The residential sales market in North West London has been very active over the last few weeks and larger family homes in particular have been selling very well. Many larger properties have been going to ‘best and final’ bids as homeowners have been receiving multiple offers on their property. As a result, most of the larger homes listed with us are achieving considerably over their guide price.
Buyers’ wish-lists remain consistent and we continue to see a post-pandemic shift in priorities. Most buyers are looking for more space – both inside and out – and properties that offer this usually sell quickly, often for a premium.
As we move nearer to August, we are now seeing the usual slowdown in demand as families prioritise a long-awaited holiday over looking for a new home – this is an expected seasonal lull and demand tends to pick up dramatically again in September. However, due to robust activity in the second quarter of this year, we are short of all sizes and types of housing stock and need to quickly replenish our stock levels with new instructions ready for the Autumn.
So, if you are considering putting your property on the market please get in touch with any of our local branches and our team will be able to organise an up-to-date market appraisal of your property based on current sales and the forecast for the rest of the year.
It is important to price properties accurately in line with the market, but family homes are attracting so many enquiries that many sell for over the guide price. For example, we have just agreed a sale of a large, unmodernised five bedroom house in Hampstead Garden Suburb for more than £100,000 over the guide price. We received four offers and it eventually went to sealed bids. Another, in Roderick Road, near Hampstead Heath, received seven offers and also went to sealed bids, achieving over £2.7m, £200,000 over the guide price.
In Highgate, a four bedroom home in Priory Gardens which had been on the market for £1.85m is under offer in excess of £1,900,000, again going to sealed bids. And in Hornsey Lane Gardens, an impressive five bedroom family house with a guide price of £4.25m is under offer considerably in excess of that figure.
In contrast, there has been a particularly low level of turnover in Dartmouth Park this year, with very little stock coming to the market. We currently have buyers registered who have been looking in the NW5 or nearby postcodes for well over in year with budgets of £1.5m to £3.5m. This is a slow-moving market with a community who love living in the area so it is hard to predict when homes will become available.
While enquiry levels for conversions and garden flats remain strong due to their outside space, the market for smaller apartments generally is a little slower. This is probably because this type of housing stock in areas like Hampstead is above what many first-time buyers can afford and doesn’t quite offer enough space for what a young family might need.
In addition, buyers at the lower end of the market are more vulnerable to financial constraints and the economic pressures that the UK is currently experiencing. The cost-of-living crisis and rising interest rates tend to affect buyers at this end of the market more as budgets are tighter due to higher deposits being required so affordability is more of an issue. Those who are moving up the property ladder, and therefore, have built up some equity in their current home, are often more secure financially so rising costs tend not to be so critical.
The buoyant property market has led to overwhelming demand for property services – particularly surveyors and solicitors – and this is causing a headache at times for many buyers. The conveyancing process is currently taking three to four months, much longer than usual, and this is holding up sales for some people now and buyers and sellers should be aware of this.
Demand for properties at the Beaufort Park development in Colindale remains strong, in fact the first six months of 2022 have been our most successful yet, and we have completed 48 successful sales transactions in the first half of the year. Buyers are a mix of first-timers, buy-to-let investors and overseas buyers moving to the UK, many of whom are moving here from Hong Kong under the government’s BNO Visa scheme. Demand from Hong Kongers continues to grow and the NW9 postcode now has a thriving Chinese community.
Two bedroom apartments with car parking are the most sought-after properties at Beaufort Park and again, we need more listings for these and other types of property at this development and others in and around Colindale.
Currently, we have just a few one bedroom apartments available for sale at Beaufort Park, as well as a number of one beds at Colindale Gardens and new flats at Silkstream, a brand new Berkeley development in Hendon NW9.
Our lettings department is also very busy in Colindale and with such robust demand from tenants, rental investors are seeing good yields so it’s a good area to explore if you are thinking of a first-time buy-to-let purchase or diversifying your existing portfolio.
Overall, like most other estate agents, we are very short of property stock and with enquiry levels continuing to increase, we are confident we can find a buyer if you are looking to sell your property. Please contact us to arrange a free market valuation or to discuss the local market and what we might be able to achieve for your property.
View all posts by Chris Cooper