We know the stamp duty holiday is encouraging people to be active in the housing market. This is certainly the case in London where there is a genuine chance to save £15,000 in stamp duty fees.
Hunters West Hampstead is here to assist you. We know the local market well, and we stay in touch with the latest market research.
We believe that higher priced homes are in great demand now. The change in buyer behaviour linked to the pandemic and lockdown means people are looking for larger homes, and property with a garden.
In London, with property prices higher than the rest of the country, this means buyers are paying a higher price. However, according to Rightmove, it is these homes which are moving swiftly.
West Hampstead houses make people feel at home
The leading property portal states houses which are priced at more than £1m are selling 18 days faster than they were this time in 2019. These homes are also moving at their quickest pace since 2014.
Paul Oberschneider, chief executive at Hilltop Credit Partners, said: “A common conception is that houses in the £1m+ market take longer to find buyers than the overall market because of their higher price points. But the latest data from Rightmove shows that UK’s million-pound homes are actually outperforming the rest of the property market in terms of the number of sales being agreed.”
There are some expensive areas of London in great demand
Paul continued, by saying; “The hottest millionaire markets right now are Norfolk, Wiltshire, Cornwall, Henley, Hackney, Tooting, Stoke Newington, Balham with affluent buyers willing to part with huge sums of money to buy larger homes. A big reason for this market sentiment is the ongoing pandemic which is pushing many potential buyers to swap city apartments for bigger homes with more living spaces and gardens.”
Rightmove states; “Properties in West Hampstead had an overall average price of £827,920 over the last year. The majority of sales in West Hampstead during the last year were flats, selling for an average price of £692,577. Terraced properties sold for an average of £1,331,693, with semi-detached properties fetching £1,950,000. Overall, sold prices in West Hampstead over the last year were 11% up on the previous year and 3% up on the 2016 peak of £804,032.”
Therefore, many homes in West Hampstead are priced at or above the £1m level, and this places it into the category where homes are moving fast in the present day.
If you are a West Hampstead property owner, and you are looking to sell your home, call on the experts for help. We can arrange a property valuation for you, and we can take you from start to end of the sales process.
Paul also said; “With the government’s big push for work-from-home once again, many employees are also expected to spend fewer days in the office and may look to relocate to a bigger property with more outdoor space. The post-Covid market will have an increased focus on indoor and outdoor space and wealthier buyers will be the first to move to bigger homes.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.