So much has been said and written about the demise of the London property market in the past year, you would be forgiven for thinking no one lived in the capital any more.
At David Harris & Co, we know this isn’t the case. We have been busy with buyers, vendors, landlords and tenants in the past year, and we expect to be busy as we move forward.
However, we know that some areas of London have experienced some form of exodus in the past 12 months. Given everything that has happened, and the increase of remote working, this outcome was inevitable.
Spring is a busy time in the English housing market
Of course, spring is the traditionally busy time in the property market, and there is optimism that things are moving forward again. If we exit lockdown according to the published timelines, there will be more movement, and greater confidence in the market.
Also, the property market measures introduced in the March 2021 Budget will be in play. The small deposit mortgage guarantee scheme will be of benefit to buyers in Finchley, and surrounding areas.
As of late March 2021, Rightmove says the following about the Finchley property market;
“Properties in Finchley had an overall average price of £656,751 over the last year.
The majority of sales in Finchley during the last year were flats, selling for an average price of £422,415. Terraced properties sold for an average of £712,087, with semi-detached properties fetching £889,065.
Overall, sold prices in Finchley over the last year were 10% up on the previous year and 5% up on the 2017 peak of £622,539.”
It should be noted the average price of property in Finchley is £656,751; which is above the threshold for the small deposit mortgage guarantee scheme.
Finchley buyers can benefit from the small deposit mortgage guarantee scheme
However, you will see Rightmove states the majority of property sales in Finchley in the past year relates to flats. The average price of flats in the past year is £422,415; and this is below the small deposit mortgage guarantee scheme threshold.
Remember, this scheme isn’t just for first-time buyers. Existing homeowners can also benefit from this scheme. If you are keen to move and you fancy a flat in Finchley, you might find there is help available when raising money for a deposit.
Sara Ransom is a known name in the English housing market, and she spoke about optimism in the London housing market this spring.
Sara said; “The London property market has been on ice for months and the pressure is building. As soon as lockdown starts to be relaxed, the housing market is going to take off in a dramatic manner. Our prediction is things will start to pick up at the beginning of April, and that the market will be in full flow by the end of the Easter holidays. Demand is likely to exceed supply, and we expect to see price rises, especially in prime central London where prices have dropped by as much as 15 per cent due to the lack of overseas buyers.”
We are widely recognised as one of Finchley's leading and most successful independent Estate Agents and have been established since 1989. We can provide you with a property valuation or whatever property or lettings market support you need, and if you are looking for property in the local area, sign up for our property alert service.
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122
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