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Latest London Property News – October 2017

Market Overview

Coutts bank revealed that buyers of luxury London homes are currently getting discounts of almost 10% on asking prices as clouds continue to hang over the top end of the property market, figures revealed last week. The Queen’s bank said buyers in the £1 million to £10 million bracket got an average discount of 9.9% in the three months to September 30th. Its first London prime property index showed that some of the highest cuts took place in Mayfair and St James’s, where buyers could expect as much as 14.4% discounts. 

The cuts come at a time when the high-end residential market is experiencing jitters. Brexit has made some buyers nervous, while stamp duty and buy-to-let changes have pushed up costs for investors. But, prime prices are now back to 2013 levels, Coutts added. However, James Clarry, the bank’s head of lending and capital management, said “the weakness in sterling and the fall in prices, meant there was still a queue of international and domestic buyers.” He added: “We see a lot of reasons to be positive: sales are increasing, with a 21% increase against the same period last year, and we continue to see strong demand from clients in the market.”

Stamp Duty: In the budget next month (22nd November), it has been revealed that Chancellor Philip Hammond may introduce a reduction in buying costs (stamp duty) for first time buyers helping them get onto the property ladder. A cut across the board is unlikely; HMRC has recently issued annual data based on the 2016 financial year that a record 17% boost in the amount paid on residential property was collected to £8.5 billion compared to 2015.

Many are urging the chancellor to skip reform altogether and go straight to abolition in this year’s budget. Stamp duty now funds three times as big a proportion of the state’s budget than it did during the 1980’s and early 90’s. It is technically voluntary, but if you don’t pay it when you purchase a property then the transfer deeds won’t be valid. In 1993, 42% of properties were liable for it. Today, 73% are liable, and rates have sky rocketed to 12% at the top. It has been proposed to scrap stamp duty land tax and fix council tax to replace the revenues. This shouldn’t cost the treasury and would replace a damaging levy.

Council tax is based on outdated values hitting deprived parts of the country disproportionately as it does not consider the rapid and unbalanced house price changes since 1993. It would make more sense to link it more coherently to property rental values. This can all be done without creating any hole in the budget.

Latest London Property News – October 2017

Q3 2017 Sales Report

Each quarter we include a report of key findings for each of the prime central London locations, via data provider LonRes, which is relatively positive despite market reports from other sources such as the property portals and newspapers. It is important to consider the current state of play. For example, in Marylebone, LonRes reports that currently: 68% of properties have been on the market for over three months; 42.9% of properties on the market have been reduced in price; and only 5.8% of available properties are currently under offer, which of course is comparatively less encouraging.

Marylebone & Medical Territory: W1H, W1U & W1G

  • Average flat prices are now 38.5% higher than they were 5 years ago, with buyers paying £466 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 13.4% for flats over the last year, and have increased by 38.8% for houses.
  • 23.1% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £2,037,756 for flats and £4,146,667 for houses.

Mayfair & St. James’s: W1K, W1J & SW1A

  • Average flat prices are now 13.4% higher than they were 5 years ago, with buyers paying £265 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 8.7% for flats over the last year, and have increased by 23.7% for houses.
  • 10.0% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £2,958,643 for flats and £5,930,000 for houses.

Knightsbridge & Belgravia: SW1X & SW1W

  • Average flat prices are now 4.5% higher than they were 5 years ago, with buyers paying £97 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 1.8% for flats over the last year, and have decreased by 6.6% for houses.
  • 21.6% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £3,268,092 for flats and £4,055,000 for houses.

Chelsea: SW3 & SW10

  • Average flat prices are now 22.3% higher than they were 5 years ago, with buyers paying £281 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 1.7% for flats over the last year, and have decreased by 0.6% for houses.
  • 14.8% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,377,580 for flats and £3,677,614 for houses.

South Kensington: SW7

  • Average flat prices are now 5.5% higher than they were 5 years ago, with buyers paying £84 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 13.8% for flats over the last year, and have increased by 3.6% for houses.
  • 24.4% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,991,857 for flats and £5,392,857 for houses.

Kensington, Notting Hill & Holland Park: W8, W11 & W14

  • Average flat prices are now 19.3% higher than they were 5 years ago, with buyers paying £205 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 0.2% for flats over the last year, and have decreased by 3.7% for houses.
  • 20.9% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,328,341 for flats and £4,354,261 for houses.

Bayswater and Maida Vale: W2 & W9

  • Average flat prices are now 28.9% higher than they were 5 years ago, with buyers paying £275 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 5.0% for flats over the last year, and have decreased by 0.3% for houses.
  • 20.3% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,421,269 for flats and £2,642,750 for houses.

St John’s Wood, Regents Park & Camden: NW8 & NW1

  • Average flat prices are now 36.7% higher than they were 5 years ago, with buyers paying £304 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 10.3% for flats over the last year, and have decreased by 2.1% for houses.
  • 13.6% of properties sold within 3 months, compared with 20.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,179,811 for flats and £3,138,824 for houses.

Just sold: 15 Portman Square

Jaffray Estates are pleased to confirm another sale in 15 Portman Square. An elegant and spacious 1 bedroom apartment situated at the rear of the building with views towards Primrose Hill. If you are considering selling or looking to buy a property then please get in touch directly with Nicholas Jaffray on 020 3475 1745 or email at: nicholas@jaffray-estates.co.uk.

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Short lease for sale in 15 Portman Square

We have recently been in structed on the sale of an excellent front facing two bedroom apartment in Portman Square. The apartment has 5 south facing windows looking directly onto the gardens and there are only 7 units of this type in the building, making this a very rare property

The property is part of the Portman Estate and is held on a 15 years lease, which can be renewed upon purchase by the buyer. This makes an excellent opportunity for someone to add value as well as reconfiguring and refurbishing the property.

Portman Square is a highly sought after address, particularly with international families looking for the perfectly located central London pied a terre, with world famous Selfirdges department store and more or less everything London has to offer on your doorstep.

Asking price: £749,950 | Leasehold: 15 years Full details available here.

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For all enquiries, whether buying, selling or if you are just interested to know current pricing please get in touch with Nicholas Jaffray on 020 3475 1745 or email at: nicholas@jaffray-estates.co.uk.

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