London Property Buying Agents

We have the local knowledge, experience and relationships required to buy the perfect central London residential property on your behalf.

Private Property Search Experts

Latest London Property News – July 2016

Market Overview

Since Britain’s decision to leave the European Union on June 23rd, our economy is still waiting for the dust to settle. The Government’s swift appointment of Theresa May as our new Prime Minister is certainly positive and many of us now look forward to economic recovery. The pound hit its lowest level against the dollar in 31 years, the UK-centric FTSE 250 has swung like a pendulum and estate agents have reported a slowdown in activity. Cuts to asking prices in central London surged by 163 per cent in the 12 day after the votes, compared with the same period beforehand. Analysts at Bank of America Merrill Lynch project a 10 per cent drop across the UK in the next year. Mortgages have never been cheaper, with fixed-term rates at record lows.

The future of the prime central London market will depend on two key questions: how low vendors will need to lower prices before buyers feel comfort from future price falls; and to what extent those choosing not to buy a new home in London because of Brexit will be outweighed by speculative investors, particularly those feeling currency gains as sterling drops.

Tale of two cities

London Area Overviews – Key Findings

Please find the key statistics for the prime central London post codes for Q2 2016. Click on the links for further details on Property Search, Lifestyle, History and Schools in these areas.

St John’s Wood, Regent’s Park & Camden

  • Average flat prices in St John’s Wood, Regent’s Park & Camden are now 41% higher than they were 5 years ago, with buyers paying £334 more per square foot than they did 5 years ago.
  • Achieved price per square foot increased by 6% over the last year.
  • 33% of properties sold in Q2 2016 sold within 3 months.
  • Properties sold in Q2 2016 achieved an average price of £1.64 million.

Marylebone

  • Average flat prices in Marylebone are now 47% higher than they were 5 years ago, with buyers paying £500 more per square foot than they did 5 years ago.
  • Achieved price per square foot increased by 5% over the last year.
  • 15% of properties sold in Q2 2016 sold within 3 months.
  • Properties sold in Q2 2016 achieved an average price of £3.32 million.

Mayfair & St James’s

  • Average flat prices in Mayfair & St James’s are now 30% higher than they were 5 years ago, with buyers paying £517 more per square foot than they did 5 years ago.
  • Achieved price per square foot decreased by 8% over the last year.
  • 0% of properties sold in Q2 2016 sold within 3 months.
  • Properties sold in Q2 2016 achieved an average price of £2.96 million.

Knightsbridge & Belgravia

  • Average flat prices in Knightsbridge & Belgravia are now 6% higher than they were 5 years ago, with buyers paying £113 more per square foot than they did 5 years ago.
  • Achieved price per square foot decreased by 8% over the last year.
  • 33% of properties sold in Q2 2016 sold within 3 months.
  • Properties sold in Q2 2016 achieved an average price of £3.05 million.

Chelsea

  • Average flat prices in Chelsea are now 22% higher than they were 5 years ago, with buyers paying £268 more per square foot than they did 5 years ago.
  • Achieved price per square foot decreased by 2% over the last year.
  • 29% of properties sold in Q2 2016 sold within 3 months.
  • Properties sold in Q2 2016 achieved an average price of £2.01 million.

South Kensington

  • Average flat prices in South Kensington are now 37% higher than they were 5 years ago, with buyers paying £501 more per square foot than they did 5 years ago.
  • Achieved price per square foot increased by 7% over the last year. However, it should be noted that higher value sales in the last quarter will have a significant impact on these figures.
  • 30% of properties sold in Q2 2016 sold within 3 months.
  • Properties sold in Q2 2016 achieved an average price of £3.56 million.

Kensington, Notting Hill & Holland Park

  • Average flat prices in Kensington, Notting Hill & Holland Park are now 32% higher than they were 5 years ago, with buyers paying £311 more per square foot than they did 5 years ago.
  • Achieved price per square foot decreased by 3% over the last year.
  • 26% of properties sold in Q2 2016 sold within 3 months.
  • Properties sold in Q2 2016 achieved an average price of £1.74 million.

Source: LonRes

New London Mayor

Latest Transaction: Fifteen Portman Square, W1

Jaffray Estates have recently sold a rare four bedroom apartment with six south facing windows overlooking Portman Square Gardens. The property had not changed hands for twenty-five years and is one of only eight of its type in the building.

Despite the property being listed with three other estate agents, Jaffray Estates found the buyer and contracts were exchanged one week before the EU Referendum. We recommended a specialist for the process and costs involved in extending the lease, as well as a trusted solicitor for the vendor. We secured the sale through our unrivalled network in the property industry from finding the buyer to recommending third party services including reputable solicitors and leasehold reform specialists.

Fifteen Portman Square is a sought after and imposing Art Deco purpose built apartment block, on the northern side of Portman Square. Portman Square is conveniently located near to world renowned department store Selfridges, Oxford Street, Park Lane, Marble Arch and Hyde Park.

The Portman Estate, covering 110 acres of Marylebone in London’s West End, was founded in 1532 when the land was first leased to Sir William Portman. Today, the estate covers the area from Edgware Road in the west to beyond Baker Street in the east, and north to Crawford Street. Unlike many other estates, The Portman Estate has a distinctive multicultural aspect, with its Middle Eastern community established in and around Edgware Road since the 1970s.

Further information on buying and selling property in Portman Square and Marylebone can be found via our In-depth Guide.

Fifteen Portman Square, W1

If you are currently considering buying or selling a property, or have a client who is, then don’t hesitate to get in touch. For advice or just a conversation to see how we can help then contact Jaffray Estates on 020 3091 9311 or email Nicholas Jaffray at: nicholas@jaffray-estates.co.uk. Further details on our sales service can be found via the Jaffray Estates website.

We hope you are enjoying your summer holidays and look forward to catching up soon.

Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *