Some data from one of the most trusted agents has just been released and makes interesting (and bullish) reading…I hope these increasingly confidence inspiring statistics don’t lead to a glut of optimistically priced properties as these make buyers frustrated and vendors feel confused. As previously mentioned, vendors are better off pricing fairly to create some ‘competitive tension’ to the sale rather than having a property languishing on the market with no viewings.
– average house price in London now £393k
– average house in Kensington now £2.2m, a rise of 7.8% in last year
– average house in Knightsbridge now £3.9m, a rise of 5.9%
– average house in Mayfair now £2.79m, a rise of 5.1%
– viewings in Chelsea up 93% and number of properties exchanged upon up 200%
– Kensington the strongest rental market in Prime London, even with a modest 2.6% rise
– number of sales above £1m increased by 44% in comparison to 2012
– mortgage lending data highlights continuing growth of first time buyers in London, as 13,100 loans were advanced on Q3 2013 compared to same period in 2013, a 32% rise
For more information, or a no obligation chat about your property search, do get in touch with me, Miranda Ludlam, on hello@propertypoint.co.uk
