With buyers and tenants returning in force, demand to live in London is reaching new highs.
After what has been an exceptionally busy 12 months, it is exciting to see just how well the market has continued to perform. Confidence in our great city is strong and our network of London offices are experiencing the same level of heightened activity in Greater London as we are in prime central London. However, supply is struggling to meet the appetite of buyers and tenants, as we experience the busiest period we have seen since 2014. Chertsey Road, TW11 £2,995,000 (Weybridge)
Surge In Demand
Pent-up demand is coming from both UK and international buyers. With price growth having tripled in the last 20 years, it is predicted that values will continue to rise over the next decade, so buyers remain motivated to make long-term purchases. Mortgage rates remain historically low compared to previous decades and for those who do not require borrowing, the London economy is globally regarded as a safe investment. Holland Park, W11 £14,083 pcm (Holland Park)
This has already translated into some impressive sales this year, Tim Firth, Sales Director of Weybridge explains, “We recently sold a detached, five bedroom house on St Georges Avenue. Our hard work resulted in achieving multiple offers within the first week of marketing. In a busy market, we have to act promptly for our clients.”
Above: Victoria Road, TW11 £1,675,000 (Teddington)
Super Prime
For super prime property, sellers at the very top end of the market are also feeling optimistic. Jackson-Stops Pimlico was recently entrusted with the sale of the original family home of Thomas Cubitt, renowned for building parts of the Grosvenor Estate and Royal residences. Warwick Lodge on St George’s Drive has come to the market with a guide price of £10,000,000. Harry Buchanan, Pimlico Sales Director says, “This historically significant property has received interest from a range of buyers, all looking for a central location with plenty of outdoor space”.
Super prime tenants are also looking for a stake in the capital with a noticeable resurgence in relocators returning in vast numbers. Our Corporate Lettings and International Relocation team have been especially busy and provide excellent tenants, working alongside blue-chip companies, embassies and individuals from around the world, many of whom chose to work exclusively with Jackson-Stops.
“We worked with our in-house team finding a corporate tenant for a stucco-fronted villa on Holland Park within 24-hours of the property coming back on to the market,” explains Lettings Director Susannah Massey. “We achieved over the asking price of £14,000 per month by pulling all of our resources together to ensure a positive outcome.”
Our tenants and landlords are supported by our Property Management team, who are never more than 15 minutes away to ensure a rapid response, should an issue arise. With regular changes in legislation, more and more of our landlords are now opting for our fully managed service. Our proactive approach prevents rent arrears, maintains a better relationship with the tenant, and helps them to look after the property.
Country Connections We know we work most effectively when we work together, which is why our national network of offices is so vital to our success. Whether you are looking for a pied-à-terre in the city, or a second home in the country, we are sure to help. This partnership recently resulted in a successful sale when the Chichester office contacted the Pimlico office regarding their seller in Suffolk, with a property to sell in Chelsea. “We had a specific buyer who wanted to live in that particular development in Chelsea and we were able to piece together a seamless transaction, which the seller was extremely impressed with,” explains Harry.
Above: Old Deer Park, TW9 £37,500 pcm (Richmond)
Our clients understand that London property remains a brilliant investment and we are here to support them throughout their property journey. Regardless of the ever-changing economic climate, London remains a great place to live and we look forward to an exciting year ahead.
Main image: Warwick Square, SW1V £2,650,000 (Pimlico)
