The Cost of Crisis:Living

It’s Not All Doom & Gloom When It Comes to Property

Last month, the Bank of England announced its 12th consecutive interest rate hike, pushing rates to 4.5%, the highest it’s been for nearly 15 years. It’s no secret that this, coupled with soaring inflation means that everyone’s feeling the pinch right now. However, it’s not all bad news when it comes to the property market and there might just be light at the end of the tunnel.

Although house prices have fallen slightly over the past few months and it’s not shaping up to be the bumper year that many homeowners had hoped for, demand for property in North London remains high. We’ve come through the postpandemic grapple for space and flats are very much back in favour. In fact, according to Rightmove, agreed sales are up by 23% on this time four years ago. Good news for anyone looking to sell theirs. This doesn’t mean that larger properties aren’t in demand too. In fact, we received 26 offers on family homes in the month of May alone! We’ve also registered over 90 different “ready and able” buyers interested in purchasing a family home in Southgate and the surrounding areas.

Inflation rates don’t seem to be putting off first-time buyers either, they’re currently making up 53% of the overall sales in the UK, the highest figure in over 10 years. This could be helped out by lenders who are trying to remain competitive and think of creative ways to help people get on the property ladder. Skipton Building Society caused a stir amongst the property finance industry when it recently announced its 100% mortgage product. This thinking outside the box is welcome news to would-be homeowners and bold moves like this could really shake up the market.

Talking about the current property market, Ben Felfeli, Director of Charles Henry Peppiatt (pictured) said, “Although the cost of living crisis continues to have an effect on the property market, it’s not all bad news. Anyone looking to buy or sell a property shouldn’t completely rule it out as in our experience, demand is as great as ever.”

A bit about us…

Here at Charles Henry Peppiatt we live, love and breathe North London. Whether it’s the best street to relocate to, the hottest property to come on the market, or the coolest place to grab a coffee, you can rely on us to have our ear to the ground.

We like to do things differently and pride ourselves in not being your ‘typical’ estate agent. Our dedicated team goes above and beyond for each and every one of our clients. You can expect complete honesty from us, the very best service, whether you’re looking to buy, sell or rent out your property… and a bit of humour thrown in too!