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Latest London Property News – November 2018

Market Overview

The days of London house price rises hugely outpacing inflation in the UK is unlikely in the short or medium terms as Brexit uncertainty weights on the housing market, according to a new poll. Property values in the capital more than tripled in the last 20 years, but demand and turnover have crumbled since the June 2016 vote to leave the European Union and property taxes were raised, the latest Reuters poll says.

It suggests that the economists and analysts responding to the poll believe that prices will fall in London around 1.7% this year and another 0.3% in 2019. But it also warns that borrowing is likely to get more expensive with interest rates rising to 1.25% by early 2020. While borrowing costs are currently low, the Bank of England is forecast to raise rates again after Brexit.

But Brexit is not the only factor holding back prices, a sharp increase in the property tax, stamp duty, paid when buying a house, has particularly affected London where houses are much more expensive than the rest of the country. The high rates of SDLT will continue to stifle transaction volumes, especially in central London.

After next year’s modest dip London prices are predicted to rise 1.5% in 2020, the poll found. A separate Reuters survey said overall inflation would be 2% in that year. When asked about the probability of a significant correction in London’s housing market by the end of 2019, the median forecast was only 20%, significantly down from the 29% given in August.

Following one of Jaffray Estates’ recent sales in Marylebone in September, it was a pleasure to receive the below testimonial:

“My family and I want to put on record our appreciation for the professionalism you have shown during the purchase of our flat. You provided us with impeccable service with utmost integrity and we enjoyed the courteous and hospitable interactions we had with you. You guided us with insightful and swift advice during the entire process and made the whole experience memorable for us.”

Buyer, Mr Al M
Baker Street

Latest London Property News – November 2018

Q3 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 24.6% higher than they were 5 years ago, with buyers paying £338 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 2.4% for flats over the last year, and have decreased by 19.5% for houses.
  • 9.4% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £2,410,729 for flats and £3,273,000 for houses.

Key Findings: Current Availability

  • 41.2% of properties on the market are priced at £2 million or higher.
  • 51.8% of properties currently available have been on the market for more than six months.
  • 11.4% of flats and 2.7% 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 £300 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 8.0% for flats over the last year, but have remained the same for houses.
  • 20.0% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £3,760,938 for flats and £0 for houses.

Key Findings: Current Availability

  • 74.5% of properties on the market are priced at £2 million or higher.
  • 58.3% of properties currently available have been on the market for more than six months.
  • 7.8% 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 0.4% lower than they were 5 years ago, with buyers paying £7 less per square foot than they did 5 years ago
  • Achieved prices per square foot have decreased by 24.2% for flats over the last year, and have decreased by 23.8% for houses.
  • 22.5% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £2,155,476 for flats and £4,081,818 for houses.

Key Findings: Current Availability

  • 63.1% of properties on the market are priced at £2 million or higher.
  • 55.4% of properties currently available have been on the market for more than six months.
  • 6.4% of flats and 5.8% of houses on the market are currently under offer.

Chelsea: SW3 & SW10

Key Findings: Sold Statistics

  • Average flat prices are now 5.0% lower than they were 5 years ago, with buyers paying £74 less per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 8.2% for flats over the last year, and have increased by 10.6% for houses.
  • 23.3% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,116,023 for flats and £6,452,038 for houses.

Key Findings: Current Availability

  • 35.6% of properties on the market are priced at £2 million or higher.
  • 45.8% of properties currently available have been on the market for more than six months.
  • 11.1% of flats and 6.9% of houses on the market are currently under offer.

South Kensington: SW7

Key Findings: Sold Statistics

  • Average flat prices are now 11.6% lower than they were 5 years ago, with buyers paying £201 less per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 4.6% for flats over the last year, and have decreased by 12.6% for houses.
  • 17.8% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,871,600 for flats and £4,463,375 for houses.

Key Findings: Current Availability

  • 52.0% of properties on the market are priced at £2 million or higher.
  • 48.0% of properties currently available have been on the market for more than six months.
  • 9.5% of flats and 3.2% 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 14.0% higher than they were 5 years ago, with buyers paying £151 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 0.3% for flats over the last year, and have decreased by 3.4% for houses.
  • 23.1% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,262,801 for flats and £3,843,030 for houses.

Key Findings: Current Availability

  • 36.2% of properties on the market are priced at £2 million or higher.
  • 40.9% of properties currently available have been on the market for more than six months.
  • 9.6% of flats and 9.7% of houses on the market are currently under offer.

Bayswater and Maida Vale: W2 & W9

Key Findings: Sold Statistics

  • Average flat prices are now 1.3% higher than they were 5 years ago, with buyers paying £14 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 10.7% for flats over the last year, and have decreased by 4.6% for houses.
  • 9.2% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £983,868 for flats and £2,670,588 for houses.

Key Findings: Current Availability

  • 22.5% of properties on the market are priced at £2 million or higher.
  • 43.7% of properties currently available have been on the market for more than six months.
  • 10.6% of flats and 4.9% 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 6.2% higher than they were 5 years ago, with buyers paying £64 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 2.3% for flats over the last year, and have decreased by 0.2% for houses.
  • 13.4% of properties sold within 3 months, compared with 17.2% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,208,725 for flats and £4,844,746 for houses.

Key Findings: Current Availability

  • 33.4% of properties on the market are priced at £2 million or higher.
  • 48.4% of properties currently available have been on the market for more than six months.
  • 10.6% of flats and 11.2% of houses on the market are currently under offer.
NW8 & NW1
Jaffray Estates

Get In Touch

If you are considering selling your property and would like some advice, do get in touch with Nicholas Jaffray directly, on 020 3475 1745 or email at: nicholas@jaffray-estates.co.uk . Full details of our services can be found at: www.jaffray-estates.co.uk .

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