Our in depth summer Market Intelligence can be seen here, but for those who prefer their data summarised, here are the highlights:
Key statistics for this area for the first half of 2013:
– 27% of sales over £2m
– 22% increase in £ per sq. ft. since 2010
– 229 new instructions per month
– £1,126 average £ per sq. ft. – flats
– £1,481 average £ per sq. ft. – houses
– £1,227 average £ per sq. ft. – all
The market’s been almost as hot as the temperature with transactions rising steadily this year. And whilst overseas buyers have continued to invest in London, we’ve seen a noticeable increase in UK buyers, helped by improved confidence in the mainstream market.
Across our area, prices have risen 7.9% in the last 12 months. Homes in Kensington, Westbourne Grove and Bayswater have performed particularly well with prices per square foot now over 30% higher than in 2010.
Transactions taking longer:
However, transactions are taking longer to complete with three to four months between exchange and completion now a realistic timescale. One of the major stumbling blocks has been sellers struggling to find a suitable property to move to.
“Across our market so far this year there have been 229 properties launched per month, a 127% rise on the 101 properties per month reaching the market in the first half of 2012.
“The number of properties reaching the market this year in our area priced between £2m and £5m rose from 124 in the first half of 2012 to 364 in 2013, with homes over £5m listed on Lonres up from 49 to 149.
Overseas buyer activity in London continues to make headlines, but 2013 has heralded a rise in the number of UK buyers in prime London. Government support for increased mortgage lending has had an effect on the mainstream market which in turn is leading to an increase in activity across the whole UK residential sector, including the traditionally less mortgage-reliant prime markets.
We’re happy to say that we’re going from strength to strength at Crayson with £200m worth of stock on our books, three times the amount listed by us at the same point last year. This year, every house we have sold has been at our original guide price or more – with no price reductions at all.