London, for an informal chat about the market on 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.
Elliot Thunder-Blair – Hunters
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