At David Harris & Co, we care about all aspects of the housing market. We love welcoming families to Finchley, but we also know some households move on. Firstly, let's talk about Londoners buying homes outside the capital. In the first half of 2024, we've seen 33,130 such purchases. While this might sound like a mass exodus, it's actually slightly below the pre-pandemic average. This suggests that our fair city, including charming areas like Finchley, still holds considerable appeal for many.
Interestingly, first-time buyers are making waves in the London market. They've snapped up a record 48% of homes sold in the capital this year, up from 41% in 2023. This is fantastic news for the capital, as it indicates a fresh influx of homeowners potentially looking to put down roots in our community.
The average first-time buyer in London is now spending £443,550 on their property - that's £39,360 more than last year. This increased purchasing power, combined with slightly softer prices across London, means that more buyers might be eyeing up larger homes or more desirable areas.
Now, you might be wondering about those who are moving out of London. They're not venturing as far as you might think. The average distance moved is just 23.8 miles - 2.6 miles less than last year.
For those of you considering selling, there's some encouraging news. Movers (as opposed to first-time buyers) now make up the largest share of Londoners buying outside the capital. These buyers are often looking for more space and are willing to move further afield - an average of 39 miles.
What does all this mean for Finchley? Well, we're in a sweet spot. Close enough to central London to attract those who want to stay in the city, yet offering the space and community feel that might appeal to those considering a move out. Our excellent transport links make us an attractive option for hybrid workers too.
Whether you're looking to buy your first home, upgrade to a larger property, or considering selling, Finchley's property market is full of opportunities. As always, we're here to guide you through these exciting times in the London property scene.
Remember, every property and situation is unique. If you'd like to discuss how these trends might affect your specific circumstances, don't hesitate to pop into our office. We know the local property market from every angle, and we’re always happy to discuss your options.
We have assisted many Finchley homeowners and landlords looking to sell or let their property, and we know what tenants are looking for when searching for rental accommodation. You can take the stress out of connecting with likely buyers or tenants by turning to a local estate or letting 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.
