Promising start to the 2024 Property Market in Barnet and Whetstone
By Michael Holloway – Partner Hunters Estate Agents
The property market in the Barnet and Whetstone areas of North London has largely defied the widely anticipated and much predicted crash in 2023, only seeing single-digit percentage falls with property prices remaining above pre-pandemic levels. After what was an unprecedentedly strong boxing day bounce, the 2024 property market has started with a bang, as optimistic media speculation continues to intensify over predictions of property price increases and lower mortgage interest rates.
As January comes to a close and anticipation for the spring market grows, the 2024 property market seems poised for another year of transformation and evolution. With economic, social, and environmental factors all playing their part, predicting the future of the local Barnet and Whetstone property landscape is never easy.
What the Papers Say
‘House Prices now forecast to rise this year’ – 5th January 2024, The Times
In a piece by Tom Howard the article, confirms that according to the recent Halifax survey, prices rose by 1.1 per cent in December to reach an average of £287,105. And that economists now forecast that house prices will rise this year, as falling mortgage rates and the expectation of government support increase what would-be buyers will be able to afford. The expectation among most analysts had been for prices to head lower in 2024, perhaps by as much as 4 per cent. However, there is a growing consensus that house prices will more likely rise.
‘Price war hits banks as rates fall below 4%’ – 6th January 2024, The Independent
Written by Andy Gregory – The article confirms that Mortgage brokers are gearing up for “price wars” among banks vying for competition, as major lenders introduced deals with interest rates of less than 4 per cent. First Direct is launching two products at 3.99 per cent from Friday, while several of HSBC’s rates are now below 4 per cent for the first time since April, in what brokers have said “could be a sign of things to come” after the number of first-time buyers with a mortgage hit a 10-year low in 2023.
‘Mortgage rates cut by UK’s biggest lenders as price war heats up’ – 11th January 2024, The Times
Written by George Nixon – Britain’s largest mortgage lenders have cut mortgage rates this year to below 4 per cent as competition between banks delivers further good news for homeowners. Barclays and Santander became the latest banks to make big rate reductions, cutting the cost of fixed-rate deals on Wednesday by up to 0.82 percentage points. Santander cut some of its cheapest five-year fixed-rate deals to below 4 per cent, joining the Co-operative Bank, HSBC and Virgin Money. Barclays now has the best two-year fix at 4.17 per cent for those buying a property after cutting rates by up to half a percentage point. Six of the seven largest mortgage lenders, and 31 banks and building societies in total, have made big rate cuts this year. Skipton and Darlington building societies will cut rates on Thursday, as will Halifax.
Optimistic Outlook for the Barnet and Whetstone Market
With the media’s unusually optimistic outlook for 2024, the strengthening competition within the mortgage market offers valuable insights into the future trends and dynamics of the Barnet and Whetstone property market, helping us anticipate what to expect.
The positive reporting matches our own experience of the local market, as buyers and sellers seem to have a real spring in their step, certainly based on the strong levels of activity levels of business in the first month of 2024.
Ready to come to the market?
Give me a call if you’re ready to come to the market and I’ll talk you through the next steps.
A few of this month’s new listings
Here are just a few of the recently listed properties from our offices in Barnet and Whetstone –
House for Sale in New Barnet – Offers Over £1,050,000
Edwardian house for Sale in New Barnet – £1,050,000
House for Sale in Barnet – £895,000
Penthouse for Sale in London – £695,000
House for Sale in Barnet – £850,000
Penthouse Apartment for Sale in New Barnet – £499,950
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.
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.