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Demand soaring for residential properties in North West London

Demand soaring for residential properties in North West LondonAcross parts of North and North-West London, from prime suburbs such as Hampstead, Highgate and Dartmouth Park, to newer communities such as Colindale, demand for properties is soaring, with overwhelming levels of enquiries in many areas since early January.

In Hampstead and Highgate, over the last few weeks we have agreed numerous sales on a variety of homes, from a beautiful mews cottage in West Hampstead that we recently agreed for £1m, to an unmodernised raised ground floor flat for which we carried out 20 viewings over 10 days and which sold for the asking price of £600k.

Also snapped up last month was a mansion flat in Highgate that sold for just over £800k before it was even advertised. We have had so many offers on a building plot in Highgate with a guide price of £1.1m and as I write, we have already received 13 sealed final bids so we are expecting an extremely good outcome for our client. Land plots in prime areas like this don’t come onto the market often so this was bound to drum up immediate interest.

So, demand is high for all types of property at all price brackets at the moment.

NW3 and N6 properties in demand

NW3 and N6 properties in demandIt has been an incredibly busy start to the year. It usually takes several weeks for enquiries to start increasing in the New Year, but so far enquiries have been flooding in since the first week of January, picking up much earlier than normal.

Our main issue right now is that, with so many sales being agreed very quickly, we are now starting to see a real shortage of properties for sale in Hampstead and Highgate.

We desperately need more instructions, from garden flats with outside space (for which there is still huge demand), to larger homes in the £1.5 – £5m price bracket as families are starting to look to move to the area later in the year.

Dartmouth Park property shortage

Dartmouth Park property shortageBilly Boyle has recently joined our Dartmouth Park branch as Sales Manager and with many years of experience in property sales in North London, he confirms that this is one of the busiest periods he has seen in his career: “It’s been a manic start to the year and many of our properties are being snapped up by buyers who know they must act quickly to secure their chosen property in this frantic market. But with so many sales being agreed right now, we’re seeing growing shortages of stock. And if homebuyers can’t find a new property to move to, they may take their own property off the market until there is more choice, adding to the problem. So we’re very keen to talk to property owners who are thinking of moving home soon as we have many potential buyers who are committed to moving home as soon as they find the right property.”

Phenomenal demand for apartments at Colindale, NW9 – 12 sales agreed in January

Phenomenal demand for apartments at Colindale, NW9 – 12 sales agreed in JanuaryIn Colindale, NW9, where the popular Beaufort Park and Colindale Gardens residential developments are located, demand has simply skyrocketed in January. Our sales team on-site at Beaufort Park has received 20 offers on apartments at Beaufort Park in just the first four weeks of the year. They have agreed 12 sales already. 46 buyers have registered at our Beaufort Park branch in those four weeks – compared to 15 buyers in January last year – a 206% increase. And we carried out 64 viewings in January 2022 compared to 16 viewings in January 2021 – a 75% increase.

We received seven new instructions in the first two weeks of January and we’re regularly carrying out new valuations so our stock levels are increasing, but of course, with such high demand, we would love to talk to property owners about selling their property.

We’re the only estate agent based on-site at Beaufort Park and approved by the developer St George (part of the Berkeley Group). During January to September 2021, our Sales Manager Thomas Grossi, was the top selling agent in the area, selling 24 properties in NW9, and it’s a record that he is keen to beat this year as he explains: “We’ve had a really great start to the year, agreeing sales and carrying out valuations, but we don’t have enough stock to meet the huge demand there is for new apartments and family houses in Colindale so would like to speak to anyone thinking of selling their property”.

“One bed apartments are in particularly high demand. Around 75% of our enquiries are from buy-to-let investors who are expanding their property portfolios in the area as rental demand is so high, ensuring good rental yields. We’re also receiving a lot of enquiries from Hong Kong BNO visa holders who have been renting here since they moved to the UK last year. They like the area so much that they now wish to buy a home here and put down roots.”

Contact us for a free market appraisal of your property

Contact us for a free market appraisal of your property

With demand across North and North-West London so strong, we are desperately looking for more new instructions. Get in touch with our Sales team if you would like a free market appraisal of your property. We already have a significant database of potential buyers registered with us, particular overseas buyers who come to us via our international offices, these are fully vetted and keen to buy a property in the Capital.

READ MORE: The charm of owning a property in Dartmouth Park

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About the Author

With over 35 years’ of industry experience to call on, Chris is a respected and authoritative voice when it comes to the North West London property market. He is particularly knowledgeable about Hampstead property, an area where he gained invaluable expertise through working with some of the neighbourhood’s top agents before joining Benham & Reeves. - Read full profile

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