(Recently Listed – Belgrade Road – Guide Price £975,000)
Record Number of Homes for Sale
By Julian Reid – Owner Julian Reid Estate Agents
As the stamp duty deadline approaches, homebuyers in Stoke Newington who have missed the cut-off may still find positive news in the market. In March, there is a decade-high number of properties available for sale, and with increased competition, this is encouraging sellers to price their homes more realistically, according to a recent report.
Rightmove’s monthly house price index confirms that the average price of a property coming to market across the UK has risen by 1.1%, or £3,867, this month to £371,870, aligning with the long-term average increase in March.
Stoke Newington Market Update
Locally, the property market in Stoke Newington has remained active, along with the early signs of spring across North London, we are already seeing a seasonally strong demand from buyers.
For homeowners, unlike in previous years, the first signs of spring have typically been the green light for sellers to aim high with asking prices. This year, most now recognise the importance of setting realistic expectations to attract serious buyers in what is very a competitive buyers market.
The early March market in Stoke Newington has been busy, with a surge in activity as buyers push to complete transactions before the stamp duty tax break ends at the end of the month.
The stamp duty thresholds, which were temporarily increased in September 2022, are due to fall back after the deadline, meaning that buyers who miss the deadline may face thousands of pounds in additional tax costs.
According to the Rightmove index, 575,000 property transactions are currently going through the legal completion process. An estimated 74,000 sales, including 25,000 first-time buyers, are expected to miss the deadline, resulting in a combined £142m in additional tax payments.
While this may not be much consolation to affected buyers, they will at least benefit from the widest selection of available properties at this time of year since 2015.
Colleen Babcock, property expert at Rightmove, commented that while the chances of a stamp duty extension are slim, the upcoming spring statement by Chancellor Rachel Reeves on 26 March could present an opportunity for a short extension to support buyers facing the deadline.
Market Resilience in North London
Despite ongoing economic uncertainties, the property market has demonstrated resilience. The number of sales agreed is 9% higher than this time last year, while the number of new sellers has increased by 8% compared to 2024, according to Rightmove. Mortgage rates remain a key factor affecting affordability, though they are slightly lower than last year.
Currently, the average five-year fixed mortgage rate stands at 4.74%, down from its peak of 6.11% in July 2023, but only marginally lower than the 4.84% recorded at this time last year.
Matt Smith, a mortgage expert at Rightmove, noted, “The global economic situation is causing small fluctuations in mortgage rates on a weekly basis. Those with smaller deposits are facing the greatest challenges, making it more difficult for first-time buyers and those requiring larger loans.”
As expected, The Bank of England kept interest rates unchanged at 4.5% in the 20th March announcement, but the downward trend is likely to continue in the coming months.
Rightmove has also welcomed proposals from the mortgage regulator to simplify responsible lending. Potential changes could make mortgage processes more accessible and, in the long term, provide first-time buyers with better borrowing options under controlled conditions.
For those looking to buy or sell property in Stoke Newington, the market presents both opportunities and challenges. We continue to advise buyers and sellers to remain strategic, as realistic pricing and informed decision-making will be crucial in navigating the evolving landscape.
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 in London – Guide Price £1,500,000
House for Sale in London – Guide Price £975,000
House for Sale in London – Offers Over £950,000
Flat for Sale in London – Guide Price £750,000
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’.
Considering a Move This Spring?
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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