![\"Record](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2022\/03\/insta-300x157.jpg\")
The end of lockdown restrictions and a return to working in the office, is helping to fuel the current demand for residential properties across London. \u00a0The start of 2022 has been exceptionally busy and enquiries from homebuyers are rocketing.\u00a0 In fact, this has been a record start to the year for us – our busiest January and February to date, with our highest number of sales agreed and several exchanges going through already, in the space of just a few weeks.<\/p>\n
With so much activity from buyers and sellers, we expect March to be a record month for exchanges too.\u00a0 Many buyers are keen to secure their chosen property before house prices start to increase, so this rising demand is continuing to filter quickly through to sales agreed and completions.<\/p>\n
Of course, spring is usually the busiest time of the year for the property market<\/a> and since February half term we have been seeing more new properties<\/a> coming onto our books (as well as more potential homebuyers registering with us), particularly in North London<\/a>.<\/p>\n This is likely to pick up further in the coming weeks, particularly larger properties which will be sought-after as families look to move home and get settled before the new school term in September.<\/p>\n This intense activity means we are low on stock, and we need more new instructions.\u00a0\u00a0 So, as always, we would like to talk to sellers ready to put their property on the market.\u00a0\u00a0 With demand outstripping supply, conditions are currently weighted very much in favour of sellers.<\/p>\n With many companies encouraging their workers to return to work in the office, at least for part of the time, some London professionals are once again keen to find a home closer to their place of work, for convenience and to improve their quality of life with a shorter commute.<\/p>\n So while this won\u2019t be the case for everyone, there is a gradual shift back towards the centre of London for some and, as a result, demand is picking up for flats in central London<\/a> and the City. \u00a0\u00a0Buyers could be looking for a permanent home but might also be searching for a pied-a-terre to use as a base during the working week.<\/p>\n As the market steps up a gear we are now receiving more requests to carry out valuations in Canary Wharf<\/a> and The City but we do need more stock to meet growing demand.\u00a0 Many apartments are now selling for close to asking price but the key is to accurately price the property in line with the current market.\u00a0 As ever, buyers are demanding value for money.<\/p>\n Beaufort Park in Colindale<\/a> remains extremely busy.\u00a0 By the end of February we had already received 20 new instructions at the development and five sales were agreed in the final week of the month alone.\u00a0 Since the beginning of January we have had a total of 40 sales agreed on apartments at this highly sought-after residential development.<\/p>\n The development is a hotspot for buy-to-let investors who recognise its huge appeal to renters (and healthy rental yields), thanks to its high spec apartments, excellent facilities and transport links.<\/p>\n There is also a growing Chinese community here, with many BNO visa holders from Hong Kong moving to the area as it becomes more well-known.<\/p>\n Another interesting transaction currently in the pipeline is a mansion flat in Hampstead that our client bought through Benham & Reeves around five years ago.\u00a0 After an extensive refurbishment the client came back to us to sell the property and we have just agreed a sale on the flat.<\/p>\n So, the market outlook for 2022 remains very positive.\u00a0Of course, a slight increase in interest rates and growing inflation will affect the market to some extent, but many buyers have saved quite considerable sums of money over the course of the last two years, so will have larger deposits and larger budgets than previously.<\/p>\n With such pent-up demand from buyers and investors, far outstripping the supply of properties available, we urgently need new instructions across London.<\/p>\n Call our sales team<\/a> now or your nearest Benham and Reeves international office<\/a> to arrange a free market appraisal of your London property.<\/p>\nPost pandemic \u2013 how is the London property marketing evolving?<\/h2>\n
![\"how](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2020\/07\/iStock_8034197-For-Sale-sign-on-terraces-300x200.jpg\")
If current performance is an indicator, 2022 looks as if it will be the year when London property<\/a> regains its position at the forefront of the UK property market, having experienced subdued demand during the pandemic when many professionals chose to leave London and head for the countryside.\u00a0\u00a0But our post lockdown lives are still having an impact on buyers\u2019 choice of location \u2013 this time in reverse.<\/p>\nDemand picks up for properties in Canary Wharf<\/h2>\n
![\"Demand](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2021\/02\/craig-tower-canary-wharf-300x200.jpg\")
As a result, areas like Canary Wharf<\/a> are once again coming to the forefront. The financial district has a buzz to it again and our Canary Wharf <\/a>team has already had four sales agreed in the last month, from a brand new apartment at South Quay Plaza which we sold for the full asking price of \u00a31,439,000, to several apartments at smaller residential blocks.\u00a0 These properties were sold<\/a> both to investors and for the owner\u2019s own use.\u00a0 We\u2019re also seeing the return of overseas investors looking at off-plan purchases.<\/p>\nExceptional demand for apartments at Beaufort Park<\/h2>\n
Plot of land in Highgate sells for \u00a3500k over asking price<\/h2>\n
![\"Plot](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2022\/02\/Row-of-houses-iStock-153001165-WEB-300x200.jpg\")
Over the last few weeks, we have seen a fierce bidding situation in Highgate, with 14 offers being made on a single plot of land.\u00a0 This went to sealed bids and eventually the land was sold for \u00a3500k over the asking price.\u00a0 Of course, land rarely comes up for sale in Highgate so this is an unusual situation but it is a clear indicator of the current appetite for property and land in prime North London<\/a>.<\/p>\nLondon property market likely to remain strong<\/h2>\n
Contact us for a free market appraisal of your London property<\/h2>\n