October 23 Market Update from Hunters Estate Agents in Barnet and Whetstone
By Michael Holloway – Partner Hunters Estate Agents
Providing a market update is something I’m asked to do most days, whether people are considering buying a new home, selling or sometimes even at the sandwich shop, what’s happening in the property market is seemingly a topic people never tire of talking about.
The reality is that the property market fluctuates and at a local individual level is often influenced more by people’s own personal circumstances than normal market drivers. A first-time buyer will look at the market in an entirely different way to a downsizer, as the first-time buyer almost certainly requires a hefty mortgage and a downsizer will generally be mortgage free.
It’s people’s circumstances that determine how they see the market, so any overview will more often than not require the person’s situation to be taken into account when offering advice.
There are of course some underlying truths that affect us all, number one, is that even the most optimistic cannot fail to acknowledge that the property market is seeing a correction from last year’s market frenzy, as the Bank of England’s interest rate increases seem to be having the desired effect of slowing inflation.
The higher interest rates are of course a concern for buyers requiring finance, although it is perhaps the impact of the rise in the cost of living, fuelled in no small part by an overly pessimistic media, that is causing the biggest knock to buyer confidence in the property market.
The local Barnet and Whetstone market.
For those considering a home move in and around the Barnet, Whetstone and surrounding areas of North London, despite the economic pressures, people are still moving home, first-time buyers still want to buy their first property, which in turn enables the second steppers to get moving and so it continues.
The first-time buyer market is currently the most active, and as long as these property types are marketed at a sensible price, they sell fairly quickly. For those that need to sell, the price is the biggest issue we have when advising property owners on how to market their homes. Owners that struggle to adjust their price expectations to match current activity levels are finding that their homes generate little viewing interest and are often left unsold without any buyer interest.
The recent House Price Index report from Rightmove, offers some interesting insights –
The report leaves no room for doubt by very clearly stating that ‘sellers need to capture attention with a competitive price from the first day of marketing, as starting too high and reducing later damages the chances of a sale.’
This is what the data says –
- The number of buyers enquiring about each available home for sale is 8% higher than the more normal market of 2019.
- Importance of immediate buyer interest: if a property receives its first buyer enquiry on the first day of marketing rather than after two weeks, then Rightmove data shows that it is 60% more likely to find a buyer.
- The proportion of homes that are finding a buyer has dropped from eight in every ten at the height of the frenzy, to a more subdued sales rate of six in every ten, making pricing competitively more critical to really stand out.
Mortgages
Average fixed mortgage rates have now fallen for 11 consecutive weeks, with the average two-year fixed rate now below 6% for the first time since June, and the average five-year fixed rate dropping from 6.08% 11 weeks ago to the current 5.43%. 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. I can highly recommend them as they have helped many of our clients, including myself.
Recently Listed by Hunters
Here are just a few of the recently listed properties for sale in Barnet and Whetstone –
Field End, Barnet – £1,250,000
Bedford Mansions, Bedford Avenue – £650,000
Beaconsfield Road, New Southgate – £450,000
Belmont Avenue, Cockfosters – £1,000,000
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’.
Our New Whetstone Office
We welcome new prospective clients in Whetstone and offer free without obligation market appraisal and advice. The transition has been seamless injecting new life and enthusiasm into the office, enhancing our ability to serve clients effectively. With the infusion of fresh leadership and resources our reach has grown even further
Contact our Whetstone Office.
Ready to move in Barnet or Whetstone this Autumn?
Please feel free to call me at Barnet 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.
See what our customers say – Customer reviews
Good luck with your house hunting.