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Latest London Property News – April 2018

Market Overview

The market in London is still fragile, with low transaction levels, although there is a sense that prices in prime central London have bottomed out, famous last words! Understanding price movements and levels of activity can be difficult as there are plenty of examples of record prices for prime property currently being achieved. There are good opportunities for buyers in the market now, as we expect prices to strengthen in the near future.

Latest London Property News – April 2018

Recent Testimonial

Always a pleasure to hear positive feedback from clients as with Mr and Mrs Williams on our recent transaction in Portman Square; a difficult property to sell held on a 15 year lease.

“My wife and I want to thank you for your utter professionalism regarding the sale of our flat. You acted with the upmost integrity and gave us so much confidence. We had experienced very poor services from other property professionals and that meeting with you our faith was restored in your profession.”

Portman Square

Q1 2018 Sales Report

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 22.6% higher than they were 5 years ago, with buyers paying £278 more per square foot than they did 5 years ago
  • Achieved prices per square foot have decreased by 6.6% for flats over the last year and have decreased by 3.5% for houses.
  • 11.8% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,827,500 for flats and £3,520,000 for houses.

Key Findings: Current Availability

  • 43.6% of properties on the market are priced at £2 million or higher.
  • 58.2% of properties currently available have been on the market for more than six months.
  • 11.0% of flats and 3.6% 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 14.7% higher than they were 5 years ago, with buyers paying £288 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 0.1% for flats over the last year, and have decreased by 20.9% for houses.
  • 13.6% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £3,151,719 for flats and £5,425,000 for houses.

Key Findings: Current Availability

  • 72.5% of properties on the market are priced at £2 million or higher.
  • 67.3% of properties currently available have been on the market for more than six months.
  • 9.2% 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 3.7% lower than they were 5 years ago, with buyers paying £79 less per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 7.2% for flats over the last year, and have decreased by 11.8% for houses.
  • 6.5% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £3,510,875 for flats and £7,712,500 for houses.

Key Findings: Current Availability

  • 65.6% of properties on the market are priced at £2 million or higher.
  • 52.2% of properties currently available have been on the market for more than six months.
  • 8.9% of flats and 5.2% of houses on the market are currently under offer.

Chelsea: SW3 & SW10

Key Findings: Sold Statistics

  • Average flat prices are now 8.6% higher than they were 5 years ago, with buyers paying £117 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 6.7% for flats over the last year, and have increased by 0.9% for houses.
  • 18.1% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,525,433 for flats and £3,561,316 for houses.

Key Findings: Current Availability

  • 38.0% of properties on the market are priced at £2 million or higher.
  • 49.3% of properties currently available have been on the market for more than six months.
  • 11.2% of flats and 8.0% of houses on the market are currently under offer.

South Kensington: SW7

Key Findings: Sold Statistics

  • Average flat prices are now 3.7% lower than they were 5 years ago, with buyers paying £62 less per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 5.3% for flats over the last year, and have decreased by 5.4% for houses.
  • 17.9% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £2,062,294 for flats and £5,717,700 for houses.

Key Findings: Current Availability

  • 55.5% of properties on the market are priced at £2 million or higher.
  • 51.0% of properties currently available have been on the market for more than six months.
  • 10.0% of flats and 8.0% 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 12.8% higher than they were 5 years ago, with buyers paying £141 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 1.2% for flats over the last year, and have increased by 8.5% for houses.
  • 11.4% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,200,799 for flats and £5,043,636 for houses.

Key Findings: Current Availability

  • 36.9% of properties on the market are priced at £2 million or higher.
  • 46.5% of properties currently available have been on the market for more than six months.
  • 11.8% of flats and 11.6% of houses on the market are currently under offer.

Bayswater and Maida Vale: W2 & W9

Key Findings: Sold Statistics

  • Average flat prices are now 5.4% higher than they were 5 years ago, with buyers paying £56 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 4.1% for flats over the last year, and have decreased by 4.0% for houses.
  • 14.1% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,217,149 for flats and £3,544,091 for houses.

Key Findings: Current Availability

  • 22.3% of properties on the market are priced at £2 million or higher.
  • 46.6% of properties currently available have been on the market for more than six months.
  • 13.8% of flats and 5.0% 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 29.6% higher than they were 5 years ago, with buyers paying £264 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 0.5% for flats over the last year, and have increased by 0.6% for houses.
  • 14.3% of properties sold within 3 months, compared with 14.3% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,463,965 for flats and £4,044,935 for houses.

Key Findings: Current Availability

  • 37.2% of properties on the market are priced at £2 million or higher.
  • 49.3% of properties currently available have been on the market for more than six months.
  • 11.7% of flats and 8.1% of houses on the market are currently under offer.

New Instructions

Jaffray Estates have seen an increase in new instructions, including properties for sale in Marylebone, Hyde Park and Maida Vale.

2 Bedroom in Bell Street, Marylebone NW1: Guide price: £1,000,000

An excellent high specification 2 bedroom 2 bathroom (master en-suite) apartment in a boutique new modern development with porter and lift. Long lease: 120 years. Full details here: Bell Street

2 Bedroom in Bell Street, Marylebone NW1

1 Bedroom in The Quadrangle Tower, Hyde Park, W2: Asking price: £690,000

A large unmodernised 1 bedroom apartment with excellent south facing views from the 21st floor, in a 24-hour portered building close to Marble Arch and Hyde Park. Can convert to a 2 bedroom 2 bathroom subject to permission. Full details here: Quadrangle Tower

1 Bedroom in The Quadrangle Tower, Hyde Park, W2

3 Bedroom in Rodney Court, Maida Vale, W9: Asking price: £1,675,000

A bright and spacious 3 bedroom apartment situated on the 6th floor of an attractive 24-hour portered mansion block in Maida Vale. Full details here: Rodney Court

3 Bedroom in Rodney Court, Maida Vale, W9

For more information on any of the above article please get in touch with Nicholas Jaffray by telephoning 020 3091 9311 or via email at: nicholas@jaffray-estates.co.uk.

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