Leaves turning colour, socks and boots, fur-lined jackets……and the Autumn Market Intelligence from Crayson. In-depth incisive information on what is going on in our delightful part of London (W14, W11, W10, W8 and W2). The report tracks property values and trends in the area and also picks up on hot topics such as Mansion Tax.
Some of the highlights are reproduced here; the full report is attached, and can be seen here
Or if you’re short of time, these are the highlights:
- Prices per square foot are now, on average, 33% higher than in the previous peak in 2007. Greater London prices are 13% higher than in 2007.
- New instructions have increased in the last three months by 9.3% on the previous three months.
- Sales have increased by 22% over the same period.
- The number of properties sold between June and August in our area was 22% higher than in the previous three months, and 78% higher than the same period last year.
- Average £ per square foot values for properties sold between June and August were 9.9% higher than the same period a year ago, and 6.3% higher than in the first three months of the year.
- The upper end of the market has seen the most significant rise in new instructions. Between June and August, 32% of all properties listed in our area were advertised at £2m and above, compared with 24% over the same three month period in 2012.
Nick Crayson says, “To avoid the potential cost of purchasing and owning an investment property at above £2m, many are instead choosing to make multiple investments at below the £2m stamp duty threshold.
“With agents keen to get stock onto their books, over-valuing of properties continues to be a problem. 29% of properties currently for sale in our area have been reduced in price since initial marketing.
“At Crayson we have reduced the price on only two of the properties we have sold so far this year. The vast majority of properties sold by us have been agreed at or above the original guide price.
“Ongoing tax investigations abroad, along with the increased taxation of properties over £2m owned by companies, could be encouraging funds to be repatriated back onshore. The security of central London real estate remains a very attractive investment opportunity.”
If you’d like a shiny hard copy of the report, contact us on 020 7221 1117, or drop in and pick one up.