Barnet Property Market Update, January 2023.

24th January 2023

Hunters - Sold Board


Michael HollowayBarnet Property Market Update, January 2023

By Michael Holloway – Director Hunters Estate Agents Barnet

At a time when much of the mainstream media seems to be talking down the property market, I read with interest, this week’s article from property portal Rightmove, confirming that January has seen the ‘Biggest New Year bounce in three years’ with an increase in values.

The article outlines the findings of their ‘House Price Index’, which is, according to Rightmove, the most up-to-date monthly data on asking prices in England, Scotland and Wales. Consequently, they are able to see what’s happening in the housing market in real-time. January has seen the average asking price of property in Great Britain rise by 0.9% to £362,438.

There needs to be a measure of caution when interpreting any statistics, so putting some perspective into the recent increase, it’s important to remember that this follows the uncertain final few months of the housing market in 2022, and the reported two months of price falls in November and December.

January’s increase, when these two months are taken into account, shows a more accurate picture, that average prices are still 2% lower (£8,720) than they were at their record peak in October last year. Understanding this is important, but nevertheless, a positive increase in January is significant, as this does show that confidence is returning to the property market.

Local Barnet Property Market

The Rightmove report offers a positive insight, but it would be remiss of me to propagate the idea that local property asking prices are increasing.  Although encouragingly, it has not been my experience that local property prices have fallen either.

Our experience over the last quarter, following the shock of the initial fallout from the mini-Budget, is that the market stalled for four to five weeks.  Existing buyers continued with their purchases, due to the previously agreed low mortgage interest rates, but new enquires took a big hit, dropping by around 50%.

In those early days, the end of November to early December 2022, we received some low offers, possibly genuine apprehension, but more so people trying it on in the hope of bagging a bargain.

From early December the market has gained in confidence with more buyers coming to the market and things becoming more settled as the weeks pass. Gone are the bidding wars and property being sold in excess of the asking prices of last year. Today most if not all sales are agreed either at or pretty close to the asking price (currently 98.35% with us).

Sales agreed

A selection of some of the properties we have agreed sales on during December and January – At an average of 98.35% of the asking price.

Hasluck Gardens, New Barnet – Guide Price £1,250,000


Hadley Grove, Barnet – £950,000


Wentworth Road, Barnet – £750,000


Falkland Road, Barnet – £750,000 


Leeside, Barnet – £695,000


Barnet Road, Barnet – £550,000


Sebright Road, Barnet – Offers Over £500,000


Calvert Road, High Barnet – £500,000 


West End Lane, Barnet – £400,000


Station Road, Barnet – £380,000 


Considering a move in 2023?

Please feel free to call me if you are considering selling your home in the Barnet area, either for an informal chat about how we might help you with this or to book a market appraisal.

You can also use our Instant Online Valuation tool.

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.

Good luck with your house hunting.

Michael Holloway – Hunters of Barnet

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