Stoke Newington Property Market Update – October 2024
By Julian Reid – Owner Julian Reid Estate Agents
Sales Agreed up 29% on Same Time Last Year
Rightmove’s latest monthly House Price Index shows a 29% increase in sales agreed compared to the same period last year, indicating strong buyer interest. The report highlights a “healthy level of underlying buyer demand,” with more people planning their next move.
In addition, the Rightmove index confirms strong buyer demand with the number of enquiries to estate agents about homes for sale having risen by 17% in October, compared to the same time last year.
The report also notes a lower than expected trend in property prices entering the market, having seen a modest rise of just 0.3% over the past month, well below the typical growth expected for this time of year.
The comment from Rightmove says: “This is a much lower monthly increase in new seller asking prices than is typical at this time of year, with the long-term average October rise being 1.3%. This much more muted than usual Autumn price bounce comes as buyer choice increases to a level not seen for 10 years, putting downward pressure on price growth.”
Home Owners Pricing to Sell
The Rightmove House Price Index also notes that this month’s limited price growth is partly driven by sellers pricing their properties more competitively to attract buyers, particularly as competition among sellers intensifies.
‘Some sellers appear to be acting on this caution, contributing to limited price growth and better buyer affordability. This is helping to keep the number of sales being agreed consistently and strongly ahead of the quieter market of this time last year.’
‘We’re not seeing activity slow down, but some market commentators report that some movers are now waiting for Budget clarity and anticipated cheaper mortgage rates later this year. However, others state that movers are largely just getting on with plans.’
More Property Available For Sale
The report further confirms that the number of available homes for sale is 12% higher than this time last year, a trend we’ve also observed locally in Stoke Newington.
Competition among sellers is particularly fierce in the upper end of the market, with a 17% increase in four and five-bedroom detached homes for sale compared to last year. This has created a buyer’s market, making it crucial for sellers to price competitively as affordability remains tight and buyers have more options.
Affordability remains the biggest hurdle for many movers, with mortgage rates still high compared to recent years. However, a potential Bank of England rate cut, if it materializes, could offer the boost that many prospective buyers have been waiting for.
A selection of Recently Listed Homes From Julian Reid –
Here are just a few of our most recently listed properties for sale from our Stoke Newington office –
House Sold, London – Guide Price £1,425,000
Flat for Sale, London – Guide Price £595,000
Flat Sold, London – Guide Price £469,950
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.
See our most ‘Recently Sold Properties’.
Mortgages
The Rightmove weekly mortgage tracker shows that the average 5-year fixed mortgage rate is now 4.61%, up from 4.55% last week, the first weekly increase since May.
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.
Ready for a move this Autumn?
Please feel free to call me at our Stoke Newington Office if you are considering selling your home in the N16 or surrounding areas of North London, 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.
Julian Reid
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