Knight Frank: “buyers seek outdoor space and greenery”

Knight Frank Latest Data

Knight Frank’s latest prime London sales and prime London lettings data:

Key highlights:

 

Sales:

· Property prices in prime outer London rise as more buyers seek outdoor space and greenery

– Prices rose 0.9% in prime outer London in the three months to October, which was the highest such rise in five years. The largest quarterly rises in London took place in Belsize Park (3.2%), Dulwich (2.3%), Wandsworth (2.1%) and Wimbledon (1.8%).

– Marmora Road in Dulwich (attached), is one example of a property currently on the market with stunning outdoor space and greenery.

 

· October was the third highest month in five years for exchanges in London, as a result of the post-lockdown surge

However this surge should be seen in the context of a market that has behaved erratically over the course of this year. The overall number of exchanges was 19% down in the first ten months of the year compared to 2019

 

Tom Bill, Head of UK Residential Research at Knight Frank commented, “A second national lockdown in England is unlikely to impact the prime London property market as the first one did. The property market will remain open during the month-long lockdown and momentum generated since the market re-opened in May will drive deal activity into Q1 next year.”

 

Lettings:

 

· High levels of supply have continued to put downwards pressure on rental values

– In prime central London, average rental values declined 9.1% in the year to October, compared to 7.6% in prime outer London

 

· Supply has increased due to the addition of short-term lettings properties coming onto the market

– More owners have decided to let rather than sell due to uncertainty surrounding the trajectory of prices as the impact of Covid-19 on the economy becomes clearer. However, this trend has been less marked in more suburban areas with outdoor space, where prices have been more robust

 

Gary Hall, Head of Lettings at Knight Frank commented, “If you exclude south-west London, supply levels are currently 20% above where we would normally expect them to be at this time of year. That has come down from a figure of around 40% earlier this year. Rents are still falling and the properties that are letting are where the price has been reduced.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More