By Michael Holloway – Partner Hunters Estate Agents
Barnet & Whetstone Property Market Update – July 2024
The Parliament Constituency of Chipping Barnet elected a Labour MP for the first time since its creation in 1975, as the Labour Party swept to power on the 4th of July’s General Election in a landslide victory over the Conservatives. Seeing Theresa Villers losing her previous majority, in a 10% swing to The Labour Parties Dan Tomlinson.
Talking to the media after his election win, Mr Tomlison said that his time as MP would be dedicated to combating crime, such as car thefts and that Labour would focus on growing the economy and ensuring locals were better off.
The new MP got emotional during his speech as he mentioned his family, including his new baby son, whom he has not seen as much as he would have liked of late due to the campaign.
In this month’s market update, we look at how the Labour Party’s policies will impact homeowners and property buyers across North London.
What is Labour’s position on Housing?
As the newly elected Labour leader Sir Keir Starmer moves into 10 Downing Street, many of us turn our thoughts to what Mr Starmer and the newly appointed Minister for levelling up, housing and communities Angela Rayner have in store for local home movers, exactly what we can expect from the new Labour Government?
The Labour Party’s first budget and fiscal update may not come until at least September, it’s likely we will have to wait until this time to see what the new Government’s major political announcements will be.
Although In the pre-election Labour Party Manifesto (2024) ‘Change’, Sir Kier does clearly set out his party’s housing objectives.
The Labour Manifesto states –
New Laws –
‘We will make new laws so that local people in England have more say in decisions to make their area better. Like decisions about transport and housing.’
Building New Towns
‘We will have a plan for the next 10 years to get better roads, transport and other important things the country needs.
Our plans include:
- Making roads good and safe for everyone.
- Better bus services for local areas.
- Changing towns to make them better and building new towns.’
Build 1.5 Million New Homes
‘Many people cannot afford their own home.
We will change this by building 1.5 million new homes.
That includes more housing that is cheaper to rent or buy. Like social housing.’
Although slightly at odds with the positive messaging in their Manifesto, the Labour Party have announced that First-time buyers are set to see their Stamp Duty exemption reduced back to £300,000 from April 2025 but have promised a Freedom to Buy scheme.
The Labour Party’s announcement to lower the Stamp Duty threshold for first-time buyers from £425,000 to £300,000 in April 2025 leaves us wondering if the party will introduce any major initiatives that will make it easier to get on the property ladder, given their Manifesto commitment.
Local buyers are certainly looking for Labour to fulfil its pledge to introduce the Freedom to Buy scheme, as they remain concerned that buying a first home continues to be very challenging.
Time will tell if we can trust the new Labour Government to deliver on its promises, we will keep you posted.
The Local North London Property Market
Locally, market activity in and around our offices in Barnet and Whetstone has remained steady throughout the General Election campaign, and though there are signs that some would-be movers are waiting for the first Bank of England Base Rate cut, most are continuing with their moving plans.
With the current market expectations that the first Bank of England Base Rate cut may be as soon as August or September, this would be a further boost for most home-movers and bodes well for the Autumn market.
The average five-year fixed rate is now 4.97%, which while below the peak of 6.11% in July 2023, is still much higher than the average of 2.51% in July 2021, before the first of 14 consecutive rate increases.
July has seen a steady flow of new stock coming to the market with property prices holding steady as confidence is slowly returning to the local market with the economic climate continuing to improve.
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 Arkley – £1,500,000
House for Sale in London – Guide Price £1,475,000
House for Sale in Barnet – £1,195,000
House for Sale in Barnet – £1,150,000
House for Sale in New Barnet – £1,100,000
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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