Barnet Property Market Update, March 2023.

Barnet Property Market Update, March 2023.

By Michael Holloway – Director Hunters Estate Agents Barnet

With longer days and the brightening Springtime weather, the Barnet property market is increasingly active, with both new buyers and sellers looking to take advantage of the Spring market, which has historically been a busy time in the property business.

In recent weeks, we have seen a steady flow of local homeowners planning for, and preparing their properties in readiness for the spring market and a home move. There has equally been an increase in the number of buyers registering with us with a view to purchasing a new home.

First Time Buyers

Of the interested buyers, a good number of these are first-timers, a good sign that confidence is returning to the market, and good for the market as a whole, as first-time buyers are the foundation.

Further weight to this is given by the recent House Price Index from property portal Rightmove, confirming that sales agreed in this sector have recovered faster than expected, and in the last few weeks are just 4% behind the same period in the more normal market of 2019.

Compared to the market as a whole, the average price of property coming to market increased by 0.8% this month, and annual asking price growth eases to +3.0% as the market cautiously moves towards pre-pandemic activity levels, despite the economic turbulence.

Downsizing

Whilst it should be of no surprise, we also are seeing a good number of enquiries from both buyers and sellers considering the downsizing option. With the impact of the cost of living increases, many older couples where their children have left home and no longer need the space of a large family home or the cost and responsibility of the upkeep, are choosing to downsize to something more manageable and more efficient to run.

Here are a selection of our most recently listed homes –

Whitings Road, Barnet – Price £525,000

Leicester Road, Barnet – Price £1,065,000

Bedford Avenue, Barnet – Price £1,250,000

Sutton Crescent, Barnet – Price £395,000

Considering a Springtime move?

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?

Spring is a great time to sell your property. 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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