James Moran, franchisee Winkworth South Kensington reports a very active market:

“Good news at the end of 2010 from Winkworth South Kensington: our micro-market remains encouragingly buoyant, despite the media’s fixation with weaknesses in much of the rest of the country.

Defying national trends, in our office we have just enjoyed two very busy months and the number of transactions completed this year has already surpassed the total seen in 2009.

This level of activity is reflected in wider statistics too, with overall transactions in Kensington & Chelsea increasing by 45% in 2010, compared to 2009, significantly outperforming the UK average. South Kensington remains a highly sought after area, and the best residential properties are still in strong demand.

In our office we have not only had more transactions, but the time between offer and exchange has been reduced. The average time taken to get a property under offer has been only three weeks, compared with nine last year. And recently we sold three properties at asking price before they were placed on the open market. We’ve also seen more properties achieve guide price or above. On average this year we have achieved 99.2% of the asking price, up from 94% in 2009.

43 Queens Gate Gardens, SW7

This impressive garden square flat extends to 1555 sq/ft.

Guide Price £1,875,000

Achieved £1,950,000

29 Collingham Gardens, SW5 0HN

Split level third floor flat extending to 768 sq/ft.

Guide Price £1,008,500

Achieved £1,086,025

Much demand continues from investment buyers, both domestic and international, who continue to view property as their preferred asset class. The majority of our applicants are cash buyers, ready to move swiftly when the right property becomes available. As a sign of the quality of our applicants, of the last six joint agencies we have been involved with Winkworth has been the agent to secure the sale.

Although parts of the housing market will undoubtedly see lower growth in average values next year, we believe prime areas of London will outperform. London is still a leading global financial centre attracting wealth from all over the world, and while economic uncertainties prevail property remains an enticing investment.”

For further information on properties to buy or rent in South Kensington contact Winkworth South Kensington on 020 7373 5052.