London Property Buying Agents

We have the local knowledge, experience and relationships required to buy the perfect central London residential property on your behalf.

Private Property Search Experts

Latest London Property News – July 2017

With the 3% stamp duty hike for second homes in Q2 last year and a snap election this year has meant evaluating what is happening to the prime market is increasingly difficult. According to data provider LonRes, property prices in prime central London have been recorded at 4.4% lower in the first half of 2017 versus the same period in 2016. Smaller properties, which are popular with investors and second home purchasers saw the most significant fall in sales over the last year, which relates with the 3% stamp duty hike. However the volume of prime central London sales is increasing, with the number of transactions up 3% in the first half of 2017 versus the same period last year.

Q2 Residential Data

Below are the key findings across prime central London provided by data provider LonRes. These figures provide an accurate and interesting insight into recent sales activity and current properties available for sale. Further background information on each location can be found via our area guides here.

Bayswater & Maida Vale

Sold:

  • Average flat prices in Bayswater & Maida Vale are now 14% higher than they were 5 years ago, with buyers paying £144 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 9.1% for flats comparing the first half of 2017 to the first half of 2016, and have decreased by 0.9% for houses.
  • 25.6% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £1,116,000 for flats and £2,257,000 for houses.

Current Availability:

  • 26% of properties on the market are priced at £2 million or higher.
  • 39% of properties currently available have been on the market for more than six months.
  • 5% of houses and 12% of flats on the market are under offer at the start of Q3 2017.

Chelsea

Sold:

  • Average flat prices in Chelsea are now 26% higher than they were 5 years ago, with buyers paying £316 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 3.7% for flats comparing the first half of 2017 to the first half of 2016, and have decreased by 8.2% for houses.
  • 20.4% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £1,647,000 for flats and £3,544,000 for houses.

Current Availability:

  • 42% of properties on the market are priced at £2 million or higher.
  • 38% of properties currently available have been on the market for more than six months.
  • 13% of houses and 8% of flats on the market are under offer at the start of Q3 2017.

Kensington, Notting Hill & Holland Park

Sold:

  • Average flat prices in Kensington, Notting Hill & Holland Park are now 27% higher than they were 5 years ago, with buyers paying £285 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 0.2% for flats comparing the first half of 2017 to the first half of 2016, and have decreased by 10% for houses.
  • 32.2% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £1,485,000 for flats and £3,520,000 for houses.

Current Availability:

  • 37% of properties on the market are priced at £2 million or higher.
  • 40% of properties currently available have been on the market for more than six months.
  • 9% of houses and 14% of flats on the market are under offer at the start of Q3 2017.

Knightsbridge & Belgravia

Sold:

  • Achieved prices per square foot have decreased by 3.7% for flats comparing the first half of 2017 to the first half of 2016, and have increased by 4.5% for houses.
  • 14.6% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £2,332,000 for flats and £4,423,000 for houses.

Current Availability:

  • Achieved prices per square foot have decreased by 3.7% for flats comparing the first half of 2017 to the first half of 2016, and have increased by 4.5% for houses.
  • 14.6% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £2,332,000 for flats and £4,423,000 for houses.

Marylebone & Medical Territory

Sold:

  • Average flat prices in Marylebone & Medical Territory are now 35% higher than they were 5 years ago, with buyers paying £410 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 0.5% for flats comparing the first half of 2017 to the first half of 2016, and have decreased by 4.9% for houses.
  • 15.6% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £1,833,000 for flats and £5,355,000 for houses.

Current Availability:

  • 43% of properties on the market are priced at £2 million or higher.
  • 41% of properties currently available have been on the market for more than six months.
  • 11% of flats on the market are under offer at the start of Q3 2017.

Mayfair & St James’s

Sold:

  • Achieved prices per square foot have decreased by 8.3% for flats comparing the first half of 2017 to the first half of 2016, and have increased by 9.3% for houses.
  • 9.5% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £2,752,000 for flats and £14,800,000 for houses.

Current Availability:

  • 35% of properties on the market are priced at £5 million or higher.
  • 66% of properties currently available have been on the market for more than six months.
  • 7% of houses and 10% of flats on the market are under offer at the start of Q3 2017.

South Kensington

Sold:

  • Average flat prices in South Kensington are now 13% higher than they were 5 years ago, with buyers paying £201 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have decreased by 6.9% for flats comparing the first half of 2017 to the first half of 2016, and have decreased by 3.8% for houses.
  • 14% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £2,362,000 for flats and £4,017,000 for houses.

Current Availability:

  • 52% of properties on the market are priced at £2 million or higher.
  • 44% of properties currently available have been on the market for more than six months.
  • 9% of houses and 11% of flats on the market are under offer at the start of Q3 2017.

St John’s Wood & Regents Park

Sold:

  • Average flat prices in St John’s Wood, Regents Park & Camden are now 26% higher than they were 5 years ago, with buyers paying £255 more per square foot than they did 5 years ago.
  • Achieved prices per square foot have increased by 0.4% for flats comparing the first half of 2017 to the first half of 2016, and have decreased by 5.2% for houses.
  • 16.3% of properties sold in Q2 2017 sold within 3 months, compared with 24.5% for the rest of central london.
  • Properties sold in Q2 2017 achieved an average price of £1,422,000 for flats and £3,510,000 for houses.

Current Availability:

  • 37% of properties on the market are priced at £2 million or higher.
  • 38% of properties currently available have been on the market for more than six months.
  • 10% of houses and 9% of flats on the market are under offer at the start of Q3 2017.

Just Sold – Record price achieved in Montagu Square

We are pleased to have acted on the sale of a superior 2 bedroom apartment in Montagu Square. The apartment sold for c. £2,300/sqft, which is the highest price per square foot achieved (source: LonRes) in the square for an apartment on a long lease. With more than one buyer for this apartment, it is encouraging to see there is still strong demand for prime property in central London, and that ‘best in class’ properties retain their value even in tougher markets.

For more information regarding our current properties for sale in and around Marylebone or if you are considering selling and would like some advice telephone Nicholas Jaffray on 020 3091 9311 or email: nicholas@palmstar.co.uk.

  • 2
    Shares
Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *