Jaffray Estates

Latest London Property News: November 2020

Market Overview

People’s homes have become more of a haven than ever. Meaning that despite ongoing economic uncertainty, buyers continue to prioritise searching for a property capable of adapting to their changing needs. This continues to drive buyers and prospective vendors into the market, with the number of homes coming to market almost doubling on 2019 levels.

The first nine months of 2020 saw a 19% increase in the number new properties reaching the market than in the same period a year ago. Both August and September have been particularly busy for London’s prime market. With domestic owner-occupiers bringing their home to market we are less concerned that this increase in new instructions will flood the market with stock. However, if these sellers don’t go on to buy another home in prime London (either choosing to buy outside the capital, or rent instead) we could see stock levels rise with the potential to put downward pressure on prices in certain markets.

If current trends continue, we expect more activity in markets which appeal predominantly to domestic buyers. Yet despite a question mark over the ability to travel to and from London, the combination of stamp duty saving, the introduction of additional charges for overseas buyers in April 2021 and a weaker pound could prove tempting for overseas buyers. These factors combined could see many international buyers making savings of up to 40% off the price they would have paid at the peak in 2014.

With the recent news of Pfizer’s vaccine for covid-19 potentially being rolled out from next month, suffice to say there is finally light at the end of the tunnel. There are a few hurdles still, but I am sure we will start to see travel restrictions begin to ease which will have a very positive impact on prime central London property, with plenty of pent up demand no doubt.

Latest London Property News: November 2020

Stamp Duty Holiday

Stamp duty changes that may Lead to a property surge ahead of 1st of April 2021

The real estate sector has been one of the hardest hit by the coronavirus pandemic. The government has sought to get the housing market back on its feet by announcing a Stamp Duty Land Tax (SDLT) holiday on residential property in England and Northern Ireland up to £500,000 with a similar holiday announced by the devolved administrations in Scotland and Wales.

Alongside the support for the housing market, there have been other developments for the sector. These include a new 2% SDLT surcharge from 1 April 2021 for buyers of residential property in England and Northern Ireland who are not resident in the United Kingdom and a new relief for certain housing co-operatives from the Annual Tax on Enveloped Dwellings (ATED) and the 15% rate of SDLT.

The new surcharge will affect not only non-resident individuals but also non-resident companies, close companies who are controlled by non-residents, trusts and partnerships. This means that non-residents acquiring residential properties in England and Northern Ireland through a vehicle will also be subject to the surcharge.

Stamp Duty Holiday

Q3 2020 Sales Report: Area Overviews

Here are the quarterly sale figures compiled by London’s premier data source LonRes.

Marylebone & Medical Territory: W1H, W1U, W1G

Key Findings | Sold Prices

  • Average flat prices are now 1.4% lower they were 5 years ago, with buyers paying £21 less per sq ft than they did 5 years ago.
  • Achieved prices per square foot have increased by 3.8% for flats over the last year & have decreased by 35.9% for houses.
  • 17.9% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,885,441 for flats & £4,191,667 for houses.

Key Findings | Current Availability

  • 48.5% of properties on the market are priced at £1 million or higher.
  • 62.8% of properties currently available have been on the market for more than 6 months.
  • 6.9% of flats & 12.5% of houses on the market are currently under offer.

Fitzrovia, Bloomsbury & Soho: W1W, W1T, WC1, W1F, W1D, W1B

Key Findings | Sold Prices

  • Average flat prices are now 20.8% lower they were 5 years ago, with buyers paying £341 less per sq ft than they did 5 years ago.
  • Achieved prices per square foot have decreased by 17.1% for flats over the last year & have decreased by 0% for houses.
  • 9.1% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,145,167 for flats & £2,500,000 for houses.

Key Findings | Current Availability

  • 30.9% of properties on the market are priced at £1 million or higher.
  • 55.8% of properties currently available have been on the market for more than 6 months.
  • 12.8% of flats & 10.5% of houses on the market are currently under offer.

Mayfair & St. James’s: W1K, W1J, SW1A

Key Findings | Sold Prices

  • Average flat prices are now 3.1% lower they were 5 years ago, with buyers paying £71 less per sq ft than they did 5 years ago
  • Achieved prices per square foot have decreased by 7.2% for flats over the last year & have decreased by 0% for houses.
  • 30% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £5,928,503 for flats & £4,850,000 for houses.

Key Findings | Current Availability

  • 74.4% 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 6 months.
  • 4.5% of flats & none of the houses on the market are currently under offer.

Knightsbridge & Belgravia: SW1X, SW1W

Key Findings | Sold Prices

  • Average flat prices are now 29.3% lower they were 5 years ago, with buyers paying £802 less per sq ft than they did 5 years ago.
  • Achieved prices per square foot have increased by 26.4% for flats over the last year & have decreased by 10.1% for houses.
  • 35.7% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £2,711,429 for flats & £3,915,003 for houses.

Key Findings | Current Availability

  • 64.0% of properties on the market are priced at £1 million or higher.
  • 58.3% of properties currently available have been on the market for more than 6 months.
  • 11.2% of flats & 5.2% of houses on the market are currently under offer.

Pimlico, Westminster & Victoria: SW1P, SW1V

Key Findings | Sold Prices

  • Average flat prices are now 5.2% lower they were 5 years ago, with buyers paying £61 less per sq ft than they did 5 years ago
  • Achieved prices per sq ft have decreased by 2.9% for flats over the last year & have decreased by 1.8% for houses.
  • 36.8% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £879,795 for flats & £2,447,725 for houses.

Key Findings | Current Availability

  • 48.8% of properties on the market are priced at £1 million or higher.
  • 41.3% of properties currently available have been on the market for more than 6 months.
  • 14.3% of flats & none of the houses on the market are currently under offer.

Chelsea: SW3, SW10

Key Findings | Sold Prices

  • Average flat prices are now 6.9% lower they were 5 years ago, with buyers paying £109 less per sq ft than they did 5 years ago.
  • Achieved prices per square foot have increased by 4.7% for flats over the last year & have increased by 3.8% for houses.
  • 22.5% of properties sold within 3 months, compared with 23.0% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,602,549 for flats & £3,630,060 for houses.

Key Findings | Current Availability

  • 35.3% of properties on the market are priced at £1 million or higher.
  • 45.2% of properties currently available have been on the market for more than 6 months.
  • 11.4% of flats and 6.3% of houses on the market are currently under offer.

South Kensington: SW7

Key Findings | Sold Prices

  • Average flat prices are now 7.5% lower they were 5 years ago, with buyers paying £122 less per sq ft than they did 5 years ago.
  • Achieved prices per square foot have decreased by 4.5% for flats over the last year & have increased by 9.1% for houses.
  • 19% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,703,764 for flats & £3,095,200 for houses.

Key Findings | Current Availability

  • 50.6% of properties on the market are priced at £1 million or higher.
  • 47.6% of properties currently available have been on the market for more than 6 months.
  • 9.8% of flats & 11.7% of houses on the market are currently under offer.

Fulham & Earls Court: SW6, SW5

Key Findings | Sold Prices

  • Average flat prices are now 17.4% lower they were 5 years ago, with buyers paying £198 less per sq ft than they did 5 years ago.
  • Achieved prices per square foot have decreased by 3.2% for flats over the last year & have increased by 4.3% for houses.
  • 21.6% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £774,997 for flats & £1,889,512 for houses.

Key Findings | Current Availability

  • 44.4% of properties on the market are priced at £1 million or higher.
  • 41% of properties currently available have been on the market for more than 6 months.
  • 16.9% of flats and 12.1% of houses on the market are currently under offer.

Hammersmith & Brook Green, Chiswick, North Kensington: W6, W4, W10

Key Findings | Sold Prices

  • Average flat prices are now 3.6% higher they were 5 years ago, with buyers paying £31 more per sq ft than they did 5 years ago.
  • Achieved prices per square foot have increased by 4.5% for flats over the last year & have increased by 13.1% for houses.
  • 30.4% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £721,481 for flats & £1,885,904 for houses.

Key Findings | Current Availability

  • 37.2% of properties on the market are priced at £1 million or higher.
  • 39.1% of properties currently available have been on the market for more than 6 months.
  • 20.6% of flats and 32.4% of houses on the market are currently under offer.

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

Key Findings | Sold Prices

  • Average flat prices are now 9.4% lower they were 5 years ago, with buyers paying £128 less per sq ft than they did 5 years ago.
  • Achieved prices per sq ft have decreased by 7.5% for flats over the last year & have increased by 2.8% for houses.
  • 25.6% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,189,351 for flats & £3,521,613 for houses.

Key Findings | Current Availability

  • 29.4% of properties on the market are priced at £1 million or higher.
  • 40.9% of properties currently available have been on the market for more than 6 months.
  • 17.3% of flats & 12.9% of houses on the market are currently under offer.

Bayswater & Maida Vale: W2, W9

Key Findings | Sold Prices

  • Average flat prices are now 3.2% lower they were 5 years ago, with buyers paying £40 less 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 18.9% for houses.
  • 17.5% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £1,227,974 for flats & £3,369,571 for houses.

Key Findings | Current Availability

  • 21.2% of properties on the market are priced at £1 million or higher.
  • 47.1% of properties currently available have been on the market for more than 6 months.
  • 12.4% of flats & 11% of houses on the market are currently under offer.

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

Key Findings | Sold Prices

  • Average flat prices are now 14.2% lower they were 5 years ago, with buyers paying £176 less per sq ft than they did 5 years ago.
  • Achieved prices per square foot have decreased by 3.2% for flats over the last year & have increased by 15.7% for houses.
  • 18.2% of properties sold within 3 months, compared with 23% for the whole of Central London.
  • Properties sold in the last 3 months achieved an average price of £969,755 for flats & £4,747,955 for houses.

Key Findings | Current Availability

  • 31.1% of properties on the market are priced at £1 million or higher.
  • 44.6% of properties currently available have been on the market for more than 6 months.
  • 9.5% of flats and 5.7% of houses on the market are currently under offer.

New Instructions:

Cadogan Place, Belgravia SW1X | £2,795,000

An exemplary apartment that has been reconfigured and refurbished to the highest standards. Beautiful high ceilings, period features & west facing garden views make this a ‘best in class’ property.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Current Properties For Sale:

Fursecroft, George Street, Marylebone W1H | £3,850,000

A newly refurbished family apartment with 4 en-suite bedrooms, in a secure 24-hour portered block located next to Marble Arch and Hyde Park. Fursecroft has now completed an extensive programme of refurbishment in all the communal areas making this a very desirable option.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

North Gate, Prince Albert Road, St John’s Wood NW8 | £2,925,000

A brand newly modernised 3 flat for sale in an attractive mansion block with direct views of Regent’s Park.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Fifteen Portman Square, Marylebone W1H | £2,495,000

A rare opportunity to create a prime family apartment, at the front of the building overlooking Portman Square gardens.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Bryanston Mansions, York Street, Marylebone W1H | £2,495,000

A stunning newly refurbished 3 bedroom flat situated in an attractive red brick mansion block in the heart of Marylebone.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Montagu Square, Marylebone W1H | £2,480,000

An elegant and bright lateral 2/3 flat with beautiful garden views, located in one of Marylebone’s premier addresses.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Fifteen Portman Square, Maryebone W1H | £2,350,000

A recently refurbished 3 bedroom apartment situated on a middle floor in this popular 24-hour portered block in Portman Square.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Fifteen Portman Square, Marylebone W1H | £2,150,000

A stunning 3 bedroom apartment for sale, located moments away from Selfridges and Oxford Street.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

99 Baker Street, Marylebone W1U

A contemporary 2 bedroom apartment for sale in a modern building ideally located on Baker Street.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Fifteen Portman Square, Marylebone W1H | £1,350,000

An exceptional newly refurbished 1 bedroom apartment located on an upper floor in this sought after Art Deco block.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

One Seymour Street, Marylebone W1H | £1,300,000

A ‘best in class’ apartment for sale in this exclusive new development, with 24 hour concierge and secure underground parking.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U

Fifteen Portman Square, Marylebone W1H | £500,000

An unmodernised 2 bedroom apartment on a 14 year lease; therefore cash buyers only.

Full Details Here
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Baker Street, Marylebone, W1U
Jaffray Estates

Contact Us

If you are currently trying to sell your property, or are considering selling in the near future, and would like some straightforward advice, then please contact Nicholas Jaffray by telephoning: 020 3091 9311 or via email at: nicholas@jaffray-estates.co.uk . Full details of all our current properties for sale can be found via the company website: www.jaffray-estates.co.uk/property-for-sale.

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