Property is one of my favourite subjects, which works well as it means I love what I do and the people I get to meet on a daily basis. My chosen ‘subject` is a common denominator amongst the Brits (especially Londoners) – similar to the weather we like to know what`s happening in the industry and what`s to come..
So, I thought this month I`d provide you with some solid facts and figures for you to peruse.
Firstly, as it stands the average flat prices in Kings Cross and Islington are now 65% higher than they were 5 years ago with buyers paying £359 more per sq/ft than they did 5 years ago. On an even more positive note, 27% of properties sold in Quarter 2 ( between April – July 2016) were sold within 3 months. This tells us that property IS moving and with 70% of our sales deals being fully Cash turnaround from Under Offer to Completion is speedy – very encouraging statistics.
The Team at Greater London Properties Kings Cross Branch (based at 65 Judd St), have seen applicants searching for Studios and One Bedroom apartments between £450,000 and £850,000 almost double since the beginning of the year – this is an incredible uplift. This demand means we have reached Asking Price or above for all our Sales Properties in Quarter Two much to the delight of our vendors. We have naturally seen an increase in foreign investment as the weakening pound makes the purchase significantly cheaper for them. Average price per sg/ft is up on 2015 and the average house price achieved specifically in Kings Cross/Islington was £746,000.
On the rental front, summer has been as hectic as ever with the constant mix of professionals, students and a surprising amount of older couples wanting a pied a Terre close to the West end but not wanting the commitment of purchasing.
So, what can we expect next as we enter the winter months? People still need to live somewhere and this incredible area offers everything for the non commuter who demands an easy walk to work with everything on their doorstep. Property is always in demand and as always we can never fully satisfy our applicants – if you are considering renting or selling your home please do give our Kings Cross Team a call on 0207 113 1066 and they will arrange a Free Valuation at your convenience.
In the mean-time, enjoy the Autumn leaves, crisp mornings and everything that this vibrant part of London has to offer.
Rob, Director, Greater London Properties (glp)