If you rewind a few months, the mood across Hackney was cautious.
In the lead up to the Autumn Budget, a lot of buyers held back. Not because they didn’t want to move, but because uncertainty crept in. When that happens, people tend to wait, watch, and see what might change.
As it turned out, not a huge amount did.
The market carried on steadily through the end of the year, and when the base rate dropped in December, it gave things a noticeable lift.
Moving into the new year, that hesitation we’d been feeling started to ease. Viewings picked up, buyers re-engaged, and there was a sense that momentum had returned, it felt like a very strong start to the year.
More recently, though, global events have brought a bit of that uncertainty back into play. With the ongoing war affecting wider economic confidence, we’ve seen mortgage rates start to creep up again, even though the base rate itself has held. That shift, even if relatively small, is enough to influence how some buyers are thinking.
Not across the board, but in a very specific part of the market.
Those who need to move are still moving, that hasn’t changed. What we are seeing is that buyers who have more flexibility, particularly first-time buyers, are taking a bit more time or, in some cases, stepping back altogether. When borrowing costs shift, even slightly, it tends to affect that end of the market first.
And yet, despite all of that, the underlying activity hasn’t really dropped off.
Between the 1st and 24th of March this year, there were 163 sales agreed across Hackney. In the same period last year, there were 162. That’s almost identical, and a good reminder that, beneath the headlines, the market itself is still moving.
Even the number of price reductions tells a similar story. Last year, in that same window, there were 139 reductions. This year, it’s 131. Slightly lower, which, if anything, suggests sellers are positioning more sensibly from the outset.
Which brings us to the one thing that hasn’t changed.
If anything, it matters more now than it did before.
Pricing well is still everything.
Particularly at the entry level, where homes in the £400,000 to £600,000 range are most exposed to shifts in affordability, getting the price right from day one is what determines whether a property generates real competition or simply sits and waits.
“If you’re aligned with the market, you’ll still find a buyer quickly,” says Peter May. “We’re seeing well-priced homes go under offer within four weeks, and in most cases, above their asking price. The demand is there, but buyers are more considered, so you have to give them a reason to act.”
That’s something we’re seeing play out in how deals are being agreed.
Last year, 22% of our sales were agreed off-market. This year, that figure is currently sitting at 20%. It’s broadly consistent, and it tells you something important. Serious buyers are still out there, still motivated, and still willing to move quickly when the right opportunity comes up.
It also highlights the importance of how a property is introduced to the market.
Having a strong database and genuine relationships with buyers isn’t just a nice extra in a market like this, it’s a real advantage. When you can match the right home to the right buyer early, you’re not relying solely on portals to generate interest, and that often leads to stronger offers and smoother transactions.
Looking ahead, markets like this tend to correct themselves fairly quickly once confidence returns. The fundamentals are still there, and activity levels are holding up.
For now, it’s really about understanding where you sit within it.
If you price sensibly, you will attract a buyer. And if you approach it with the right strategy from the outset, there is still every chance of achieving a very strong result.
