By Michael Holloway – Partner Hunters Estate Agents
Local Barnet & Whetstone property market strengthens and house prices increase.
Following the promising start to the 2024 property market in January, the local North London market has, if anything, become even busier throughout February as buyer and seller confidence returns. Supported by an increasingly positive media outlook with reports that average house prices have increased for the fourth consecutive month.
Market confidence is further supported with positive signals from the economy as interest rates and inflation seem to be holding steady, and as competition within the mortgage markets hots up with the increase in activity, offering buyers more choice with some pretty good fixed-rate mortgage deals.
February has also seen the release of House Price Index’s from the Halifax Bank and the property portal Rightmove, both confirming increases in average house prices.
Halifax House Price Index (January 2024)
In their recent House Price Index, The Halifax reported the fourth consecutive month of house price increases.
The report confirms that house prices have risen for the fourth month in a row, Halifax recorded a 1.3% increase in January as lower mortgage rates ease pressure on buyers.
With January’s rise, the average price of a house in the UK now stands at £291,029, up from £287,105 in December, according to Halifax. It means that despite repeated fears of a correction, prices are 2.5 per cent higher than they were a year ago and only £2,000 or so below their peaks in the autumn of 2022.
Key Points:
- Average house prices rose by +1.3% in January, the fourth monthly rise in a row
- Property prices grew +2.5% annually, the highest annual growth since January 2023
- Typical UK home now costs £291,029, over £3,700 more than last month
- South East England continues to see the most downward pressure on house prices
Kim Kinnaird, director, of Halifax Mortgages, said: ‘This is the fourth consecutive month that house prices have risen and, as a result, the pace of annual growth is now 2.5%, the highest rate since January last year. The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market, has contributed to increased confidence among buyers and sellers. This has resulted in a positive start to 2024’s housing market.’
Rightmove House Price Index (February 2024)
Whilst the Halifax makes for interesting reading and does represent a significant data set, it is limited to Halifax clients.
Rightmoves House Price Index draws on a much larger data set, although the data is focused on asking prices and not the sale price on which the Halifax Index is based.
Key points:
- Average new seller asking prices rise by 0.9% (+£3,091) this month to £362,839. The annual price change moves tentatively back into positive territory after 6 months of annual price falls, with prices up by 0.1% on a year ago.
- Agreed sales in the first six weeks of 2024 are 16% higher than over the same period last year, and 3% higher than in the more normal market of 2019, indicating that many early-bird buyers feel that 2024 offers the right conditions to move.
- The growing market momentum is also evidenced by the increase in activity of both buyers and sellers on Rightmove with 7% more new listings coming to market than last year, and a 7% upturn in the number of buyers enquiring.
- However, the market remains very price-sensitive, and appears to be operating at two speeds, with properties that are priced accurately being snapped up by budget-conscious buyers, whilst over-priced properties are left on the shelf.
The Local Barnet & Whetstone market
The above statistics are based on the country as a whole and it’s important to remember that there will always be regional variations. However, the trend for slowly increasing house prices is an encouraging sign and a good indicator for those considering a move.
Our offices in both Barnet and Whetstone have reported increased activity from both buyers and sellers this month, with a good number of new properties coming to the market, and where properties are correctly priced are selling well.
Hunters have been selling property in and around North London for 30 years, we have been trusted by generations of local people to help them buy and sell their homes. So if you are thinking of a move this Spring, please don’t hesitate to give us a call.
Recently Listed by Hunters
Here are just a few of the recently listed properties from our offices in Barnet and Whetstone –
House for sale – Cockfosters – £1,095,000
House for sale – High Barnet – £950,000
House for sale – Barnet – £850,000
House Sold – New Barnet – £825,000
House for sale – London – £800,000
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’.
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.uk I can highly recommend them as they have helped many of our clients, including myself.
Ready to move in Barnet or Whetstone?
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.
Good luck with your house hunting.
Michael Holloway – Hunters
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