Enquiries grow for residential properties across London

In the first few weeks of January, we’ve been seeing a record number of buyer enquiries for residential properties throughout London. We’ve also been carrying out a much higher number of market appraisals than we usually see for the start of a new year. Usually we would expect to see this level of activity from March onwards but looking at prospect registrations, leads from our website and property portals, we have seen a 30% year on year increase.

Of course, some of this is due to the pent-up demand from buyers who held back last year, partly due to the frenzy caused by the Stamp Duty holiday and partly due to the difficulty carrying out viewings in person.  Some potential buyers simply decided to wait until the housing market calmed down and conditions became easier.

Now these buyers are keen to move forward with their plans so enquiries are quickly translating into viewings, offers and ‘sales agreed’.  Buyers are serious – they’re not just window shopping.  They wish to get the deal done and move quickly with domestic buyers in particular, keen to get a fixed rate mortgage secured before rates rise, albeit modestly, as anticipated.

With a clear sense of normality now, there is genuine confidence returning to the London property market, both from domestic homebuyers and from overseas investors.  Demand is increasing for all types and sizes of property and at all price brackets – from £600,000 to £2.5million+.

As many professionals return to the office, at least part-time, the tide has turned and Londoners are looking to return to the buzz of London.  So central London apartments are now back in favour.

With enquiries increasing for apartments in Zones 1,2 and 3, we are actively looking for new instructions in all these areas to meet the growing demand in central London which we expect to rise further as the year progresses.

Demand soars in London NW9 postcode

Our Colindale branch at Beaufort Park in NW9, has made a cracking start to the year. We received numerous new instructions in January and our sales team received 20 offers in the last two weeks, with 12 sales agreed on a number of new-build apartments.  This highly sought-after residential development is popular with both homeowners and buy-to-let investors thanks to its high spec, amenities and easy commute into central London, just 25 mins from Colindale to Bank on the Northern Line.  Demand is also high from renters here, existing tenants are renewing mostly so we have little or no stock to let,  so for buy-to-let landlords, properties here represent an excellent investment, with high rental yields as well as good long-term capital appreciation.  In fact, some apartments aren’t even advertised before they receive an offer.  Our estate agents at Beaufort Park was the top selling agent in the area from January to September 2021 and it is an achievement that we hope to emulate this year too.

Read more about Beaufort Park and the Colindale area investment potential.

Demand grows from BNO visa holders from Hong Kong

Beaufort Park is also popular with BNO visa holders from Hong Kong who have been moving here over the last 12 months since the UK Government launched the incentive. Most have been renting before they buy and put down roots in the area where there is already a strong Chinese community.

Residential developments back on the buyers wish-list

Apartments in central London and its fringes are generating a lot of interest too as professionals who left London during the pandemic for the tranquillity of the countryside, now crave having a nearby ‘buzzing’ café and entertainment culture that only London can offer.  Modern property developments such as Fulham Reach in Hammersmith and Imperial Wharf Fulham, are again in high demand, as too is Royal Arsenal Riverside in Woolwich, together with several schemes close to Canary Wharf.

Growing interest in prime central London properties for sale

In prime central London, we are now carrying out more valuations in areas like Kensington and Knightsbridge and enquiries from buyers are also increasing for traditional conversion apartments and period houses with good budgets too. Stock remains limited and we are looking to receive instructions for a number of genuine buyers at the moment.

Overseas investors keen to take advantage of the buoyant buy-to-let market in London

Interest from overseas investors has been growing for a while now, particularly now that international travel is becoming easier and they can carry out viewings in person.  The continuing weakness of sterling is a key driver too, offering overseas investors real value for money even if the interest rates push up a little over the course of the year, they are not deterred.

We’re also seeing interest from Middle East investors, particularly British expats living in places like Dubai.  Many are looking to build a buy-to-let portfolio in London or perhaps wish to have a London bolthole – either for themselves or for children who are studying or working in the UK.  You can read more about this in our blog Middle East investors remain a dynamic presence on the London property market

Get in touch

We urgently need new instructions to meet the growing demand from homebuyers and investors.  Our international offices report an 28% increase in buyer enquiries during the first 4 weeks of the year so if you have a property to sell, do get in touch with our London Sales team or your nearest International office who will be delighted to assist you.

READ MORE: Strong demand for London property from buyers continues