With Zoopla saying 11% of houses for sale in the UK being former rental properties, there is a suggestion that landlords are getting out of the market, and are selling up. Given the significant demand for rental property, this causes problems.
Richard Donnell is the Executive Director at Zoopla and he said: “Falling mortgage rates in recent months together with the strength of the labour market has brought more buyers and sellers into the market. There are still fewer buyers in the market than a year ago, but sales are still being agreed with more homes to choose from. Sellers shouldn’t get carried away by more positive data on the housing market and need to price their homes realistically if they are serious about moving home in 2023. Home buyers remain price sensitive with one eye firmly on the outlook for the economy, the cost of living and the trajectory of mortgage rates which appear likely to edge higher in the coming weeks.”
At David Harris & Co, we are on hand to help you make sense of it all, and we will assist you, no matter what move you wish to make next.
While the average price of property across the United Kingdom increased by 1.9% on an annual basis, there has been a 1.3% fall in the average price of property in the past six months. For the record, the average price of property in the country stands at £260,000.
Of course, the London rental market stands apart, and the average price of property in the capital stands at £523,000. This represents a minimal drop of 0.2% on the annual figures.
According to Rightmove, as at the end of May 2023, the figures for the Finchley property market are as follows;
“Properties in Finchley had an overall average price of £1,659,405 over the last year.
The majority of sales in Finchley during the last year were flats, selling for an average price of £2,301,033. Semi-detached properties sold for an average of £1,068,492, with terraced properties fetching £835,898.
Overall, sold prices in Finchley over the last year were 136% up on the previous year and 153% up on the 2017 peak of £655,709.”
This is an eye-catching, and maybe even eye-watering figure, but if you look at Zoopla’s take on the local property market, their figure is even higher. Zoopla said; “The average sold price for a property in Finchley in the last 12 months is £1,939,287.” They cite the average price of detached properties in Finchley as £2,450,780 and for semi-detached properties, the average price stands at £1,136,379.
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
