Latest London Property News: October 2023

Market Overview

Every UK region has seen a big increase in new sales listings in the last fortnight compared to the opening weeks of the year. There’s been a sharp 128% increase in properties being listed for sale across Britain since the start of the year, according to some analysis of Rightmove by estate agency comparison site GetAgent. Sellers are gaining confidence following a year of heightened market uncertainty. Every region has seen an increase, with London seeing a 150% surge.

Yet Lonres' October Report reminds us that listings only tell one side of the story, commenting that for the prime London sales market weak demand was still feeding into falls in both values and transaction levels in Q3. Sales activity remained relatively subdued in the third quarter of 2023, with even the traditional start of the autumn selling season in September failing to spark much of a revival. This view is formed by comparing the 2023 market to that of 2021 and 2022; Q3 saw 23% fewer sales than a year earlier. But looking further back, current transaction levels are not that different to those seen pre-pandemic. In fact, they are 5.7% up on the 2017 to 2019 third quarter average. Therefore, one’s opinion of activity today is potentially shaped by which baseline period you would consider to be ‘normal’.

Like GetAgent, Lonres agree new instructions are rising despite the lower sales figures, meaning there is 20% more stock on the market than a year ago according to their recent figures. The large rise in price reductions of 91% more than a year ago appears very negative but is in part due to the larger number of homes for sale.

But looking to the future they were optimistic that despite ongoing economic uncertainty, further price falls are likely to be limited by the level of equity in the market and the low growth seen over the past decade.

Q3 2023 Sales Reports

Here are the key findings for the quarterly figures complied by London’s premier data source LonRes.

Marylebone & Medical Territory Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 14.7% lower they were 5 years ago, with buyers paying £251 less per square foot than they did 5 years ago.
Achieved prices per square foot have decreased by 15.9% for flats over the last year, and have increased by 7.0% for houses.
18.4% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £1,860,303 for flats and £3,785,000 for houses.

Current Availability: Key Findings

39.2% of properties on the market are priced at £1 million or higher.
50.5% of properties currently available have been on the market for more than six months.
15.2% of flats and 10.0% of houses on the market are currently under offer.

Mayfair & St James's Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 16.1% higher they were 5 years ago, with buyers paying £376 more per square foot than they did 5 years ago.
Achieved prices per square foot have increased by 17.0% for flats over the last year.
30.0% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £6,072,000 for flats and £5,260,000 for houses.

Current Availability: Key Findings

71.3% of properties on the market are priced at £1 million or higher.
64.1% of properties currently available have been on the market for more than six months.
9.3% of flats and 7.4% of houses on the market are currently under offer.

Knightsbridge & Belgravia Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 8.0% higher they were 5 years ago, with buyers paying £144 more per square foot than they did 5 years ago.
Achieved prices per square foot have decreased by 2.3% for flats over the last year, and have decreased by 17.2% for houses.
15.4% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £3,125,172 for flats and £5,465,909 for houses.

Current Availability: Key Findings

65.3% of properties on the market are priced at £1 million or higher.
50.6% of properties currently available have been on the market for more than six months.
9.3% of flats and 9.7% of houses on the market are currently under offer.

Chelsea Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 1.6% higher they were 5 years ago, with buyers paying £22 more per square foot than they did 5 years ago.
Achieved prices per square foot have decreased by 5.5% for flats over the last year, and have decreased by 11.9% for houses.
18.0% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £1,381,726 for flats and £4,055,273 for houses.

Current Availability: Key Findings

37.2% of properties on the market are priced at £1 million or higher.
43.8% of properties currently available have been on the market for more than six months.
14.6% of flats and 10.2% of houses on the market are currently under offer.

Fulham & Earls Court Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 6.3% higher they were 5 years ago, with buyers paying £60 more per square foot than they did 5 years ago.
Achieved prices per square foot have decreased by 2.1% for flats over the last year, and have decreased by 5.9% for houses.
17.6% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £909,843 for flats and £1,951,822 for houses.

Current Availability: Key Findings

43.5% of properties on the market are priced at £1 million or higher.
49.5% of properties currently available have been on the market for more than six months.
16.3% of flats and 14.6% of houses on the market are currently under offer.

South Kensington Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 8.8% higher they were 5 years ago, with buyers paying £136 more per square foot than they did 5 years ago.
Achieved prices per square foot have increased by 7.3% for flats over the last year, and have increased by 6.4% for houses.
18.2% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £2,534,762 for flats and £9,042,222 for houses.

Current Availability: Key Findings

50.7% of properties on the market are priced at £1 million or higher.
48.2% of properties currently available have been on the market for more than six months.
15.5% of flats and 5.6% of houses on the market are currently under offer.

Kensington, Notting Hill & Holland Park Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 3.1% higher they were 5 years ago, with buyers paying £38 more per square foot than they did 5 years ago.
Achieved prices per square foot have decreased by 2.6% for flats over the last year, and have decreased by 14.6% for houses.
18.3% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £1,354,756 for flats and £4,081,042 for houses.

Current Availability: Key Findings

35.5% of properties on the market are priced at £1 million or higher.
44.6% of properties currently available have been on the market for more than six months.
17.2% of flats and 9.2% of houses on the market are currently under offer.

Bayswater & Maida Vale Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 11.2% higher they were 5 years ago, with buyers paying £120 more per square foot than they did 5 years ago.
Achieved prices per square foot have increased by 2.9% for flats over the last year, and have decreased by 8.9% for houses.
15.9% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £1,152,239 for flats and £4,826,000 for houses.

Current Availability: Key Findings

22.9% of properties on the market are priced at £1 million or higher.
44.8% of properties currently available have been on the market for more than six months.
15.4% of flats and 13.3% of houses on the market are currently under offer.

St John's Wood, Regents Park & Camden Q3 2023 Sales Report

Sold Jul-Sep 2023: Key Findings

Average flat prices are now 8.6% higher they were 5 years ago, with buyers paying £93 more per square foot than they did 5 years ago.
Achieved prices per square foot have decreased by 2.2% for flats over the last year, and have decreased by 4.3% for houses.
10.6% of properties sold within 3 months, compared with 15.1% for the whole of Central London.
Properties sold in the last 3 months achieved an average price of £1,408,968 for flats and £4,154,118 for houses.

Current Availability: Key Findings

31.2% of properties on the market are priced at £1 million or higher.
44.2% of properties currently available have been on the market for more than six months.
18.4% of flats and 6.6% of houses on the market are currently under offer.

Contact Us

If you are considering selling your property or any residential property sales advice, please contact Nicholas Jaffray by telephoning: +44 20 3091 9311 or via email at: Nicholas@Jaffray-Estates.co.uk or visiting at: 42 Upper Berkeley Street, London, W1H 5QL.
Full details of all our current properties for sale can be found via the company website: https://www.Jaffray-Estates.co.uk/Properties/Sales
We look forward to hearing from you.

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