Latest London Property News: December 2020
As we near the end of what has undoubtedly been a challenging year, London’s prime market has proven to be surprisingly resilient. Despite the challenges facing the market, with offices shut and overseas buyers grounded, prices are still 1% higher than they were a year ago and the number of vendors accepting offers on their homes continues to surpass 2019 levels. 2020 has been a difficult year for the lettings market too. Fewer prospective tenants and an increase in stock has meant landlords have had to be more competitive to secure the best tenants. But activity is increasing and the number of new lets this month suggests more tenants are returning to the market.
The second lockdown in November did not appear to impact buyer’s appetite to secure a prime London home. November saw a 17% increase in the number of properties going under offer compared to the same period last year – the fifth consecutive monthly increase. Vendors were not deterred from bringing their homes to the market either with the number of new instructions across prime areas of London rising 55% in November this year compared with 2019. This was driven by new at listings, with the number of ats brought to the market in November up 65%, compared with a more modest 18% rise for houses.
Transaction volumes continue to recover too, albeit still below 2019 levels. The number of sales in prime areas of London between September and November this year were 6.7% lower than over the same three months in 2019. Splitting out house sales alone shows more sales this year than last. In both prime central London (PCL) and prime London the number of houses sold was higher than 2019. Sales between September and November rose by 6.4% in PCL and 8.1% in prime London. Only prime fringe that recorded a modest fall of 0.7%. It is the higher price brackets where we continue to see the most activity. Sales of homes at £5 million or more are up 10% in the last three months compared with 2019 levels. But activity is increasing in other price bands too, with the number of homes sold across all price bands in the three months to November within 10% of 2019 levels. Across prime areas of London achieved prices, in the three months to November, rose 0.9% on the same period a year ago. PCL has seen prices fall, down 4.4% on the same three months a year ago, whereas both prime London and prime fringe recorded increases of 4% and 1.8% respectively.
We often use properties put under offer as a lead indicator for activity in the coming months. With five monthly increases in under offers this year, it is expected that this will translate into an increase in exchanges as we move into 2021. Beyond that, however, we remain bullish about the prospects for the prime market next year. There are obviously challenges, but the opening up of travel corridors, a more viable option now we are beginning to see a global vaccine roll out, could well mean we see increased number of buyers return to the London market.
Success in Fulham SW6
Jaffray Estates are pleased to confirm two recent sales in Fulham this year, an unmodernised house in Parson’s Green, and a 2 two bedroom apartment in Berkeley Home’s highly anticipated Kings Road Park.
Cristowe Road, SW6 | Guide Price: £1,250,000
An unmodernised house in a prime Parson’s Green location, with potential to extend, subject to planning permission, giving the incoming purchaser the opportunity to create a lovely family home.
Given the tricky market conditions and time constraints, this house sale was guided competitively, resulting in over 35 viewings with 7 offers, selling significantly in excess of the guide price. By going the extra mile, we managed to secure a sale for our client within their specified time frame.
Kings Road Park, SW6 | Guide Price: £1,545,000
Kings Road Park will transform a hidden part of London’s heritage, to create a new sustainable neighbourhood as part of the Fulham regeneration area.
Situated just 60 metres from the iconic King’s Road and close to the River Thames, King’s Road Park is in one of south-west London’s most celebrated locations. Perfectly located in Zone 2 and only a 10 minute walk from both an Underground and Overground station, this sought-after address is well connected and close to the very best that London has to offer.
Marylebone Square, Marylebone W1U
Property developer Concord London has appointed Kier to deliver its £106m Marylebone Square mixed-use scheme in the centre of the capital.
Kier will put up a nine-storey, 25,160 sq m building on the site of the former Moxon Street carpark – said to be the last whole city block in the W1 postcode to be developed.
The building has been designed by Simon Bowden Architecture “in the style of a contemporary interpretation of a classic London mansion block that seamlessly blends into its historic surroundings”, with bespoke ceramic cladding, cast aluminium balustrading and feature frieze detailing.
There will be five residential floors above ground floor with 79 apartments and a three-storey basement for retail, restaurant and community facilities including a community hall housing a farmers’ market on Sundays.
Kier Construction managing director Liam Cummins said: “This is an exciting project for us to be appointed to deliver and it draws on both our technical excellence and experience of delivering large scale, mixed-use schemes in London. This appointment is testament to our collaborative relationship with Concord London and its consultant partners. We look forward to successfully delivering this project and creating a lasting legacy in Marylebone as part of our growing portfolio of projects in London.”
Concord London managing director Chris Murray said: “Marylebone Square is a truly significant milestone for us as a company. We look forward to working alongside Kier to deliver a first class development that will combine beautiful architecture, high quality finishes and the latest technology to create exceptional homes for residents and a superb new retail destination for the local community.”
Marylebone Square is unquestionably one of central London’s most exciting new developments currently available for sale; consisting of 54 apartments located in the heart of Marylebone.
Meticulously designed, the building includes a state of the art glass roof, over a central stone courtyard and indoor garden, creating one of Marylebone’s finest new living spaces.
The apartments have been thoughtfully designed with generous proportions, including floor to ceiling windows and a private balcony, or terrace for penthouses, offering best in class living.
Secure residents’ underground parking, 24 hour concierge as well as retail, restaurant, health club and community facilities on ground and lower ground floors
Prices from £2,693,000 to £17,000,000 – Call today to arrange an appointment at the marketing suite.