Take a closer look at what’s happening in your local area.
ca l sa l e s
Local Sales Market
Crouch End n19
Crouch End n19
o ur custo mer servi ce pro mi se, we i nvest ti me and energy i nto ur cl i ents mak e i nfo rmed deci si o ns Our mark et repo rts tak e an appro ach i n presenti ng l atest i nsi ght o n the UK pro perty mark et, re detai l ed fo cus o n the Cro uch E nd mark et
As part of our customer service promise, we invest time and energy into helping our clients make informed decisions. Our market reports take an analytical approach in presenting latest insight on the UK property market, with a more detailed focus on the Crouch End market.
Local summary
O v er t h e la st 12 mon t h s t h e
a v er a ge sa les pr ice in Cr ou ch En d
n 19 w a s £666, 994, w h ich compa r es t o £544, 936 a cr oss t h e G r ea t er L on don R egion
Over the last 12 months the average sales price in Crouch End n19 was £666,994, which compares to £544,936 across the Greater London Region.
Th e h igh est v a lu e r ecor ded by t h e
L a n d R egist r y ov er t h e pa st 12 mon t h s w a s £1, 500, 000 for a a t a n d £2, 600, 000 for a h ou se
The highest value recorded by the Land Registry over the past 12 months was £1,500,000 for a flat and £2,600,000 for a house.
1 y ear 5 y ears 10
National market
House pri ce s
Th e a v er a ge pr ice for a pr oper t y in J u n e w a s £287, 924, u p 2 7% y ea ron -y ea r ( O NS).
T ra nsa ct i ons
House prices
The average price for a property in June was £287,924, up 2.7% year- on-year (ONS).
Th er e w er e 91, 370 t r a n sa ct ion s in J u n e, a n 8% r ise compa r ed t o a y ea r ea r lier ( HMR
Transactions
There were 91,370 transactions in June, an 8% rise compared to a year earlier (HMRC).
INSTRUCT A QUALIFIED PROPERTY PROFESSIONAL James Maynard - MNAEA Branch
Manager
45 The Broadway, Crouch End, N8 8DT
T: 020 8348 5135
E: JamesM@martyngerrard.co.uk
Crou
Coolhurst Road, N8 - SHARE OF FREEHOLD
A unique two bedroom maisonette with three reception rooms, a kitchen/diner and a private section of the garden. The principal bedroom has a private balcony with views of the city skyline.
£1,650,000
£1,400,000 Nelson Road, N8
“The space throughout and how grand everything feels from the moment you walk into the hall.”
£775,000
This second floor three bedroom flat has been completely renovated throughout, with an open-plan kitchen and dining area that is perfect for entertaining. This bright and beautifully finished property has also retained many of its period features.
£895,000
The owners love...
National Market Autumn Market Update
2.7%
UK house price growth year to July 2024
Source: ONS
8.6%
UK rental price growth year to July 2024
Source: ONS, PIPR
The most up-to-date information and data on the UK housing market, from official sources.
Economy
The Bank of England has delivered its first interest rate cut in more than four years, taking the rate to 5%.
Monthly GDP is estimated to have shown no growth in June 2024, following growth of 0.4% in May 2024 (ONS).
CPI inflation rose by 2.2% in the 12 months to July 2024, up from 2.0% in June 2024 (ONS).
House prices
The average price for a property in June was £287,924, up 2.7% year-on-year (ONS).
UK buyers are currently paying 96.8% of the asking price, up from 95.4% last November (Zoopla).
1.4% house price change is now predicted through 2024, up from 0.3% in July and -2.2% this time last year (HM Treasury Average of Independent Forecasts).
Transactions
There were 91,370 transactions in June, an 8% rise compared to a year earlier (HMRC).
The agreed sales metric in the latest RICS’ survey posted a net balance of -2% this month, a slight improvement compared to the more downbeat readings of -13% and -6% posted in May and June respectively.
The number of sales being agreed is 16% higher than a year ago (Zoopla).
Demand
There were 59,976 mortgage approvals in June which is 12% higher than a year ago and similar (-0.3%) to the previous month (Bank of England).
The reading of new buyer enquiries in the latest RICS Residential Market Survey was +2%, up from -6% last time. The number of new sellers coming to market is 5% above last year as market confidence grows (Rightmove).
Investment/Lettings
Letting agents are receiving 17 enquiries for every rental property, over double the 8 this time in 2019 (Rightmove). The average UK rent rose by 0.7% in July to £1,308, 5.2% higher than the same time last year (HomeLet).
The average void period shortened from 17 days in June to just 11 days in July - a reduction of 35% (Goodlord).
Most recently published data. Quarterly change figures are for the last 3 months compared to the previous 3. Annual change shows the change in the month to the same month 12 months earlier. New homes built includes EPC registrations for all new domestic properties in England and Wales.
Average of independent forecast made in the same 3 months.
What a Labour Government means FOR THE UK PROPERTY MARKET
By Simon Gerrard, Managing Director, Martyn Gerrard Estate Agents
It probably came as a surprise to absolutely no one, Labour won the election in June and for the first time in a few years there appear to be reasons to be cheerful.
The latest figures from the Bank of England showed mortgage approvals climbing to 62,000 in July, which is the highest number since September 2022 as people anticipated that interest rates would finally start to come down, bringing confidence back to the market. In August, the Bank of England at last made its first rate cut bringing the base rate down 0.25% to 5%. It is likely that further cuts will now follow, so this has acted as a catalyst for a flurry of activity in the property market.
You wouldn’t know it however, from listening to the government as Kier Starmer has begun his term in office by painting a very pessimistic picture of the state of things. A clever strategy and one we often use in business – “under promise, over deliver”. The worse he can make things seem now, the more he can paint a picture of recovery and improvement in the run up to the next election. The truth is the wider economic climate is the best it has been for a while and consumer confidence is on the up.
The country has enjoyed two quarters of solid growth – 0.7% in Q1 and 0.6% in Q2 – according to ONS figures, which is the best performance the country has seen in the past two years. Inflation also looks to be generally under control, ticking up slightly to 2.2% in the 12 months to July, only slightly above the Bank of England’s 2% target. The pound is also on track to be one of the best-performing currencies this year thanks to Britain’s robust economic growth and its relative political stability compared to the rest of the world.
All of these factors together are making the UK property market an attractive proposition to invest in and will only fuel house price growth.
So long as we don’t have any unforeseen events – and we’ve seen a few in recent years – it is likely that this sense of stability and confidence will continue to persist and provide a strong foundation for this next bullish cycle for the UK property market.
The latest figures for August would support this rosy picture –house prices have risen by 4.3% annually in the month, according to Halifax, which is the strongest rate of increase since November 2022. The price of the average property is now just £1,000 below the record high that we saw in June 2022, which means new records are likely to be set soon.
Meanwhile, HMRC’s latest figures for July saw 90,630 residential transactions take place, a 7% increase on the previous year. The London market continues to outperform as people are inevitably drawn to the allures of the capital with the average property priced at £536,300, which is now over twice the national average price at £266,400 accordingly to Zoopla’s latest figures.
With the market aware that interest rates are likely to continue coming down, in a controlled responsible fashion the expectation is house prices are only set to increase
– especially given the absolute dearth of new supply coming onto the market. Nobody wants the market to move before they do so many are bringing forward their plans to avoid being left behind, which is creating a self-fulfilling prophecy as the competition to move first heats up.
The property market is generally quieter over the summer holidays as people tend to put off their search while they enjoy a well-earned break. Now that we are in September and heading into autumn, there is already a palpable sense of hunger in the air. The starting pistol has been fired - so for those of you considering making a purchase my advice would be to act now because the rush is already setting in.
Simon Gerrard
Local Rental Market
Crouch End
ur custo mer servi ce pro mi se, we i nvest ti me and energy i nto cl i ents mak e i nfo rmed deci si o ns Our mark et repo rts tak e an ppro ach i n presenti ng l atest i nsi ght o n the UK pro perty mark et, detai l ed fo cus o n the Cro uch E nd mark et.
Crouch End
As part of our customer service promise, we invest time and energy into helping our clients make informed decisions. Our market reports take an analytical approach in presenting latest insight on the UK property market, with a more detailed focus on the Crouch End market.
Local summary
Th e a v er a ge mon t h ly r en t pa id for a ll pr oper t ies a cr oss t h e Cr ou ch
En d a r ea in t h e la st 12 mon t h s w a s £1, 789 Th is h a s ch a n ged by -2 4% compa r ed t o t h e pr ev iou s 12 mon t h per iod, a n d by 18 2% in t h e la st v e y ea r s
The average monthly rent paid for all properties across the Crouch End area in the last 12 months was £1,789. This has changed by -2.4% compared to the previous 12 month period, and by 18.2% in the last five years.
Th er e a r e cu r r en t ly 171 h omes list ed a s a v a ila ble for r en t in t h e Cr ou ch En d a r ea , w it h a n a v er a ge a skin g r en t of £2, 105 per mon t h
There are currently 171 homes listed as available for rent in the Crouch End area, with an average asking rent of £2,105 per month.
National market
L et t in g a gen t s a r e r eceiv in g 17 en qu ir ies for ev er y r en t a l pr oper t y, ov er dou ble t h e 8 t h is t ime in 2019 ( R igh t mov e).
Letting agents are receiving 17 enquiries for every rental property, over double the 8 this time in 2019 (Rightmove).
The average UK rent rose by 0.7% in July to £1,308, 5.2% higher than the same time last year (HomeLet).
Th e a v er a ge UK r en t r ose by 0. 7% i n J u ly t o £1, 308, 5 2% h igh er t h a n t h e sa me t ime la st y ea r ( HomeL et )
Anthony Spittle - MARLA Area Lettings Director
45 The Broadway, Crouch End, N8 8DT
T: 020 8348 5135
E: AnthonyS@martyngerrard.co.uk
INSTRUCT A QUALIFIED PROPERTY PROFESSIONAL
“We’d love to hear from you at our branch. Please get in touch!”
Crou
CAREER DEVELOPMENT OPPORTUNITIES
Expert-Led Training: Benefit from regular training by industry leaders, including former presidents of ARLA and NAEA, ensuring top-tier professional development.
Mentorship: Whether you’re a seasoned estate agent or have little to no experience, you will receive personalised guidance and support from seasoned managers who are committed to your growth and success.
PERSONAL BENEFITS
Work-Life Balance: At Martyn Gerrard, we provide flexible working hours unlike many estate agents you only work a five day week and work only one to two Saturdays a month.
Health Assured Helpline: Access confidential support and resources through our health assured helpline, available whenever you need it.
Private Healthcare: Access private healthcare benefits as a long-term employee.
28 Day Paid Holiday Entitlement: (including bank holidays) + Additional days for long service.
Annual Incentive Trip: Top performers can look forward to the annual company trip abroad.
Pension Scheme: Competitive auto-enrolled pension scheme available to all employees.
As an award winning, family run, independent estate agency in the heart of London, employing the best quality staff who are seeking a career where they can develop and improve is vital to the service we provide.
We offer an excellent work-life balance with numerous benefits and incentives, as well as an industry leading training and mentorship programme.
So, if you are looking for a career in property, contact the best!
Your Estate Agency Career Starts Here JOIN OUR GROWING FAMILY
cv@martyngerrard.co.uk 020 8343 4340 EXT 4245 or visit our careers page at, www.martyngerrard.co.uk/about/careers
Industry-Leading Commission Structure:
Sales - Only at Martyn Gerrard can you earn if you sell any property listed across the whole network. You can also work within a team commission structure boosted by higher thresholds based on performance.
Lettings - like sales, you can earn if you let any property listed across the whole network, but with Lettings, you can also earn up to 40% personal commission!
Birthday Present: At Martyn Gerrard, you don’t have to come into work on your birthday.
Exclusive Villa Stays: Earn and collect free villa days to spend at the MG villa in Cyprus as a reward for your hard work.
Car Leasing & EV Salary Sacrifice: Take advantage of car leasing options and electric vehicle salary sacrifice schemes to get on the road for viewings with ease.
Volunteer Days: Take available days off to give back by working with charities.
Performance-Related Bonuses: Participate in our internal staff league table to earn monthly and yearly awards for hitting key milestones.
Work Socials & Celebrations: Join us for regular work socials and our annual Christmas party.