One of the most important things you need to consider when selling your home is “supply and demand”. You need to know what buyers are looking for, and you also need to know what your competition is, meaning what homes are for sale.
At David Harris & Co, we know the Finchley market well. We speak with buyers and sellers daily, so we have our finger on the pulse. We also stay in touch with the latest industry news, which is why we are perfectly placed to assist you when it comes to selling your Finchley home.
Recent research by Yopa highlights terraced homes as the most sought-after property type among buyers, while detached homes are the least in demand.
Yopa's analysis of current housing market data reveals that flats dominate the listings, making up 27.5% of homes for sale, especially prevalent in London (63.8%) and the South East (28.6%). Detached homes constitute 25.8% of available stock, semi-detached homes 23.5%, and terraced homes the least at 23.2%.
Despite their lower availability, terraced homes are the most in-demand, with 51.8% of listings finding buyers, surpassing the overall demand of 43.2%. Regionally, the North East shows the highest demand for terraced homes at 55.7%.
Semi-detached homes follow in popularity with a 50.2% demand, while flats and detached homes trail at 38.1% and 34.6%, respectively. The shift away from larger homes, influenced by higher mortgage rates and costs, marks a significant change in buyer preferences.
Yopa’s National Franchise Director, Steve Anderson, commented: “While we may have seen a boom in demand for detached homes during the pandemic, today’s buyers appear to have their hearts set on terraced homes. There are a number of factors that might explain this shift in demand when it comes to the most popular type of homes on the market.”
Steven Anderson continued by saying: "First of all, our collective concern that another pandemic will soon force us into another period of lockdown has been alleviated. Then there’s the fact that more and more companies are calling employees back into the office at least on a hybrid basis which means the city exodus we saw in the COVID days is also reversing. And finally, of course, the rising cost of living and expensive mortgages mean that homes are less affordable than before which is causing buyers to look to more affordable property types when making their move.”
Yopa’s Steve Anderson concluded by saying: “Terraced homes offer a great middle ground between space and affordability, but buyers need to act decisively because not only do terraced homes account for the smallest proportion of stock, but they are also attracting the highest level of interest in the current market.”
In Finchley, according to Rightmove as of the end of May 2024, there were 430 properties listed for sale, and this includes 49 terraced properties. (There were 261 flats listed for sale and 60 semi-detached properties.) At this point in time, terraced properties account for 11% of the Finchley stock. This ties in with the final point made by Steve Anderson at Yopa, saying this market is in short supply. (By contrast, flats represent 60% of the listed Finchley stock.)
We have assisted many Finchley homeowners looking to sell their property, 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 an experienced estate agent in Finchley.
If you want to make an informed decision in and around Finchley’s lettings market, we are here for you. If you have any questions about the local rental market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
