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Average Central London house price rise in 2013
Average house price in Notting Hill
Rise in exchanges in 2013 for our Hyde Park team
10.5%
£1.4m
45%Rise in lettings applicants forWestminster & Pimlico branchin 2013
Rise in number of viewings forHyde Park sales team in 2013
Average weekly rental values in Notting Hill
38.3%
22.3%
£941
Source: Chesterton Humberts ResearchFIGURE 1: KEY MARKET INDICATORS
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MEET THE TEAMS
MARKET COMMENTS
INSIDE THIS ISSUE…
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Your Teams & Market Comments
Covent GardenChristopher Saye Associate DirectorSales & Lettings020 3040 8301 [email protected]
Hyde ParkRebecca Warren DirectorLettings020 7298 5906 [email protected]
WestminsterLawrence Brown DirectorLettings020 3040 8221 [email protected]
Notting HillEd Woolgar DirectorLettings020 3040 8343 [email protected]
Hyde ParkAlison Treneer DirectorSales020 7298 5936 [email protected]
Notting HillEnna-Mae Assiter Associate DirectorSales020 3040 8582 [email protected]
WestminsterRobert Oatley Associate DirectorSales020 3040 8208 [email protected]
Alison Treneer & Rebecca WarrenHyde Park Sales & Lettings
Enna-Mae Assiter & Ed WoolgarNotting Hill Sales & Lettings
The latter half of 2013 has seen prices carry on increasing within the sales market as listings continue to be at a premium. Demand never wanes in Pimlico and we have literally hundreds of buyers registered for each listing – it remains a good area to invest in due to the relative ‘good value’ compared to our immediate neighbours in other parts of SW1; though, until interest rates are increased or until changes happen to the wider economy, it seems unlikely more stock will come to the market. With job losses and cut backs in the public sector, the majority of letting searches in Westminster & Pimlico are now coming from mature renters who are being out priced of the sales market, this has seen our rental enquiries go up by 42% compared to the same time last year. Although it is fair to say there is a lot of choice on the rental market, we are also securing quality tenants.
The second half of 2013 has been good for the Hyde Park area with prices rising and applicants willing to pay the right money for the right address. Recently a first floor flat to be refurbished in Hyde Park Gardens was sold for £2,000 per square foot and a period house, again in need of refurbishment, was selling at £3,450,000. The Hyde Park Estate has a wide variety of architecture and a modern town house with terrace achieved over £3,000,000 in September. In November with a lack of stock we even had a very close bidding situation on a 3 bedroom property in W1. Signs continue to be good for 2014. The last part of 2013 for lettings had a moderate increase on enquiries; pressuring landlords to compete for the best corporate tenants. With supply still out weighing demand, in some cases it has led to rentals being agreed upon at the same rates as 2010 prices. The key interest we have noticed is within newly refurbished properties, which have been very much sought after and so premiums can be achieved, particularly as the consumer here is generally looking for a 3 year term and quality and condition is paramount for prospective tenants.
Robert Oatley & Lawrence BrownWestminster Sales & Lettings
Christopher SayeCovent Garden Sales & Lettings
The second half of 2013 saw the Covent Garden & West End market really step up a gear. Traditionally our busiest period, we took on a record number of instructions on the lettings side. This resulted in more move-ins during September than in the history of the office. On the sales side, demand was increasingly strong, but this was met by a huge shortage of properties coming to the market. The result was record prices being achieved, multiple bids on nearly every property but many purchasers left frustrated by the lack of opportunity to invest. As we moved into the winter months this showed no sign of changing, however the oversupply of properties in the lettings market required landlords in many cases to up their game. With such a choice of rental properties available is it imperative that landlords present their properties at their very best, and work with us to maximise appeal.
The summer market of 2013 proved to be incredibly buoyant with a huge amount of competition per property on the market. The drive through to Christmas did not let up in terms of intensity with a clear deadline to work towards, as many buyers and tenants were looking to be in their new properties or wanted confirmation before the end of the year. Notting Hill continues to grow in popularity with its fantastic transport links, attractive architecture and excellent local amenities - making it a real hotspot for the international market. The shortage of available properties has not changed throughout the year, creating a huge imbalance of supply and demand which has driven prices up. A number of record sales and rental prices have been achieved on our marketed properties.
Research❖ Land Registry data shows that in the year to September house prices across London
increased by 9.3% to a new high of £393,462, meaning the average price of a London home is 135.5% higher than the national average.
❖ The latest sales volumes statistics (July) show that the number of sales above £1m in London increased by 44% in comparison with July 2012.
❖ The average monthly rent in London fell 4% in October to £1,283 according to the Homelet Rental Index, although on an annual basis rental values were up 2.6%. The average monthly rent across the UK dropped 4.6% in October to £815 per month, meaning it is 91% more expensive to rent in the capital.
❖ Mortgage lending data from the Council of Mortgage Lenders highlights the continuous growth of first time buyers in London, as 13,100 loans were advanced in Q3 last year representing a 32% uplift on the same period in 2012.
❖ In the third quarter of last year 10,900 loans were advanced to home movers in London which was an increase of 28% compared to Q2 2013, as well as a 6% improvement on the same period in 2012.
WESTMINSTER7.4%
NOTTING HILL 7.2% HYDE PARK10.9% COVENT GARDEN13.2%
DIFFERENCE IN SALES PRICES FOR CENTRAL LONDON OFFICES: END 2012 VS END 2013. Source: Chesterton Humberts Residential Sales Index. Zoopla.
SALES
•AcrossourCentralLondonofficelocationsofCoventGarden, Hyde Park, Notting Hill and Westminster the average house price moved up 10.5% in 2013, with particularly strong performances in Covent Garden and Hyde Park.
• Thelatestfiguresfromourresidentialsalesindexshow that Covent Garden (13.2%) and Hyde Park (10.9%) both saw increases above the average for the Central London area from the end of 2012, although in Westminster (7.4%) and in Notting Hill (7.2%: Zoopla) prices moved up below the area average and more in line with the London average reported in various house price indexes.
• Thissupportstherecenttrendthathasappearedinthe Land Registry’s House price Index that house price growth within Prime Central London is slowing down, as buyers become more reluctant to pay ever increasing prices in fear of the market plateauing.
• ThehousingstockacrossCoventGarden,HydePark,Notting Hill and Westminster is varied and as a result considerable price differentials occur across the four locations. Hyde Park is the most expensive area with an average house price of £2,152,500; followed by Notting Hill where the average house price stands at £1,363,360. Meanwhile in Westminster the average house price is currently just over £1m (1,046,875). The popular tourist hotspot of Covent Garden represents the most affordable area with house prices averaging £893,235.
•Exchangesin2013pickedupinourthreeestablishedmarkets with a small 2% increase in Westminster, a moderate 8% rise in Covent Garden and a substantial 45% lift in Hyde Park.
FORTHCOMING DEVELOPMENTS
•EburySquare:DevelopedbyBerkeleyEburySquare will offer 1,2,3, and 4 bedroom apartments and 5 bedroom penthouses, pricing from £1,950,000
•GreatMinsterEast:Planningpermissionforan office to residential conversion has been granted, with Barratt aiming to provide 60 new homes for open market sale.
Rents in London are
greater than the average for the rest of the country
LETTINGS
•WhilethesalesmarketremainsbuoyantacrossPrimeLondon the lettings market endured a more testing time during 2013, though weekly rental values across our Central London offices increased as a whole in 2013 by 1.6% to £815p/w.
•AsthemostexpensivelocationtorentacrossourCentral London network the average weekly rent in Hyde Park increased by 5.7% in 2013, supported by a 13.5% increase in the number of new applicants and a 22.3% rise in the number of viewings carried out. This culminated in the total number of agreed lettings going up by over a third (35.2%) in comparison with 2012.
• InNottingHillweeklyrentalvaluesimprovedatamuch slower rate than in Hyde Park but increased by 1.3% over the course of last year to £941p/w. However, Covent Garden and Westminster suffered slightly last year as rental values fell back in 2013 by 0.6% in Covent Garden to £653p/w and by 1.3% in Westminster to £648p/w.
• Incontrasttothesalesmarketactivityinthelettingsmarket in Covent Garden endured a difficult time in 2013 as new applicants fell by over a quarter (-27.4%) from 2012, viewings were down by just over a fifth (-21.2%), and agreed lettings were down by 9.7%.
•WithinWestminsterandPimlicointerestinthelettingsmarket remained strong in 2013 as the number of new applicants received jumped up by over a third (38.3%) and viewings nudged up by just over 5%.
Lonsdale Road, Notting Hill W11£3,350,000
Great Russell Street, Bloomsbury WC1£3,500,000
SOLD
Alderney Street, Westminster SW1V£1,500,000
SOLDSOLD
Whitehall Court, Westminster SW1A£1,675,000
Bryanston Mansions, Hyde Park W1£2,800,000
St Marks Road,Notting Hill W10£1,195,000
St Stephens Gardens, Notting Hill W2£1,250,000
St Giles High Street,Covent Garden WC2£799,950
Pembridge Square, Notting Hill W11£1,340,000
St Georges Square, Westminster SW1V£699,950
Clarendon Close, Hyde Park W2Price On Application
Shrewsbury Road, Hyde Park W2£499,950
FOR SALE
FOR SALE
FOR SALE
FOR SALE
FOR SALE
FOR SALE
FOR SALE
FOR SALE
FOR SALE
Bloomsbury Square,Bloomsbury WC2H£450 per week
St Giles High Street,Covent Garden WC2H£1,700 per week
Chepstow Road, Notting Hill W2£425 per week
Wild Street, Covent Garden WC2B£995 per week
Cara Court, Bloomsbury WC1N£850 per week
Hyde Park Gardens, Hyde Park W2£1,600 per week
TO LET
LET LET LET
TO LET TO LET
The View, Westminster SW1E£4,250 per week
Gillingham Street, Westminster SW1V£600 per week
St Georges Square, Westminster SW1V £550 per week
Cumberland Mansions, Hyde Park W1H£1,950 per week
The Lancasters, Hyde Park W2£1,850 per week
Beverston Mews, Hyde Park W1H£1,800 per week
TO LET
TO LET
TO LET
TO LET
TO LET
TO LET
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CONTACTChesterton Humberts Covent Garden196 Shaftesbury Avenue, wc2h 8jf Chesterton Humberts Hyde Park40 Connaught Street, w2 2ab Chesterton Humberts Notting Hill30 Ledbury Road, w11 2ab Chesterton Humberts Westminster & Pimlico10 Gillingham Street, sw1v 1hj