As a London property finder I am in the privileged position to work in some of London’s finest boroughs on behalf of Garrington, London Home Finders. Over recent weeks we have observed a serious shortage of good quality property to buy in the £2-3M price range in Kensington, Chelsea and Knightsbridge, particularly in the North and South area of Old Brompton Road, off Sloane Avenue and around Montpellier Place. Two of the four properties that we evaluated last week for clients and were dismissed, have subsequently exchanged today due to the buyers fear of losing the property. Recently a Smith Terrace property of 1400 sq. ft. sold at over £3.2M (on a guide of £2.6M) because it had planning permission to extend up to 2100 sq. ft., the end value possibly reaching up to £5M. Other houses on Hasker Street, Cheval Place and Coulson Street have also been achieving in excess of £2000 per sq. ft.
Conclusion 1 – If you are searching for a property to buy in London ensure that you know which area you want to buy in and attempt to acquire properties off or pre-market.
Conclusion 2 – If you see a property you like, you need to move forward quickly due to the lack of stock, particularly in the £2-3M price bracket.
Conclusion 3 – A lot of people looking to buy in the Kensington, Chelsea or Knightsbridge areas are cash buyers and even they need to act quickly if they see a house they are interested in purchasing. You’re in a competitive market so avoid delays; these will inevitably cost you in the long run.
An essential part of my role as a property finder is to ensure I am on top of market trends and activity so I can advise my clients accordingly. It you are looking to purchase a property within this highly sought after sector of the market the main thing you need to remember is to act quickly. Any delay could leave you disappointed.