ON YOUR
DOORSTEP
est & North W edition don West Lon
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19.8%
36%
Rise in house prices in Camden in 2013
Rise in number of agreed lettings in 2013 for our Camden team
£2.4m
12%
Average house price in Little Venice
Rise in average weekly rent in St John’s Wood
71%
17%
Rise in number of viewings for our Kentish Town lettings team
Rise in number of exchanges in 2013 for our Hampstead team
FIGURE 1: KEY MARKET INDICATORS
INSIDE THIS ISSUE… chestertonhumberts.com
Source: Chesterton Humberts Research
MEET THE TEAMS
MARKET COMMENTS
2 3
PROPERTIES
OUR NETWORK
6 8
Your Teams & Market Comments Camden Matt Poore
Camden Elizabeth Moore
Associate Director Sales 020 3040 8431 matt.poore@chestertonhumberts.com
Associate Director Lettings 020 3040 8441 elizabeth.moore@chestertonhumberts.com
Kentish Town Peter Malcomess
Hampstead Sam Gould
Associate Director Sales & Lettings 020 3040 8533 peter.malcomess@chestertonhumberts.com
Associate Director Sales 020 7472 6523 sam.gould@chestertonhumberts.com
Hampstead & St John’s Wood Ben Sloane
St John’s Wood David Brand
Director Lettings 020 3040 8633 ben.sloane@chestertonhumberts.com
Associate Director Sales 020 3040 8631 david.brand@chestertonhumberts.com
Little Venice Mags O’Grady
Little Venice Tony Gambrill
Director Lettings 020 7432 1937 mags.o’grady@chestertonhumberts.com
Area Director Sales 020 7432 1922 tony.gambrill@chestertonhumberts.com
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Sam Gould & Ben Sloane Hampstead
Matt Poore & Elizabeth Moore Camden
The 2013 sales market has seen another year of supply not meeting demand in Hampstead, Belsize Park and South & West Hampstead, record prices have been achieved for our clients throughout 2013. Constant high demand has been fuelled by low interest rates as well as continued interest from international buyers looking to invest in prime locations. The lettings market has also been strong, with a significant increase in corporate relocation in the second half of the year. However, there is still an imbalance between supply and demand, although the “stand-out” properties are being let quickly at healthy prices. The key message for landlords is to ‘make your property stand out amongst the crowd’, be it in terms of presentation or value for money.
The sales market in NW1 has seen quite a remarkable year in terms of price rises. The second half of the year in particular has been full of quite frenetic activity with properties seeing a surge in the number of viewings in the first few days of marketing with multiple offers being made. This has resulted in the continual rise of prices with only a brief lull during the traditionally quite period in September. The rents in the Camden and Primrose Hill area have remained stable throughout 2013 and we are pleased to report that our lettings department have enjoyed a record year letting more properties in 2013 than ever before.
Peter Malcomess Kentish Town
Tony Gambrill & Mags O’Grady Little Venice
Kentish Town has experienced a very high demand of properties across the board. The unusually low level of supply has seen property values increase to an all time high. The French School on Holmes Road has influenced the demand to a certain extent, however the advantages of the excellent transport infrastructure, proximity to Hampstead Heath and the opening of new eateries such as Soho House’s Chicken Shop and Pizza East, are attracting buyers and tenants from surrounding areas. While lettings values have stabilised over the last year, demand for family homes has increased dramatically resulting in increased rents at this level.
The second half of 2013 saw a continued shortage of sales stock, which translated into strong prices across the area. Buyers have been frustrated at the lack of choice, and once they identify the right property, they are aggressive to secure it. More of the same is expected for 2014. On the lettings side in Little Venice, we have seen an unprecedented amount of landlords, both overseas and in the UK spend considerable amounts on refurbishing their rental investment, whilst being mindful of the high volume of properties on the market. Resulting in a sector where it’s never been a better time to be a tenant.
David Brand & Ben Sloane St John’s Wood The second half of 2013 has seen a significant increase in corporate relocation. In the general market, there is still an imbalance between supply and demand which has led to a much more competitive market for landlords. However the “stand-out” properties are being let quickly at healthy prices. The key message for landlords continues to be “does your property stand out amongst the crowd?” Be it in terms of finish or just pure value for money. The sales market has steadily improved over the course of 2013 with prices continuing to rise due to the ongoing lack of stock availability.
Research ❖ Land
Registry data shows that in the year to September house prices across London increased by 9.3% to a new high of £393,462, meaning the average price of a London home is 135.5% higher than the national average.
❖ The
latest sales volumes statistics (July) show that the number of sales above £1m in London increased by 44% in comparison with July 2012.
❖ The
average monthly rent in London fell 4% in October to £1,283 according to the Homelet Rental Index, although on an annual basis rental values were up 2.6%. The average monthly rent across the UK dropped 4.6% in October to £815 per month, meaning it is 91% more expensive to rent in the capital.
❖ Mortgage
lending data from the Council of Mortgage Lenders highlights the continuous growth of first time buyers in London, as 13,100 loans were advanced in Q3 last year representing a 32% uplift on the same period in 2012.
❖ In
the third quarter of last year 10,900 loans were advanced to home movers in London which was an increase of 28% compared to Q2 2013, as well as a 6% improvement on the same period in 2012.
HAMPSTEAD
3.3%
ST JOHN’S WOOD LITTLE VENICE
5.5%
5.2% 19.8%
KENTISH TOWN
CAMDEN
6.1%
DIFFERENCE IN SALES PRICES FOR NORTH WEST & WEST LONDON OFFICES: END 2012 VS END 2013. Source: Chesterton Humberts Residential Sales Index. Zoopla.
SALES • Since the end of 2012 house price growth, with the exception of Camden, has grown at a slower pace than in 2012 but across our office network house prices have increased by 7.2% to an average of £1,613,704. • Camden enjoyed an exceptional year in 2013, particularly during the summer months, as the average house price in NW1 increased by a massive 19.75%. As a result house prices smashed through the £1m barrier to a new average of £1,209,500. The steep rise in house prices in Camden was partly due to the significant increase in activity as instructions through 2013 were up 28%, together with an exceptional 81% jump in exchanges. • Little Venice and St John’s Wood, at £2,448,750 and £2,431,667, are the most expensive areas in our North West and West network and both experienced a steady rise in house prices last year. In Little Venice prices moved up 6.1% and by 5.5% in St John’s Wood during 2013, while viewings in comparison with 2012 increased by 72% in Little Venice and exchanges moved up 33%. • Kentish Town remains the most affordable area to buy within our North West and West network with the average house price standing at £781,818, up a steady 5.2% since the end of 2012. Viewings in the area increased during 2013, up 7% against 2012, resulting in a 19% increase in the total number of exchanges agreed last year. • Our sales index reveals that house price growth slowed during 2013 in Hampstead, with 3.3% uplift well below the London average, but house prices in the area average well over £1m at £1,196,786. After a slow year in 2012 activity within the Hampstead market picked up markedly in 2013 as both appraisals (14%) and instructions (11%) increased, while the number of exchanges increased a whopping 71%.
LETTINGS • In conjunction with the sales market the lettings market in Camden performed strongly last year as both viewings (39%) and agreed lettings (36%) picked up significantly over the course of the year. From the end of 2012 the average weekly rent in NW1 increased marginally by 0.5% to £970p/w.
Rents in London are
greater than the average for the rest of the country
• The rental market in St John’s Wood enjoyed a very strong 2013 as the average weekly rent in the area increased by 12%, up from £1,528p/w to £1,706p/w. The rise is a result of a significant pick up in demand as our local office reported strong increases in the number of new applicants, viewings and agreed lettings. • Weekly rental values in Little Venice were the hardest hit last year as the average weekly rent receded 5% from the end of 2012 to £1,390p/w. Although the number of agreed lettings fell back last year by 3% in comparison with 2012, the number of new applicants swelled by over a third (36%) while viewings were up 17%. • As was the case in Little Venice last year weekly rental values in Hampstead also fell back 5% from the end of 2012, down from £860p/w to £817p/w. The number of new applicants in the area reduced by 17% last year although the number of viewings picked up 17% in comparison with 2012. • In Kentish Town the decline in weekly rental values was at a smaller scale than in Hampstead and Little Venice, with a 2% fall to £607p/w recorded. Tenant activity in the area mirrors that observed in Little Venice as both the number of new applicants (17%) and viewings (17%) increased healthily through 2013, resulting in the number of agreed lettings jumping by almost a quarter over the course of the year.
FOR SALE
Ryland Road, Kentish Town NW5 £1,095,000 FOR SALE
The Old Orchard, Hampstead NW3 £2,500,000 FOR SALE
Inverness Street, Camden NW1 £2,200,000 SOLD
Lady Margaret Road, Kentish Town N19 £1,950,000
FOR SALE
West Heath Drive, Golders Green NW11 £1,750,000 Guide Price FOR SALE
Chiltern Court, Baker Street NW1 £1,500,000 FOR SALE
Camden Mews, Camden NW1 £999,995 SOLD
Redington Road, Hampstead NW3 £2,250,000
FOR SALE
Lanark Road, Little Venice W9 £2,999,950 FOR SALE
Abbey Road, St John’s Wood NW8 £2,950,000 SOLD
Maresfield Gardens, Hampstead NW3 £820,000 SOLD
Sutherland Ave, Maida Vale W9 £2,950,000
TO LET
Chalcot Crescent, Camden NW1 £2,500 per week TO LET
Kelly Street, Camden NW1 £650 per week
TO LET
Grove Terrace, Kentish Town NW5 £1,500 per week TO LET
Arkwright Road, Hampstead NW3 £1,150 per week
TO LET
Blomfield Road, Little Venice W9 £995 per week LET
Countess Road, Kentish Town NW5 £1,100 per week
TO LET
Harley House, Marylebone NW1 £4,950 per week LET
Randolph Crescent, Little Venice W9 £1,395 per week
TO LET
Bracknell Gardens, Hampstead NW3 £2,450 per week TO LET
St Stephen Close, St John’s Wood NW8 £1,500 per week TO LET
Randolph Avenue, Maida Vale W9 £1,400 per week LET
Abbey Gardens, St John’s Wood NW8 £850 per week
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