Published: 15/02/20192020 has arrived after a beautiful and festive December full of celebrations. One month into the new year and we are wondering what’s happening within the property market. In this year’s first quarterly Newsletter from your trusted local Estate Agent Sandersons London, we are sharing some of the newest updates of the property market.
January 2019 arrived with an encouraging start for the housing market with some of Londons’ priciest properties selling faster than expected. Holland Park and Notting Hill contains of the most famous and sought-after roads in London and recent applicant interest is good news for all local homeowners.Luxury homes worth £10 million and more are selling on average within 6 months and achieving offers far closer to the asking price than has been the case since 2016. This is a massive change, since these properties were taking up to 18 months by the end of 2017. Reductions of the original price on these significant properties are as low as 10%, which is also better than in the past three years. Significantly, as a postcode W11 performed extremely well in 2018 compared to other prime London areas with prices remaining broadly static (Land Registry figures suggest an average price change of -0.9%).Following the impact of Brexit and political instability on the Continent we are seeing not only British but a welcome return from foreign buyers seeking to take advantage of the perceived stable investment offered by a luxury London home. We anticipate this trend continuing throughout 2019.
In contrast to the sales market, the prices of renting in the big city have been increasing. The average renting cost in London has hit £2,034 at the end of 2018, which is 5,3% more than 2017 according to the latest research from Rightmove.
The research also predicts another increase of around 4% in 2019, supply fails to keep pace with demand.
But if we look at the bright side, the prices are almost 3% lower than the projected rate of growth since Brexit was announced, leaving tenants with more money at the end of the month.
As Holland Park and Notting Hill remain to be within the most beautiful, fashionable and safest areas in London, the future of rentals continues to look bright. Large Victorian family villas and charming multi-coloured houses, give us the security of high demand and continues population.