Winkworth Central London has published its Autumn-Winter 2010 Market Insight, analysing trends and the outlook for The Royal Borough of Kensington & Chelsea residential sales and lettings market. The data for the report has been gathered by the South Kensington, Knightsbridge & Chelsea, Kensington and Notting Hill franchises and should therefore be considered as indicative rather than factual.

Summary

• The volume of transactions has increased most significantly (90%) over the last 6 months in properties valued between £2m and £5m

• There have been a number of examples where properties sold for more than during the peak of the market in 2007 (see reports for specific case studies)

• Owner occupiers now account for a larger proportion of applicants with families representing 20% of demand over the past 3 months. At the same time last year, investors and international buyers were more dominant.

• The international buyer is still very much in evidence particularly in Knightsbridge where Eurozone buyers are looking for properties in the middle to upper end of the market and Far Eastern buyers for the larger houses and flats at the very top end of the market.

• In Notting Hill owner occupiers are much more dominant and there has been a greater degree of demand for high value houses. This contrasts with last year when most of the demand was investor led and for properties valued under £1m.

• Winkworth has noticed that although overall applicant levels have eased, new applicants are motivated and committed. Many of these buyers have been watching the market evolve and have decided now is the right time to purchase.

• Overall, stock levels have increased during the past few months. However, the market is more price sensitive and correct pricing is imperative in order to achieve a sale.

• Shortage in lettings stock is further exacerbated by tenants wishing to renew their leases and rental values have recovered significantly over the past eighteen months.

• Meanwhile, demand for rental stock is increasing. Winkworth offices have seen tenant registrations climb over July and August. The number of potential renters in August was up 14% compared to the previous year.

Follow these links for full copies of the report:

Winkworth South Kensington Market Insight (Autumn-Winter 2010)

Winkworth Knightsbridge & Chelsea (Autumn-Winter 2010)

Winkworth Kensington Market Insight (Autumn-Winter 2010)

Winkworth Notting Hill Market Insight (Autumn-Winter 2010)