‘Chelsea has quite
a diverse housing
stock – In general,
prices start from
around £300,000, rising to
some of the most expensive
property in the world.’
GILES COOK DIRECTOR CHESTERTON HUMBERTS
£4.95 MILLION
Tom Dogger, Director, Winkworth six months as the market has strengthened, Above: Townhouse in South Ken, SW7,
Knightsbridge & Chelsea: “There has been but there is still a severe shortage, a fact through Chesterton Humberts for £4.95
no increase in the numbers of properties which has been underpinning the strength million. Below: Chic in Chelsea Harbour,
on the market but there has been a in prices. Buyers have certainly increased SW10, Chesterton Humberts have this
substantial increase in demand; 40 per cent both in number, but also in their level of rarely available riverside apartment for
greater than last year. Due to the lack of commitment, a change which began sale at £3.45million.
stock, prices are up by at least 10 per cent.” during the second quarter as sentiment
Guy Meacock, Associate, Prime shifted to the positive.”
Purchase: “I work in the Prime Central
London team, and Prime Purchase are DO BARGAINS ABOUND?
Buying Agents. We act solely for Tim des Forges, WA Ellis: “Low interest
purchasers in the search and acquisition rates and the weak pound have, since
of prime residential property in London March, caused a bottleneck in the housing
and the country. We aim to acquire the market. With the former remaining low,
‘best in class’, and specialise in properties owners often get a better yield by letting
in excess of £1m. Over half of the deals out their property than selling and having
£3.45 MILLION
Prime Purchase transact in an average year
are done so ‘off-market, or b’ efore money in the bank. This immediately
marketing has started - a market which restricts supply. Prices are certainly up
would largely be ‘out of bounds’ for a on nine months ago and this is fuelled by
normal buyer. With interest rates so low, the combination of the two factors above;
and a false perception that the market is buyers demand outstripping supply.
depressed, sellers are biding their time.” Although some sales are at levels not seen
Alex Thompson, Director of Winkworth since mid 2007, this is predominantly on
Notting Hill: “I specialise in residential
£2.34 MI
LLION
the prime floors in the best garden squares.
sales of all property types from studios Outside of these, properties might get
to large family houses, from £300,000 to House in Kinnerton St, Belgravia, sold by 30-50 viewings but perhaps only 4 or 5
well over £10,000,000. There have been Henry & James. Below: House to let in offers and this might be after 5-10 days.
more properties on the market in the last Cheltenham Terrace, SW3. In 2007, offers would be on the table on
the first day. The core market at the
moment is 2-3 bedroom flats up to £2.5m.”
Charles McDowell, McDowell
Properties “Properties that are the best of
prime, right across the price ranges, are
achieving in excess of 2007 prices. Thanks
to the stock shortage in London and the
number of keen foreign buyers, properties
in excellent locations and especially those
in immaculate condition, are regularly
achieving new price levels. We recently
sold a superb two bedroom flat in Cadogan
Square for £1.4m, 15 per cent over what
would have been expected in peak 2007.”
Giles Cook, Chesterton Humberts:
“Prices are approximately up 10 per cent
on last year in prime central London and
particularly in Chelsea/Knightsbridge area.”
Gary Hersham, Beauchamp Estates
“The prices up to £3-3.5m are certainly
£2950 PCW
going up since this time last year.”
PROPERTYdrum FEBRUARY 2010 29
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