More property comes to the market as summer moves hot up!

27th July 2022

Hunters Estate Agents - For Sale

Michael HollowayMore property comes to the market as summer moves hot up!

By Michael Holloway – Director Hunters of Barnet

For the many buyers that have been struggling to find a new home will be only too aware, there has been a lack of property coming onto the market for the past 12 months or so. The good news is that with the warm summer weather, local sellers in Barnet and the surrounding areas seem to have got the moving bug.

The summer surge of new stock coming to the market is surprising given the uncertainty around the current economic outlook and seems to buck the trend of the more general predictions of the economy and certainly the gloomy outlook of the mainstream media.

The Trend Across the UK

The property portal Rightmove publishes a monthly ‘House Price Index’, and the latest report confirms that this month has seen the fifth consecutive monthly average asking price increase of the year, lower than in previous months at 0.3%, but any further increase in property prices was not expected.

Valuation requests – The report confirms that requests from potential sellers thinking of moving this summer were at the highest level recorded so far this year and considerably higher than in 2021. The number of valuation requests in the week beginning 20 June was the most since January and beat last year’s figure for the same period by 24%.

Buyer demand – As with our experience locally, buyer demand nationally also remains strong, with buyers looking for new homes coming to the market more than double (+113%) the pre-pandemic five-year May average.

Rightmove’s forecast – Whilst the market is much more active than earlier predictions, Rightmove does suggest that there are early signs that the market will ease over the coming months, as the expected economic slowdown begins to affect market confidence. Although, these predictions have been consistent for much of 2022, Rightmove report that we have just had an incredibly strong first half of the year.

Rightmove’s seller’s survey

In research also carried out by Rightmove, some 2,500 prospective sellers were surveyed, the results of the survey showed sellers are much more interested in agents being responsive rather than in giving the highest valuation, which in my opinion results in marketing becoming detrimental to the property.

Summary of the results – Prospective vendors value agents being responsive (87%), presenting their properties professionally in advertising (86%), and being knowledgeable about local markets (84%) more than having the lowest fees (32%) or providing the highest valuation (21%) for their home.

Selling your home this summer?

Choosing an agent to sell your home can be daunting, some sellers are seduced by low fees, some by high values and some chose both the lowest fee and the highest value. It’s very tempting for the unsuspecting homeowner.

Marketing your home to achieve the best price is not simply about adding your property listing on the internet and hoping for the best. To achieve a sale at the best price, your property has to be offered to the largest possible pool of relevant local buyers.

We’ve been selling property in Barnet for 20 years and understand what it takes to attract that one perfect buyer.

With a prominent High Street office location, a fantastic website focused on attracting buyers from across the internet, we feature in major property portals like Rightmove, Zoopla, Onthemarket and Primelocation for the specific areas we cover. We have a dedicated team of directors and staff that are all experts in their field, with a thorough understanding of the types of property and locations across our area. As well as a network of professional contacts developed over 20 years. Our business is focused on ensuring we have every possible potential buyer registered on our database that’s looking for a new home in the area.

If your property is correctly marketed, the price achieved will be the best possible price, as every sales opportunity will have been exhausted, every possible interested buyer will have viewed and the resulting offers will be the highest achievable at that time…

The result of correct and proper marketing ensures the highest price in a reasonable timeframe.

Considering moving home?

Please feel free to call me if you are considering selling your home in the Barnet area for either an informal conversation about 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 of Barnet