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Latest London Property News – July 2018

Market Overview

The latest figures from the Land Registry show prices in the capital dropped by 0.4% to an average of £478,853 in the year to May, still well out of reach for most young Londoners. Richard Snook, senior economist at PwC, gives three reasons why affordability in the capital has been stretched: “a high deposit saving hurdle, increased economic uncertainty relating to Brexit acting as a drag on international investment, and reduced numbers of housing transactions due to stamp duty changes”.

While falling prices will be welcome news for first-time buyers struggling to get on the housing ladder, Shaun Church, director at Private Finance, says “for those that already own a property, news of negative house price growth will be met with concern, as hopes of making a quick and easy profit from their properties will be dashed”. However, he added that while “a decline in house prices is never a vote of confidence for the UK economy, this downward trend we are witnessing in London is a correction not a crash”.

With continuing uncertainty over the Brexit negotiations and further interest rate rises expected over the coming months, London prices are unlikely to resume their upward path soon, but “a full-scale collapse is seen as unlikely”, agrees Jonathan Prynn in the London Evening Standard. PwC predicts London house price growth will pick up again in 2020.

Long the country’s fastest-growing market, price stagnation in the capital stands in stark contrast to other parts of the UK. While historically strong growth areas such as Manchester appear to be running out of steam, the East and West Midlands continue to jostle for position as the regions with the fastest-rising prices.

Latest London Property News – July 2018

Q2 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 4.4% higher than they were 5 years ago, with buyers paying £57 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 19.7% for flats over the last year, and have decreased by 3.6% for houses.
  • 15.6% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,324,130 for flats and £3,489,000 for houses.

Key Findings: Current Availability

  • 42.4% of properties on the market are priced at £2 million or higher.
  • 51.9% of properties currently available have been on the market for more than six months.
  • 9.7% of flats and 13.9% 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 16.7% higher than they were 5 years ago, with buyers paying £330 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 14.6% for flats over the last year, and have decreased by 17.3% for houses.
  • 4.0% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £3,451,867 for flats and £5,871,875 for houses.

Key Findings: Current Availability

  • 70.5% of properties on the market are priced at £2 million or higher.
  • 57.4% of properties currently available have been on the market for more than six months.
  • 15.3% 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 8.3% higher than they were 5 years ago, with buyers paying £154 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 0.5% for flats over the last year, and have increased by 14.9% for houses.
  • 16.1% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £3,748,214 for flats and £7,559,000 for houses.

Key Findings: Current Availability

  • 64.1% of properties on the market are priced at £2 million or higher.
  • 44.9% of properties currently available have been on the market for more than six months.
  • 9.5% of flats and 5.5% of houses on the market are currently under offer.

Chelsea: SW3 & SW10

Key Findings: Sold Statistics

  • Average flat prices are now 16.2% higher than they were 5 years ago, with buyers paying £227 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 6.7% for flats over the last year, and have increased by 7.3% for houses.
  • 20.4% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £2,067,310 for flats and £4,725,306 for houses.

Key Findings: Current Availability

  • 37.8% of properties on the market are priced at £2 million or higher.
  • 41.8% of properties currently available have been on the market for more than six months.
  • 9.5% of flats and 6.2% of houses on the market are currently under offer.

South Kensington: SW7

Key Findings: Sold Statistics

  • Average flat prices are now 1.5% higher than they were 5 years ago, with buyers paying £24 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 12.2% for flats over the last year, and have decreased by 10.4% for houses.
  • 26.0% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,584,203 for flats and £3,314,500 for houses.

Key Findings: Current Availability

  • 52.9% of properties on the market are priced at £2 million or higher.
  • 44.1% of properties currently available have been on the market for more than six months.
  • 10.5% of flats and 14.1% 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 12.5% higher than they were 5 years ago, with buyers paying £143 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 4.2% for flats over the last year, and have decreased by 9.0% for houses.
  • 20.5% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,442,866 for flats and £3,307,143 for houses.

Key Findings: Current Availability

  • 37.2% of properties on the market are priced at £2 million or higher.
  • 38.3% of properties currently available have been on the market for more than six months.
  • 11.7% of flats and 9.4% of houses on the market are currently under offer.

Bayswater and Maida Vale: W2 & W9

Key Findings: Sold Statistics

  • Average flat prices are now 2.1% higher than they were 5 years ago, with buyers paying £23 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 16.4% for houses.
  • 21.2% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,254,455 for flats and £3,695,000 for houses.

Key Findings: Current Availability

  • 22.7% of properties on the market are priced at £2 million or higher.
  • 44.0% of properties currently available have been on the market for more than six months.
  • 14.9% of flats and 9.7% 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 28.4% higher than they were 5 years ago, with buyers paying £257 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 5.5% for flats over the last year, and have increased by 7.8% for houses.
  • 18.4% of properties sold within 3 months, compared with 18.7% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,285,204 for flats and £3,950,039 for houses.

Key Findings: Current Availability

  • 32.9% of properties on the market are priced at £2 million or higher.
  • 45.0% of properties currently available have been on the market for more than six months.
  • 11.4% of flats and 8.3% of houses on the market are currently under offer.

July’s New Instructions

3 Bedroom in Portman Square, Marylebone W1

A simply stunning new interior designed 3 bedroom 3 bathroom (2 en-suites) apartment, with quiet, private garden views, in a popular Art Deco building with 24-hour porter on a long lease, conveniently located next to Selfridges and Hyde Park.

Asking price: £2,295,000 Full Details Here
3 Bedroom in Portman Square, Marylebone W1
3 Bedroom in Portman Square, Marylebone W1
3 Bedroom in Portman Square, Marylebone W1

2 Bedroom on Greycoat Street, Westminster SW1

An outstanding spacious and newly interior designed 2 bedroom 2 bathroom apartment situated close to Westminster, St James’s Park and Victoria. Includes secure parking, lift and share of freehold.

Guide price: £1,500,000 Full Details Here
2 Bedroom on Greycoat Street, Westminster SW1
2 Bedroom on Greycoat Street, Westminster SW1
2 Bedroom on Greycoat Street, Westminster SW1

2 Bedroom in The Quadrangle Tower, Hyde Park W2

A newly designed 2 bedroom 2 bathroom newly refurbished apartment, for sale boasting superb views of London from the 22nd floor, situated in a popular gated development near Marble Arch, Edgware Road & Hyde Park.

Asking price: £950,000 Full Details Here
2 Bedroom in The Quadrangle Tower, Hyde Park W2
2 Bedroom in The Quadrangle Tower, Hyde Park W2
2 Bedroom in The Quadrangle Tower, Hyde Park W2

If you are due to arrive in London soon, do get in touch with Nicholas Jaffray directly, on 020 3475 1745 or email at: nicholas@jaffray-estates.co.uk, should you wish to discuss your current requirements.

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