Barnet & Whetstone Property Market Update – March 2025
By Michael Holloway – Partner Hunters Estate Agents
As the stamp duty deadline approaches, homebuyers in Barnet & Whetstone who have missed the cut-off may still find some good news in the market. This spring, the number of available properties has reached a decade-high, with many sellers adjusting their expectations due to increased competition, according to a recent report.
Rightmove’s monthly house price index confirms that the average price of a property coming to market across the UK has risen by 1.1%, or £3,867, this month to £371,870, aligning with the long-term average increase in March.
Barnet & Whetstone Market Update
Locally, the property market in Barnet, Whetstone and surrounding areas of North London in March remains strong, with a steady flow of motivated buyers. Although, unlike in previous years, where sellers may have been tempted by the early signs of spring to list their properties at inflated prices, most recognise the importance of realistic pricing to attract serious buyers, in what is a competitive market.
At Hunters, we’ve had a busy month, as buyers hurry to complete transactions before the stamp duty tax break runs out on the 31st March. Stamp duty thresholds, which were temporarily increased in September 2022, are due to revert to the 2022 levels after the deadline, meaning buyers who miss the deadline may face thousands of pounds in additional tax costs.
Market Resilience in North London
Despite ongoing economic challenges, Barnet and Whetsone’s property market has remained resilient and broadly in line with the index findings, which confirms the number of sales agreed is 9% higher than this time last year, while the number of new sellers is 8% ahead of 2024 levels, according to Rightmove.
Mortgage rates, though slightly lower than last year, still impact affordability for buyers. Currently, the average five-year fixed mortgage rate stands at 4.74%, down from its peak of 6.11% in July 2023, but only marginally lower than the 4.84% recorded at this time last year.
Matt Smith, a mortgage expert at Rightmove, noted, “The global economic situation is causing minor fluctuations in mortgage rates on a weekly basis. Those with smaller deposits are facing the biggest challenges, making it even harder for first-time buyers and those needing larger loans.”
As expected, The Bank of England kept interest rates unchanged at 4.5% in the 20th March announcement, but the downward trend is likely to continue in the coming months.
Rightmove has welcomed proposals from the mortgage regulator to simplify responsible lending. These potential changes could make mortgage processes more accessible and, in the longer term, allow first-time buyers to borrow more under controlled conditions.
For those looking to buy or sell property in North London, the market presents both opportunities and challenges. We advise buyers and sellers to take a pragmatic approach, as realistic pricing and informed decision-making will be key in navigating the ever-changing property landscape.
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 Barnet – £995,000
House for Sale in London – £1,150,000
House for Sale in London – £1,050,000
House for Sale in Barnet – £925,000
House for Sale in Barnet – £775,000
House for Sale in London – £695,000
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 Spring Move?
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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