Despite the usual slowdown in the UK housing market during summer, recent data indicates that house prices continue to rise. We have seen this ourselves in Finchley, and it has been confirmed by Zoopla's latest House Price Index.
At David Harris & Co, our in-depth knowledge of the local market allows us to provide exceptional service. Our team is experienced and well-qualified, and we stay informed through reputable sources and industry leaders.
According to Zoopla, property prices in the UK are projected to increase by 1.5% by the end of the year.
A crucial factor in the housing market is the demand for homes. If there are no potential buyers, the market stalls. Currently, demand is reported to be 6% higher than it was a year ago. This reflects buyer confidence and is encouraging news for homeowners.
With an active buyer market, homeowners have a better chance of selling their properties.
This confidence is mirrored in the market, with the House Price Index showing a 19% increase in homes for sale compared to the previous year.
A significant challenge in the UK housing market has been the scarcity of suitable homes. Thus, the increase in available properties is a welcome development.
While more homes on the market could theoretically lower prices, this isn't always the case. Various factors affect house prices, so for now, it's positive to see more homes available.
If you're considering selling your home, it's wise to begin with a valuation from a knowledgeable local estate agent. We provide a thorough valuation service, designed to offer you the best foundation for selling your property. We've successfully connected many Finchley homeowners with buyers and are ready to assist you. Contact us today to schedule your property valuation.
Richard Donnell is an Executive Director at Zoopla and he has spoken about this topic, saying: “The housing market continues to adjust to higher borrowing costs through modest house price falls and rising incomes. Buyers using mortgages are also relying on longer mortgage terms to gain that extra few percentage points of buying power to afford a home.”
Richard Donnell continued by saying: “The general election campaign has had a limited impact on market activity although the seasonal summer slowdown is arriving. Sales agreed continued to increase and more homes for sale means more buyers looking to move in the second half of the year. The timing of the first cut in the base rate is a key moment and will give a boost to both market sentiment and sales activity. Overall we expect house prices to be 1.5% higher over 2024.”
We have assisted many Finchley homeowners looking to sell their property, and we know what buyers are looking for in their 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 housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
