Trend Spotter

Fingers on the property pulse

If you’re buying or selling, or are simply a home-owner in Holland Park and Notting Hill, you may well want to take a look at our research into the local property market. Our quarterly review is hot off the press and captures the character and mood of the area, analysing trends and prices.
Pricing is key
A crucial issue that the research highlights is that pricing is the key to successful sales. Our area is seeing particularly low levels of available stock. Although the shortage of properties has boosted price growth over the past 18 months, the current low stock levels are causing competition for instructions amongst agents. This has led to some agents quoting unachievable valuations. As a result, around a fifth of properties (18.6%) currently available within Notting Hill and Holland Park have seen their asking prices reduced.
Of those reduced in price, properties for sale over £2m have seen an average of £443,000 knocked off their price (9.6% of asking price).
We believe that realistic pricing is so important that we will not take on a property on at the wrong price. We have only had to reduce the price on one property so far this year.
Record prices can be (and have been) achieved, but only if a realistic price is set from the outset. For example, we exchanged last week on a property in Lonsdale Road well in excess of the guide price of £3.2 million, and at over £1,900 per square foot, setting a new £ per square foot record for the road and area.”
Average values
Local residents may also be interested in how prices have moved over the course of the last year. Prices in the local market are currently 4.1% higher in the first quarter of 2011 compared to the same period loast year; this compares to a fall of 1.4% in england and Wales, and a rise of 2.1% across Greater London. Average property values were £970,694 in 2011 Q1 compared with £932,792 in 2010 Q1.
There are lots more statistics and insights within the research document – you can see it all here, or if you’d prefer a traditional, non-digital copy, give us a call, drop us a line, or better still pop into our office at 10 Lambton Place, W11 to pick one up. We’d love to see you.