KIRE publishes a monthly newsletter covering NW3 and Surrounding Area market information, our services, and upcoming activities.
Top NW3 sales review - Michael McHale
Thanks for reading the KIRE NW3,000,000+ February Market Newsletter
Decreased property supply, increased values, and continued demand indicate good selling conditions, but for how long?
Expected interest rate hikes will put pressure on demand and rising costs could increase supply, so owners looking to maximise profit may want to consider doing it sooner than later. In what is expected to be an increasingly competitive market, it is imperative to choose agents with strong marketing and negotiating capabilities to create the best results.
Overall Market Trends Jan 21-221
When looking at the overall UK residential real estate market trends, we see that supply is down 50% from Jan 2021 and that demand continues to be high, with January having +45% more demand when compared to pre-pandemic January 2020 numbers.
Hampstead District* NW3 Market Specific Trends
While NW3 average property prices increased throughout 2021, over 53.6% have been on the market over 6 months.
“Property is like milk, the longer it is on the shelf, the less it is worth in the buyer’s mind and the likelihood of them putting in low offers increases. This is evidenced by the discounted pricing stats last quarter” - Michael McHale, Head of Sales
Jan-Dec 2021 Market Highlights for London NW3
50.4% of properties have reduced their price
53.6% properties on the market for 6+months
Q4 2021 Market Highilghts for London NW3
Average £/sqft in Q4 2021 was £1,209, up +14% from the beginning of the year.
There was an average discount of 4.2% on the asking price of properties during the period.
*Real estate market trends for NW3, covering Hampstead District: Hampstead, Belsize Park, Frognal, Childs Hill (east), South Hampstead (north), Swiss Cottage (east), Primrose Hill (north), Chalk Farm (west), Gospel Oak
At KIRE (Keeping it REAL Estate) we are “Community Creators”, on a mission to redefine prime and super-prime residential sales through our REAL Marketing led sales process, Harvard Business School trained negotiation skills, and by driving up NW3 happiness and property sale values by playing a central role in the NW3 community through events, members network and partnerships with “Local Legends”.
This year over 60% of our clients have been Forbes listed and over the past 12 months our average NW3 transaction price was above £8,850,000. Visit our website www.kire.life or follow links to right to find out more about our services.
“The price we were able to achieve with Michael’s negotiating and people skills was better than we had ever even hoped for. He spent a lot of time and energy on making sure he achieved the best for us, and we could not be happier.” – Cassandra DeVos, Hampstead