The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed which areas of the London property market are seeing homesellers achieve the highest percentage of asking price, as well as where has seen the biggest increase in asking price achieved.
Benham and Reeves analysed current asking and sold prices across the capital and found that on average, homesellers are achieving 91% of asking price when securing a sale – 6% more than they were during the first quarter of this year.
However, in some boroughs sold prices are outstripping expectations, with sellers in Barking and Dagenham achieving 112% of asking price. In Barnet and Bexley the average home is currently selling for 101% of asking price, with sellers in Brent and Bromley achieving full asking price (100%).
Westminster is home to the lowest level of asking price achieved at 84%, with Wandsworth and Waltham Forest seeing homes sell for 90%.
Newham has seen the biggest jump in asking price achieved since the first quarter of 2021. Homeseller were achieving 80% of asking price at the start of this year, but this has now climbed by 13% to 93%.
Lewisham has seen a 9% increase to 94%, with Hillingdon seeing an 8% uplift with sellers no securing 95% of asking price.
Just three boroughs have seen a drop in the percentage of asking price achieved – Hammersmith, Greenwich and Barnet, albeit a minor -2% decrease.
Director of Benham and Reeves, Marc von Grundherr, commented:
“The London market has been moving at the same rate of knots as the rest of the UK where annual appreciation is concerned. However, a 5.2% jump is far more significant in cash terms when compared to many other areas of the UK market and so sellers certainly won’t feel too hard done by.
With the Capital now starting to reopen both from a professional and social standpoint, there are very clear signs that the London market is now starting to build momentum and the vast majority of sellers have seen the percentage of asking price achieved increase when compared to the start of the year.”
Table shows percentage of asking price achived and change
Location
% of asking price – Q1, 2021
% of asking price – Q2, 2021
Change (%)
Barking and Dagenham
107%
112%
5%
Barnet
101%
101%
-1%
Bexley
100%
101%
1%
Brent
99%
100%
1%
Bromley
98%
100%
1%
Camden
93%
99%
7%
City of London
98%
99%
1%
Croydon
99%
99%
0%
Ealing
98%
99%
1%
Enfield
98%
98%
0%
Greenwich
98%
97%
-1%
Hackney
92%
97%
5%
Hammersmith and Fulham
97%
96%
-1%
Haringey
91%
96%
5%
Harrow
95%
96%
1%
Havering
91%
95%
4%
Hillingdon
87%
95%
8%
Hounslow
93%
95%
2%
Islington
94%
95%
1%
Kensington and Chelsea
93%
95%
1%
Kingston upon Thames
92%
94%
2%
Lambeth
87%
94%
7%
Lewisham
85%
94%
9%
Merton
89%
93%
4%
Newham
80%
93%
13%
Redbridge
93%
93%
0%
Richmond upon Thames
89%
93%
4%
Southwark
88%
93%
5%
Sutton
92%
92%
0%
Tower Hamlets
87%
91%
4%
Waltham Forest
89%
90%
1%
Wandsworth
86%
90%
3%
Westminster
83%
84%
1%
London (overall average)
85%
91%
6%
Data sourced from PropertyData
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About the Author
Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 11 international offices.