The Kensington residential sales market became more active in the second half of 2019 as the combination of the weak pound (around 70% of buyers in Kensington are from overseas) and lower asking prices attracted buyers. Since the General Election there has been an explosion in buyer interest and in the first six weeks of this year, Chestertons' local office recorded a twofold increase in the number of newly registered buyers and property viewings. Demand is outpacing the supply of properties available to buy which was 20%* lower mid-February compared to the same point in 2019.
Daniel Taylor, Kensington Sales Director comments: "We are advising all of our new clients to launch their properties onto the market now whilst buyer demand remains strong. Hesitancy could very well cost you so do not be fearful of testing the water and capitalising on the current positive buyer sentiment. High-end properties will always perform well and command a premium price."
Our Kensington lettings team enjoyed a record year in 2019 with tenant demand accelerating from the summer until well into the autumn. 2020 has also started strongly and we have seen new tenant registrations increase by 21% and offers on properties rise by 52% in the first six weeks of the year compared to the same period in 2019. Tenant demand is currently outpacing the supply of properties available to rent, meaning the number of properties available to rent at mid-February was 34% down compared to the same period in 2019.
Read our full report below.
*Source: Lonres listings as at 19th February 2020
2020 is off to a flying start in the Kensington lettings market, with all transactions being agreed at asking price or higher, as demand outstrips supply.Ellie White - Kensington Lettings Manager