The latest prime central London report from W A Ellis shows an increase in buyer interest with registrations up 45% compared with the previous month and £25 million worth of residential property sold in Cadogan Square, Knightsbridge, alone.
It also reveals that family house lets are subject to bidding wars and there has been a record let achieved on a family house in Fulham’s Peterborough Estate.
‘Statistically, we have seen an incredibly active June with the number of buyers registering on our website up 45% on May and interestingly, 68% of visitors to our website in the last month have been new,’ said Simon Godson, partner in residential sales at W A Ellis.
‘Demand is still very active, and with over £12 billion pounds worth of property in central London available to purchase, up 3.4% on the previous month, there should be enough to fuel this interest. The difficulty for buyers is sourcing quality stock, and securing a safe investment quickly and efficiently, as these sorts of good quality properties tend to end up in sealed bid scenarios,’ he added.
The market is attracting buyers from all corners of the world.‘However, despite the demand and activity, it’s important to note that stock has to be placed on the market at proven levels. Buyers are, to a degree, cautious and considering their options carefully before committing to a purchase,’ explained Godson.
‘There are many aspects to consider at this time for the sales market, namely the ongoing problems in the Eurozone and the changes in the stamp duty threshold, especially in prime central London, both of which are playing a big part in buyer’s decision making.
‘As the Olympics rapidly approach, we expect July and August to continue to generate enquiries and we are already inspecting and advising on stock that will be launched in September. Many in the industry are suggesting that growth in prime central London is slowing from the rapid increases we have seen over the last year, perhaps this is no bad thing as it will remain sustainable,’ he added.
Lucy Morton, senior partner and head of lettings at W A Ellis, said that both the sales and lettings markets have been buzzing with activity lately. ‘Our predictions that the lettings market would be more buoyant and active towards the end of June/beginning of July have been proved by the marked increase in enquiries from tenants wanting to complete and settle prior to the Olympics,’ she pointed out.
‘We completed on a substantial house at £20,000 per week and have agreed a record price for a seven bedroom house on the Peterborough Estate in Fulham at close to the asking price of £3,850 per week. Some of the excellent stock we have been marketing, which in some instances were experiencing longer voids, are now subject to bidding wars. All family houses presented in good condition and priced correctly are being snapped up,’ she revealed.
‘We are noticing more and more that we are being asked for our expertise and advice in all areas of central London, having let many properties in Holland Park, Marylebone, Belgravia, Kensington and Chelsea, Knightsbridge and Fulham, so we enter July with a buzz of excitement due to the increased activity on both the sales and lettings markets,’ she added.
