Latest London Property News – May 2019

Market Overview

We have seen a noticeable increase in buying interest over the past few weeks, as fears of political uncertainty and a Corbyn led government subside. Buyers are starting to take the view that the market has now factored in a ‘Brexit discount’, confirmed by an uptick in activity. As always, purchasers are sensitive to pricing, so fair market value pricing remains imperative, and if done correctly property will sell. On this basis, London property is attractive, and investors continue to buy.

I am pleased to confirm several new instructions due to be listed imminently as we enter into our busiest time of the year over the coming summer months.

Above And Beyond: International Advertising Summer 2019

To ensure we maintain a competitive edge and the utmost value to our clients, Jaffray Estates have recently launched a major advertising campaign across the GCC region, specifically in Dubai, Abu Dhabi, Kuwait, Qatar, Bahrain, Oman, Egypt and Saudi Arabia. Online publications include Khaleej Times, Gulf News and Al Jazeera to name a few. More information on this will be available to clients in due course.

Q1 2019 Sales Report Prime Central London

Each quarter we include a report of key findings for each prime central London locations we work in, via data provider LonRes.

Marylebone & Medical Territory: W1H, W1U & W1G

Key Findings: Sold Statistics

• Average flat prices are now 11.6% lower than they were 5 years ago, with buyers paying £181 less per square foot than they did 5 years ago.
• Achieved prices per square foot have decreased by 20.2% for flats over the last year and have decreased by 33.7% for houses.
• 20.8% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £1,585,000 for flats and £2,600,000 for houses.

Key Findings: Current Availability

• 45.7% of properties on the market are priced at £2 million or higher.
• 64.2% of properties currently available have been on the market for more than six months.
• 11.8% of flats and 2.9% of houses on the market are currently under offer.

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

Key Findings: Sold Statistics

• Average flat prices are now 22.2% lower than they were 5 years ago, with buyers paying £490 less per square foot than they did 5 years ago.
• Achieved prices per square foot have decreased by 24.4% for flats over the last year, and have increased by 7.5% for houses.
• 5.6% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £2,475,000 for flats and £4,300,000 for houses.

Key Findings: Current Availability

• 72.8% of properties on the market are priced at £2 million or higher.
• 79.8% of properties currently available have been on the market for more than six months.
• 9.7% of flats and none of the houses on the market are currently under offer.

Knightsbridge & Belgravia: SW1X & SW1W

Key Findings: Sold Statistics

• Average flat prices are now 9.3% lower than they were 5 years ago, with buyers paying £185 less per square foot than they did 5 years ago.
• Achieved prices per square foot have decreased by 9.2% for flats over the last year, and have increased by 1.3% for houses.
• 6.7% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £2,817,065 for flats and £3,480,000 for houses.

Key Findings: Current Availability

• 65.5% of properties on the market are priced at £2 million or higher.
• 67.1% of properties currently available have been on the market for more than six months.
• 9.1% of flats and 8.7% of houses on the market are currently under offer.

Chelsea: SW3 & SW10

Key Findings: Sold Statistics

• Average flat prices are now 12.2% lower than they were 5 years ago, with buyers paying £185 less per square foot than they did 5 years ago.
• Achieved prices per square foot have decreased by 11.8% for flats over the last year, and have increased by 0.3% for houses.
• 11.5% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £1,596,653 for flats and £4,272,714 for houses.

Key Findings: Current Availability

• 37.9% of properties on the market are priced at £2 million or higher.
• 62.1% of properties currently available have been on the market for more than six months.
• 13.1% of flats and 11.0% of houses on the market are currently under offer.

South Kensington: SW7

Key Findings: Sold Statistics

• Average flat prices are now 15.8% lower than they were 5 years ago, with buyers paying £275 less per square foot than they did 5 years ago.
• Achieved prices per square foot have decreased by 10.9% for flats over the last year, and have decreased by 11.5% for houses.
• 12.1% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £2,134,000 for flats and £4,403,333 for houses.

Key Findings: Current Availability

• 51.5% of properties on the market are priced at £2 million or higher.
• 59.8% of properties currently available have been on the market for more than six months.
• 8.9% of flats and 6.2% of houses on the market are currently under offer.

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

Key Findings: Sold Statistics

• Average flat prices are now 5.7% lower than they were 5 years ago, with buyers paying £72 less per square foot than they did 5 years ago.
• Achieved prices per square foot have decreased by 5.2% for flats over the last year, and have decreased by 19.5% for houses.
• 8.1% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £1,276,650 for flats and £2,886,095 for houses.

Key Findings: Current Availability

• 36.2% of properties on the market are priced at £2 million or higher.
• 56.8% of properties currently available have been on the market for more than six months.
• 15.3% of flats and 14.4% of houses on the market are currently under offer.

Bayswater and Maida Vale: W2 & W9

Key Findings: Sold Statistics

• Average flat prices are now 16.2% higher than they were 5 years ago, with buyers paying £179 more per square foot than they did 5 years ago.
• Achieved prices per square foot have increased by 17.9% for flats over the last year, and have increased by 1.4% for houses.
• 7.5% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £1,205,333 for flats and £4,226,481 for houses.

Key Findings: Current Availability

• 22.1% of properties on the market are priced at £2 million or higher.
• 53.9% of properties currently available have been on the market for more than six months.
• 13.1% of flats and 6.7% of houses on the market are currently under offer.

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

Key Findings: Sold Statistics

• Average flat prices are now 11.1% lower than they were 5 years ago, with buyers paying £120 less per square foot than they did 5 years ago.
• Achieved prices per square foot have decreased by 16.6% for flats over the last year, and have increased by 7.4% for houses.
• 13.6% of properties sold within 3 months, compared with 12.3% for the whole of Central London.
• Properties sold in the last 3 months achieved an average price of £946,530 for flats and £3,194,122 for houses.

Key Findings: Current Availability

• 30.6% of properties on the market are priced at £2 million or higher.
• 54.0% of properties currently available have been on the market for more than six months.
• 7.1% of flats and 9.6% of houses on the market are currently under offer.

New Instructions

3 Bedroom Apartment For Sale: Wigmore Street W1

An excellent 3 bedroom apartment, with an abundance of natural light, situated over the top two floors of a small block, with direct lift access, located moments from Bond Street, Selfridge’s and the restaurants along St Christopher’s Place. Sole Agents

Guide Price: £2,200,000 Full Details Here

3 Bedroom Apartment For Sale: Clarewood Court W1

A modern and ideal 3 bedroom family apartment, situated on the 2nd floor of a popular mansion block, located within walking distance to Baker Street Station and the restaurants and shops on Marylebone High Street. Long lease.

Guide Price: £1,600,000 Full Details Here