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London Property Market 27 January 2020

Inside Notting Hill - Issue 3

2019 was a record year for Chestertons Notting Hill, thanks to a strong resurgence in buyers coming to the market: the number of new buyers rose by 13%; there were 36% more offers made, and we sold 39% more properties than in 2018!

According to Rightmove, Chestertons sold the second highest number of properties in the W2, W10, W11 area in 2019.

The increase in activity reflects a combination of factors:

  • Buyers tired of waiting for a conclusion to Brexit or needing to move for family or work related reasons
  • Continuing low mortgage interest rates
  • The narrowing gap between buyer and seller expectations on price, with 50% fewer price reductions than in 2018
  • Overseas buyers, who accounted for around half of demand in 2019, taking advantage of the weak pound, which reached a 3-4 month low against the dollar in early September

The Notting Hill lettings market was also very active in 2019. Chestertons' Notting Hill office enjoyed a record year, with the number of newly registered tenants 62% higher than 2018. The number of offers submitted rose by 55%, but the number of newly registered tenancies was only up by 31% due to a shortage of available properties.

The political and financial market turbulence following the Brexit referendum has, if anything, had a positive effect on the rental market as tenants have seen renting as a safer short term solution.

This is likely to continue in 2020 beyond Brexit, until the UK's new relationship with the EU is clarified.