Sales of residential properties in North West London are forging ahead, with our latest figures showing that business is up over 50% on May and June, our previous busiest months this year. Viewings have increased significantly and there is a real buzz to the property market. With many properties selling within two or three weeks (or less in some cases), our main problem now is a shortage of stock.
When a well-priced property comes onto the market in Hampstead or Highgate, it is snapped up almost immediately so we need new instructions to meet this demand and are keen to talk to potential sellers.
First-time buyers finding great deals
First-time buyers are very active right now, and as they are usually in a position to move quickly when a sale is agreed, they are often able to make competitive offers.
We’ve recently sold several flats locally to first-time buyers and these properties received offers very quickly. These include a two bedroom, two bathroom flat in Shepherd’s Hill, Highgate, which a sale was agreed within two weeks. Another flat, in Cholmeley Park, Highgate Village, was agreed within just one week.
Enquiries for family homes continue to grow
Family homes are in even shorter supply than apartments and while this end of the market usually peaks in the summer months as families wish to move into their new homes ahead of the autumn school term, this year we are finding that demand is remaining high into October. With stock levels low, families may be finding it more difficult to find the right property so their search is taking longer.
Working from home is here to stay
Of course, a shift in priorities means that buyers are now increasingly focusing on finding a large enough property to provide a home office, another requirement that we expect to continue. But it’s not just about the need for space where we can work from home.
Buyers are also recognising the importance of a relaxing and attractive interior which contributes to their overall wellbeing and they are prepared to make compromises elsewhere to be able to afford this. This could be their proximity to a tube station or the length of their commute (which may now only be a couple of times a week) which may no longer be as important as they used to be.
Outside space remains a priority
Outside space is still a key factor for buyers and now a ‘must have’ for many. So flats with outside space in North West London, whether this is a private garden, communal gardens or simply a terrace, continue to sell more quickly than those without. Equally, homes close to open green spaces are also selling more quickly although properties close to Hampstead Heath have always achieved a premium.
New instructions needed across North West London
We are currently taking on new instructions in prime locations including Hampstead, Highgate, West Hampstead, Dartmouth Park and Belsize Park. But we desperately need more stock to meet demand, which shows no signs of slowing down as we move into the autumn.
So if you have a property in North West London and are considering selling, please get in touch with our local Sales team to arrange a free market appraisal of your property.
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