Westminster Sales and Lettings Market Insights for Q1 2018
2018 has already seen an increase in demand from buyers in Westminster, Victoria and St James’s. We are starting to see a sales market now after a fairly subdued 18 months, with that said, prices have remained resilient. Buyers are telling us that they feel more certain about the market and they have more choice of property with less competition from other buyers in the market. Buyers are less worried about ‘buying wars’ and having to make speedy decisions, so it feels like a good time to shop around.
Daniel Cobb have recently been instructed to sell a charming two bedroom apartment on Whitehall in St James’s and a one bedroom luxury property in a new development. Demand still remains high for property such a period houses, penthouses and flats with outside space.
The increase in buyer activity is noticeable with more applicant enquiries, registrations, viewings and offers. Buyers are from all nationalities and backgrounds, with an increase in domestic British based purchasers who feel it is time to resume or start their property search.
Buyers are seeing value in Westminster compared with other central London locations and being attracted by the close proximity to the centre of London and its world class attractions.
If you are considering selling your Westminster property in the near future, we may already have the perfect buyer waiting for it. For further information or to have a chat about what your home might be worth, contact Darren Devlin (Sales Manager).
The new year always brings a revival to the market with fresh faces entering the fray as new landlords and tenants use the short festive break as the decision window.
Unsurprisingly this year wasn’t any different as responding to enquiries dominated our initial days of January. An example of this upturn was four competing offers on a one bedroom flat that launched in the first week of the year.
Early spring is a consistent time of the year and stock levels remain level and new applicants come through as a result of situation rather than decision. This can sometimes lead to the potential tenants not having the correct expectations for the market. My advice for Landlords is to price sensibly and keep your apartment looking smart; potential Tenants forced onto the market are quick to rule out and seek floors with apartments, so you should avoid giving them an excuse.
If you are a Tenant looking at this time of year you should do your research, I’m more than happy to have a conversation with you about what you will get for your money.
If you are on the market at the moment or considering your options, I’ll be delighted to have a phone call or a sit down with you to formulate your perfect plan.
If you are considering letting your Westminster property in the near future, we may already have the perfect tenant waiting for it. For further information or to have a chat about what your home might be worth, contact Douglas Booth (Lettings Manager).