We continue to see strong and increasing demand for residential properties across North West London, across all price points, from one and two bed flats to large family homes. We had a record number of registrations during the Easter break and we are already seeing rising numbers of enquiries and viewings, quickly leading to sales agreed. This is above what has already been an extremely strong start to 2022, with demand much higher than we would normally expect in the first quarter of the year.
Housing stock remains low
You won’t be surprised to hear that this strong demand is adding to the growing challenge of shortages of stock and this is an issue for estate agents across Hampstead, Highgate and Dartmouth Park, not just Benham and Reeves. We have steadily been receiving new instructions throughout the first quarter of 2022 and we have just had several new properties coming to market after Easter. But of course, we still need more to meet demand.
Phenomenal interest in stunning Victorian home in Hampstead Heath
Enquiry levels have been soaring, but the level of interest at times has even astonished our experienced estate agents! For example, we’ve recently had a sale agreed on a stunning, five bedroom property situated close to Hampstead Heath, for which we received 83 enquiries and carried out 37 viewings over two weeks. The property instruction, which came from an existing client of mine, received a total of 10 offers and seven went to sealed bids, with an offer eventually being accepted for considerably over the guide price. The new owners are a local family looking to move up and were chain free.
It’s just one example of this crazy market and the intense demand for beautifully presented properties in sought-after locations. The house is in the very popular Mansfield Conservation Area well located between Hampstead and Dartmouth Park where we have estate agents’ branches. So if you are planning to put your home on the market, then please get in touch as we have buyers already waiting to move to the area.
Demand increasing for family-size homes
Demand for larger, family homes tends to pick up in the Spring as families aim to get settled in a new home before the start of the school year in September. And of course, Hampstead, Highgate and Dartmouth Park are in high demand due to the excellent local schools. We’ve got several new instructions for larger properties coming onto our books soon, including a beautiful family home in Park Drive, NW11 so we expect demand to be high for these when they officially come to market.
Flats selling quickly
Apartments in Highgate, North London are also selling well, and again we would like to receive more new instructions to fulfil demand. We’ve been seeing high levels of enquiries for properties ranging from an unmodernised, three bedroom flat in West Hampstead to a well-presented two bed flat in Netherhall Gardens, Hampstead, both of which are now under offer.
So interest is wide-ranging, taking in both modern and unmodernised North London flats across the area. Generally, flats are selling within two to four weeks if they are priced accurately in line with current market conditions. This spacious 2 bedroom apartment in Parkgate Mews N6, is currently available for sale. It features well-presented ground floor space ideally situated inside a gated development providing good security so is ideal for a couple or a small family.
Buyers acting quickly to fix mortgage interest rates
For many homebuyers, we are seeing some urgency now to lock into a mortgage interest rate at current rates, before there are any further rises. While interest rates are expected to increase slightly over the course of 2022, we don’t expect this to impact homebuyer demand significantly. However, this upward movement is prompting many buyers to push forward their transactions as quickly as possible. We saw an example of this recently when the buyer of an apartment in Hampstead decided to move forward their exchange and completion and they did it within 8 weeks which at present is quite a quick turnaround.
Colindale NW9 remains a hotspot for Hong Kong buyers
We continue to see high demand for flats at Beaufort Park in Colindale and we have had some new instructions over Easter. Many enquiries are from buy-to-let investors looking to take advantage of the high rental demand in the area and with our branch on-site at the Beaufort Park property development, we are the first agent people come to when looking to buy here.
The area has become a hotspot for Hong Kong professionals moving to the UK under the government’s BNO visa scheme. Many have rented for a few months before deciding to buy here, attracted by amenities such as good schools, a safe neighbourhood and plenty of outdoor space as well as the established Chinese community already here and Chinese supermarkets.
As well as Hong Kong owner-occupiers choosing Colindale as their new address, we’re also seeing growing demand from Hong Kong investors now living in the UK, who have sold properties in Hong Kong and are now looking to diversify their property portfolio to create a long-term income through investment rental. Given our heritage of specialising in lettings for sixty years, this puts us in a good position to help investors buy the right property.
Contact us for a free market appraisal of your London property
As we move towards one of the busiest times of year for property sales in London, we urgently need new instructions. If you are wondering if now is a good time to sell, contact me or call any of our branches to arrange a free market appraisal of your London property.
View all posts by Chris Cooper