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The last few weeks have seen economic and political uncertainty in the UK \u2013 thankfully an unusual occurrence.\u00a0But with the appointment of a new Prime Minister, Rishi Sunak, we look forward to greater stability.<\/p>\nThe last few weeks have seen economic and political uncertainty in the UK \u2013 thankfully an unusual occurrence.\u00a0But with the appointment of a new Prime Minister, Rishi Sunak, we look forward to greater stability.<\/p>\n
Buyer demand remains resilient, although has softened a little in areas of North-West London.\u00a0 But this is against a backdrop of a very strong first three quarters of 2022 for our team of North London estate agents<\/a> and we have already outperformed our own targets by a considerable margin.\u00a0So, although the economic situation is changing, currently interest rate increases do not seem to have deterred buyers or sellers while the chronic lack of stock in areas such as Hampstead<\/a>, Highgate<\/a>, Dartmouth Park<\/a> and Belsize Park, continues to underpin the North West London market.<\/p>\n We have a number of transactions completing right now and our buyers remain extremely motivated, very keen to push through their purchases.\u00a0Most currently have competitive mortgage offers agreed which they won\u2019t be able to match if their purchase falls through so renegotiating with their mortgage companies would almost certainly mean taking out a loan at a much higher interest rate.<\/p>\n And we continue to receive new instructions, with new properties coming to the market soon.\u00a0 One of these is a two bed, two bath apartment in West Hampstead, with a large garden and two parking spaces.\u00a0 This type of property is always in short supply so we expect this to sell quickly – at \u00a31.8m it offers excellent market value.<\/p>\n The North-West London property market is, to a degree, insulated from wider market forces.\u00a0 The area is perennially popular with London\u2019s professionals so properties here are always in high demand. And despite recent economic instability, most sellers here are not forced to sell their properties due to their economic circumstances.\u00a0 So they are waiting until the market and the economy settles down again.\u00a0 So, we expect prices to remain relatively stable – any slight market correction is likely to be temporary and the relatively limited supply of properties in the area should continue to underpin property prices.<\/p>\n Hampstead<\/a> and Highgate<\/a> are particularly resilient, so most buyers will wish to move forward with their current homebuying plans, whether this is taking the first step onto the property ladder or indeed making their next step, upsizing, downsizing or simply looking for a different type of home. And while we don\u2019t expect to see a flurry of new instructions in October and November, as we would normally expect at this time of year, in the spring, activity levels should pick up.\u00a0 Especially as the new UK Chancellor has already taken steps to stabilise the economy and restore confidence.<\/p>\n Fortunately, the current weakness of sterling means that demand from buy-to-let investors in developments such as Beaufort Park<\/a> and Colindale Gardens<\/a>, remains strong, with prices in real terms significantly cheaper than a year or so ago for overseas investors<\/a>, due to the weak pound.\u00a0 Most overseas buyers do not need a mortgage so are unaffected by interest rate rises.<\/p>\n These two factors in particular make this an excellent time for overseas investors to purchase UK property.<\/p>\nCurrent buyers pushing through sales to retain competitive mortgage deals<\/h2>\n
New instructions coming to market<\/h2>\n
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North-West London property market enjoys some insulation from wider economic uncertainty<\/h2>\nThe resilience of bricks and mortar in tough economic times<\/h2>\n
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So while recent market conditions may cool a little, the resilience of bricks and mortar in tough economic times, is proven, after all most of us are driven by the desire to own our own home, whatever the wider economic landscape.<\/p>\nStamp duty cuts remain<\/h2>\n
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Another positive is that the Stamp Duty<\/a> cut announced last month is remaining. So first-time buyers will pay zero Stamp Duty on the first \u00a3425,000 (up from \u00a3300,000) on properties valued up to \u00a3625,000 (previously \u00a3500,000), helping to boost the lower end of the market.<\/p>\nInvestor demand remains stable at Beaufort Park in Colindale<\/h2>\n
Hong Kong professionals drive buyer demand in Colindale<\/h2>\n
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