Latest London Property News: January 2022

The property market has weathered the COVID storm better than many sectors over the last couple of years. The crisis has seen buyers and renters adapt to virtual viewings and more in a desire to move on, and this has been reflected in 2021’s growth, which is on the rise despite a challenging 2020.

More demand than supply is always an indicator of whether there will be strong growth in the market, this shows no sign of changing in London. We are seeing 20 buyers in play for one property and even though the race for space is now tailing off, there can still be up to 30 buyers per property for homes in leafier locations. To put this demand into perspective, supply is still 40% below pre-pandemic levels and this should continue to fuel growth in the London property market for 2022.

As the economy continues to bounce back from the economic effects of COVID, we will likely see the affordability criteria for lending relaxed. If it happens, the positive impact on the market would be huge and would see a rise in the number of transactions.

Despite the downsides of the capital for property investors – including the high house prices and lower rental yields – it remains a hugely popular investment spot. As a major international city, it is the focus of constant regeneration and investment projects that ensure its continued economic importance. Further to this, its top transport system is also being expanded, with the likes of Crossrail broadening the areas that property investors can target.

With no further lockdowns, and the easing of international travel, many would argue that London is set for a busy year ahead.

October 2021: One Seymour Street, Marylebone W1H
A one bedroom apartment in this sought after new development with 24 hour concierge and underground parking. Guide price: £1,395,000.

December 2021: Bilton Towers, Great Cumberland Place W1H
A refurbished 2 bedroom apartment in a popular portered block in Marble Arch. Guide price: £1,550,000.

December 2021: The Paperyard, Horsham, West Sussex
A studio apartment in a new development acquired as a buy to let investment for an international investor. Guide price: £200,000.

Q4 2021 SALES REPORT

Here are the key findings for the quarterly figures complied by London’s premier data
source LonRes.
Marylebone & Medical Territory Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
Average flat prices are now 3.1% higher they were 5 years ago, with buyers paying
£51 more per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 11.1% for flats over the last year &
have increased by 20.1% for houses.
 10% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £1,864,375 for flats
& £2,743,750 for houses.
Current Availability: Key Findings
 50.6% of properties on the market are priced at £1 million or higher.
 63.3% of properties currently available have been on the market for more than six
months.
 13.3% of flats & 5.3% of houses on the market are currently under offer.
Mayfair & St. James's Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 6.4% higher they were 5 years ago, with buyers paying
£136 more per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 4.8% for flats over the last year &
have increased by 47.5% for houses.
 Properties sold in the last 3 months achieved an average price of £4,674,375 for flats
& £22,500,000 for houses.
Current Availability: Key Findings
 74.2% of properties on the market are priced at £1 million or higher.
 64.8% of properties currently available have been on the market for more than six
months.
 14.1% of flats & 3.8% of houses on the market are currently under offer.
Knightsbridge & Belgravia Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 2.3% lower they were 5 years ago, with buyers paying
£46 less per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 23.4% for flats over the last year &
have increased by 11.2% for houses.
 15.2% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £3,111,677 for flats
& £4,948,792 for houses.
Current Availability: Key Findings
 62.9% of properties on the market are priced at £1 million or higher.
 58.5% of properties currently available have been on the market for more than six
months.
 12.5% of flats & 16.9% of houses on the market are currently under offer.
Chelsea Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 1.1% lower they were 5 years ago, with buyers paying
£17 less per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 0.8% for flats over the last year &
have decreased by 1.3% for houses.
 22.7% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £1,804,318 for flats
& £4,637,573 for houses.
Current Availability: Key Findings
 35.8% of properties on the market are priced at £1 million or higher.
 57.3% of properties currently available have been on the market for more than six
months.
 17.1% of flats & 13.8% of houses on the market are currently under offer.
Fulham & Earls Court Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 13.1% lower they were 5 years ago, with buyers paying
£143 less per sq ft than they did 5 years ago.
 Achieved prices per sq ft have decreased by 4.1% for flats over the last year &
have increased by 7% for houses.
 16% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £868,510 for flats &
£2,176,595 for houses.
Current Availability: Key Findings
 49.3% 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.
 18.8% of flats & 22.8% of houses on the market are currently under offer.
South Kensington Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 0.1% lower they were 5 years ago, with buyers paying
£1 less per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 22.4% for flats over the last year &
have decreased by 3.9% for houses.
13.6% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £2,270,798 for flats
& £5,332,308 for houses.
Current Availability: Key Findings
 50.4% of properties on the market are priced at £1 million or higher.
 54% of properties currently available have been on the market for more than six
months.
 17.3% of flats & 8.6% of houses on the market are currently under offer.
Kensington, Notting Hill & Holland Park Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 4.1% lower they were 5 years ago, with buyers paying
£55 less per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 2.2% for flats over the last year &
have increased by 6.4% for houses.
 22.8% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £1,502,476 for flats
& £6,118,880 for houses.
Current Availability: Key Findings
 27.6% of properties on the market are priced at £1 million or higher.
 51.4% of properties currently available have been on the market for more than six
months.
 21.5% of flats & 25.9% of houses on the market are currently under offer.
Bayswater & Maida Vale Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 2% lower they were 5 years ago, with buyers paying
£24 less per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 2.5% for flats over the last year &
have increased by 0.2% for houses.
 18% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £1,361,009 for flats
& £4,733,763 for houses.
Current Availability: Key Findings
 17.4% of properties on the market are priced at £1 million or higher.
 52.3% of properties currently available have been on the market for more than six
months.
 16.8% of flats & 21.9% of houses on the market are currently under offer.
St John's Wood, Regents Park & Camden Q4 2021 Sales Report
Sold: Oct-Dec 2021: Key Findings
 Average flat prices are now 5.5% lower they were 5 years ago, with buyers paying
£68 less per sq ft than they did 5 years ago.
 Achieved prices per sq ft have increased by 6.6% for flats over the last year &
have increased by 7% for houses.
 17.3% of properties sold within 3 months, compared with 18.1% for the whole of
Central London.
 Properties sold in the last 3 months achieved an average price of £1,414,119 for flats
& £4,811,852 for houses.
Current Availability: Key Findings
 32.3% of properties on the market are priced at £1 million or higher.
 59.9% of properties currently available have been on the market for more than six
months.
 15.7% of flats & 10.4% of houses on the market are currently under offer.

CONTACT US