Along with the warmer weather the Barnet Property market hots up

25th May 2023

Hunters SOLD board

Michael HollowayBarnet Property Market Update, May 2023.

By Michael Holloway – Director Hunters Estate Agents Barnet

Along with the warmer weather the Barnet Property market hots up.

Both the sales and lettings markets in Barnet have seen an upturn in activity this month, with entry-level properties seeing a boost in interest with an increased number of First-time buyers looking to get onto the property ladder.

High rental values are making buying a home a more attractive proposition for first-time buyers, who are additionally benefitting from a more competitive mortgage market, with average mortgage rates remaining steady despite another increase in the Bank of England base rate.

An average 5-year fixed, with a 15% deposit mortgage is now 4.56%, compared to 5.89% last October, although more affordable mortgage rates are available they only come with a larger deposit which can be a barrier to some.

The knock-on effect of the increase in first-time buyer activity has freed up the second-stepper market, resulting in an increase in second-stepper buyers which is slowly permeating through the market sectors.

The local market upturn is confirmed as a nationwide trend by Rightmoves recent House Price Index, in the report they compare the more normal market of 2019 with today’s market.

The report states that for properties at the top end of the market, buyer demand is 1% lower than in 2019, compared with 3% above 2019’s level in the second-stepper sector, and 6% above in the first-time-buyer sector. Which mirrors our own experience locally in Barnet.

Advice to sellers

Our advice to sellers considering putting their home on the market is that price is key, and that if properties are marketed at the correct price they are selling. For owners that are overly optimistic in terms of price, these properties generally attract little or no interest.

Sellers of properties that are priced correctly are taking advantage of the currently active late spring and early summer market.

Rightmove also confirms that first-time-buyer type properties hit a new record price this month. Faced with record rents, buying is a compelling option for those first-time buyers who are able to clear the mortgage and deposit hurdles, so demand is strong.

The early summer months are prime selling time, with the sun shining and gardens looking their best, so if you have the moving itch now is a great time to be selling your home.

A  selection of our recently listed homes include:

Lytton Road, New Barnet – Offers Over £575,000

Byng Road, Barnet – £975,000

Milton Avenue, Barnet – £1,150,000

Potters Road, Barnet – £525,000 

Bridle Mews, High Barnet – £700,000

Considering a move this summer?

Please feel free to call me if you are considering selling your home in the Barnet area, 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.

Ready to come to the market?

If I have already provided a market appraisal and you are ready to come to the market, I would be pleased to discuss the next steps with you.

Mortgage advice can be provided by Simpson Bowers, a firm of local independent financial advisors 0208 275 8555. I can highly recommend them as they have helped many of our clients, including myself.

Thanks for reading our Barnet Market Update

Good luck with your house hunting.

Michael Holloway – Hunters of Barnet

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