Richard Barber, partner at Prime Central London estate agency, W.A. Ellis, comments:
“We have agreed some very encouraging sales in January and sentiment remains strong, particularly for investment properties priced under £2m. Soon after launching an unmodernised one bedroom flat priced at £625,000, we had 30 viewings and the property attracted 8 sealed bids. It's also interesting to note that we're seeing a variety of potential buyers, including investors, owner-occupiers and, buy-to-let purchasers. Competition is strong with a mixture of cash buyers and those requiring finance.
The volume of transactions in the prime SW postcodes shows a consistent house sales market within the core market of £1,500,000 to £7,000,000. In 2012, 211 houses were sold in this price bracket and in 2013, 221. The flat market, however, shows an increase from 2012 of 270 flats to 359 in 2013 (Lonres.) The demand for flats can only be a good sign for the development stock coming on to the market this year, and we believe that transaction levels are likely to increase further.
We have recently been instructed on two extremely well-located houses. Firstly, an unusual 'coach' house in the heart of Chelsea which is arranged on only two floors and would suit an older couple extremely well. Alternatively, planning consent could be applied for to create a mansard extension on the second floor and a basement, providing a further 1,150 square feet of accommodation. We are asking £3,950,000 for the freehold which includes attractive views over St Luke's churchyard. 20 Yeomans Row is also an unusual house, being wider than average, arranged on three floors only and enjoying attractive views over Egerton Place gardens. The house has been immaculately refurbished by its current owners and also offers scope for further extension into the basement if required. We are certain that two such high quality houses will sell quickly.
Lucy Morton, senior partner and head of lettings at Prime Central London estate agency, W.A.Ellis, comments:
“So far, January has been one of the busiest for many years and we believe this trend is set to continue well into spring and summer. The lettings market has been especially buoyant, and this is evidential with our success in launching two new developments in Knightsbridge. Hans Place comprises seven newly refurbished one and two bedroom flats, as well as another development in Beaufort Gardens which we have spent the last few months extensively refurbishing throughout via our Surveying and Refurbishment and Management departments. We have interest and offers on the majority of the units, and it is once again proof that presentation is key and we continue to encourage our clients to invest in their properties to maintain them at a high standard. We recently advised a client to refurbish a two bedroom flat which we have been letting successfully for 18 years, and we secured a tenant within 24 hours of marketing on completion of the works – achieving a 15% increase in rent.
In the family house market, we are currently experiencing a shortage of supply, and we are encouraging investors to purchase family houses to satisfy the current demand. Due to the shortage, we are anticipating that rents will increase in this area of the market.”
