The sales outcomes for April-June 2023 for Hampstead NW3 overall show that the price per square foot for both flats and homes has remained stable, with the average property selling for £1,400 per square foot, which is similar to this period last year, and the highest in the last five years (this number is much higher for homes in the £3M+ range, and varies by sub-locations within NW3). Achieved prices per square foot have increased 4.4% for flats over the last 5 years and have increased only marginally, by 0.1% for houses.
Although overall supply of properties has improved YoY, with a +7.6% annual change in the number of on-market properties in Hampstead, there are about 10% less on-market properties worth £5M+ than in June 2022. However, this is slightly misleading as it does not take into account the large volume of off-market transactions occurring in this segment, which anecdotally, remain strong. For example, at KIRE we have privately agreed/completed the sales of 4 homes off-market in the past six months for both our sales and search clients, with more in the pipeline.
Ageing stock and price reductions continue to be a theme, with 60.6% of flats and houses sitting on the market for over three months, and 43.4% at a reduced price. These numbers highlight a few imperatives for those thinking of selling in Hampstead this year 1. The importance of an accurate valuation and pricing strategy 2. The importance of your agent's marketing strategy to build momentum and sell the home quickly 3. To consider agents that have flexible marketing plans to reach on-market and off-market buyers across multiple channels to drive the best outcomes.