(Recently Listed – Lordship Road, London – Guide Price £775,000)
Busiest Month for Sales Agreed Since 2022
By Julian Reid – Owner Julian Reid Estate Agents
A recent post from the property portal Rightmove confirms that May was the busiest month for sales agreed since March 2022, and the busiest May since 2021.
Locally, the Stoke Newington property market has been exceptionally vibrant this spring, and the latest Rightmove report reinforces what our team at Julian Reid has seen first-hand.
The month of May traditionally sits at the heart of the bustling spring selling period, and this year Stoke Newington has been no exception. With homes at their most attractive and gardens in full bloom, buyers and sellers alike have been eager to make moves ahead of the summer. This heightened activity showcases enduring buyer confidence and resilience despite recent market shifts.
The Stamp Duty Effect and Market Adjustment
Earlier this spring, the property market experienced heightened buying activity driven by the urgency to complete property purchases before the government’s stamp duty changes came into effect at the end of March.
Following this intense period, Rightmove’s mid-May House Price Index began to indicate a shift toward stability. Buyer demand saw a slight decline, down 4% in April, and annual price growth moderated compared to the robust increases seen in recent years, indicating a more sustainable market balance.
However, as May progressed, buyer momentum picked up once more, resulting in the highest number of agreed property sales for any month since March 2022, and the busiest May since 2021. Clearly, the regional property market remains buoyant, with local movers undeterred by recent stamp duty alterations and confidently advancing their plans.
June Sees a Slight Asking Price Adjustment
Fast forward to June, Rightmove’s recently released June House Price Index indicates that, after record-high prices in April and May, average asking prices have experienced a slight dip, falling by 0.3% over the last month.
Historically, asking prices typically rise around 0.4% in June, making this year’s modest decline particularly noteworthy.
The reason behind this unusual shift is straightforward: there is now substantially more choice for buyers than at any other point in the past decade. This abundance of available properties is prompting sellers to adopt more competitive pricing strategies from the outset to attract critical early viewings and potential buyers.
Locally, we’re seeing property owners becoming increasingly receptive to market-sensitive pricing advice. With the recent adjustments in stamp duty thresholds, particularly impacting higher-priced properties prevalent in this area, realistic initial pricing is more crucial than ever.
Strategic Advice for Selling in Today’s Market
Given the relatively high stock levels of available homes, getting the price right from the start has become a defining factor in achieving a successful sale. Rightmove’s data clearly shows the importance of early engagement: homes receiving enquiries on their first day of listing are 22% more likely to sell than those that do not generate early interest.
Our experienced team at Julian Reid strongly advises sellers in Stoke Newington to price their properties accurately and present them at their best from the outset. Homes that are staged effectively and priced competitively, consistently attract more serious interest and typically secure better offers.
A Selection of Recently Listed Homes From Julian Reid
Here are just a few of our most recently listed properties for sale from our Stoke Newington office –
House for Sale in London N16 – Guide Price £775,000
House Sold in London – N16 – Guide Price £950,000
House for Sale in London N16 – Guide Price £1,650,000
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
See our ‘Recently Sold Properties’.
Considering a Summer Move?
Please feel free to call me at our Stoke Newington Office if you are considering selling your home in the N16 or surrounding areas of North London, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
You can also use our Instant Online Valuation tool.
Good luck with your house hunting.
Julian Reid
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