Stoke Newington Property Market Update – November 2024
By Julian Reid – Owner Julian Reid Estate Agents
Julian Reid Estate Agents in Stoke Newington N16, has been trusted by local people buying, selling and renting their homes for over 15 years. Over this time we’ve experienced the highest highs and lowest lowers of the local property market.
These experiences have given us a fantastic insight and understanding of the local North London market, which we enjoy sharing with our clients in our monthly updates.
Buoyant Winter Property Market Predicted
With the uncertainties of last month’s budget now behind us and mortgage interest rates continuing to ease, the local property market in North London has experienced a notable uptick in activity.
This shift in market activity, particularly the surprising increase in buyer demand, was driven largely by the release of pent-up demand that had built up during the earlier period of uncertainty. The result is the that number of sales being agreed is 26% ahead of the quieter market at this time in 2023, according the Rightmove’s House Price Index.
The increase in activity is not isolated to buyers, we have also seen the number of new sellers deciding to put their property on the market up 6% ahead of the same period a year ago.
The relatively low impact of the budget on the property market and the Bank of England’s Monetary Policy Committee’s recent interest rate cut from 5% to 4.75%, does seem to have given the green light to both local buyers and sellers looking to make a move.
Adding further to the optimistic outlook, the recent statement from the ONS confirming the rate of inflation is now below 2% has only added to buyer confidence and further fueled market activity.
This is welcome news for house hunters who now feel more motivated to resume their search. Many market commentators are predicting the boost in buyer confidence will result in the property market being busier than expected for this time of year.
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 for Sale – London – Guide Price £1,275,000
Flat for Sale – London – Guide Price £700,000
House for Sale – Guide Price £695,000
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
The Rightmove weekly mortgage tracker shows that mortgage rates are largely unchanged this week, which is good news for home-movers. The stability is reassuring for movers, helping buyers with longer term planning and monthly mortgage affordability. Looking a bit deeper, the last remaining sub-4% rates have now been removed by lenders, reflecting increases in swap rates over the last few weeks. The cheapest rates available are now 4.06%, at both 60 and 75% Loan-To-Value (LTV).
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 Winter move?
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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