When it comes to the London housing market, or indeed any property area, it is important to ensure you make an informed decision, and understand what the situation means to you. This year is still fresh, but we’ve seen some experts say London property will be at its most affordable level in a number of years.
This is great news for buyers, and it should also help vendors connect with a likely buyer, and make a move for themselves. However, people need to make sure the move is affordable for them and their budget, not just affordable by London standards!
According to Zoopla and their latest house price index, housing affordability in the capital is the best it has been since 2016. At the tail-end of 2023, the average cost of property stood at £536,000, which represents a fall of 1.1% on annual figures.
A spokesperson for Zoopla said: “We expect market conditions in London to continue to improve over 2024, with earnings rising faster than house prices. This will continue to improve affordability and support levels of housing sales rather than boost house prices.”
It is also being reported that buyer demand for homes in London has risen by 21%, and this is attributed to drops in mortgage rates. Nationwide lowered their rates by as much as 0.81% in some cases, and Barclays lowered their rates by as much as 0.6% in some instances.
It is worth remembering interest rates have risen 14 times in recent times with the Bank of England being proactive in tackling inflation. This led to mortgage packages increasing in cost, but the average levels we see in the market today are smaller than what was available in July of last year.
A Zoopla spokesperson also said: “While the start of the year has been positive for the sales market, it’s important not to get carried away by the outlook for the rest of 2024. We remain in a buyer’s market with plenty of choice for would-be movers. Zoopla’s data shows a small but not insignificant number of sellers continue to cut asking prices to ensure homes attract sufficient interest, continuing the trend from the second half of 2023. Over one in five sellers are still having to accept more than 10 per cent off the asking price to secure a sale. This is close to one in four across London and the South-East and rising across the rest of the UK.”
Yes, there is positivity in the London market, and homeowners can enter the market with greater confidence of selling their home. However, it is still a challenging market, and there is a need for guidance in connecting with buyers. At David Harris & Co, we have an excellent track record in helping homeowners sell their home, and we look forward to assisting you.
We have assisted many Finchley homeowners looking to sell their home, and we know what buyers are looking for when searching for a new home. You can take the stress out of connecting with likely buyers by turning to a local estate agent in Finchley.
If you want to make an informed decision in and around Finchley’s property 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.
