The square footage factor
10 January 2012
Does size matter? When the modern-day buyer is assessing the value of a property it seems to matter very much. Not so long ago buyers had to rely on estate agents’ sales particulars which provided nothing more than some room measurements, a photo or two and a generous dosage of superlatives. Nowadays the floor plan and the associated ‘price per square foot’ is the most important piece of information that a buyer relies on.
The most common question I am asked by both buyers and sellers is “what are you achieving per square foot”? Such a broad question can only be answered with a fairly arbitrary, but honest answer – in and around Kensington & Chelsea properties are achieving between £700 and £2,000 per square foot, although in some extraordinary cases properties can achieve as much as £4,000 per square foot. I’m not entirely sure such a flimsy response provides a useful insight into the concept of determining value according to space, to do this we must delve a little deeper.
Autumn-Winter 2011: What are values doing in the village?
24 October 2011
Along with the ‘Indian Summer’ came a revival in the sales market after the August lull. We anticipate that the next quarter will be quite telling; we will know fairly quickly whether or not the global financial crisis will impact on the property market here in central London. Early signs show no signs of softening prices, in fact quite the contrary.
We have been extraordinarily busy in the last few weeks with several properties attracting competitive bids and exchanging above their asking prices, more often than not selling to cash buyers. We have no crystal ball but the mess in the Eurozone and the uncertainty in other markets would appear to be playing out well for the prime London property as well-heeled international buyers continue to align their wealth in tangible assets. The price of gold continues to rise and so does the price of central London property, in times of uncertainty bricks and mortar provide security and stability.
On the lettings side companies appear to be less keen to throw their money around and the demand for high-end rental properties and family houses has fallen as fewer senior management people are being relocated into London. As ever there is buoyancy in the market for one and two bedroom flats to rent.
Agent Focus
26 August 2011
Company profile
Mountgrange Heritage is an estate agent with a difference; we are owned by the people who run the company day to day. When we say that each client is treated as an individual, we really mean it.
Typical properties
We don’t believe in pigeon holing our business so we don’t have a ‘typical’ property. We are capable and competent in selling or letting one bedroom apartments or large family houses. We tend to attract interesting (often creative) clients who want to work with a switched-on independent agency rather than dealing with the big High Street chains.
Where did it all start?
We opened our first office on Notting Hill Gate in 1999 and subsequently opened in Stratford Road, Kensington in 2006. We hope to open a third office by the end of the year.
Agent Speaks
4 May 2011
Social Networking seems to have taken over the world – but networking has always played an important role in the world of business, with many a deal struck over lunch or behind ‘closed doors’. It seems that more and more London property transactions are being carried out in the same way.
This growth in the “grey-market” raises some interesting questions with respect to the way that buyers rely upon up-to-date information; the kind of information which is clearly not available if a sale is handled off-market.
We have seen an unprecedented increase in the number of off-market sales – handling several transactions with values ranging from £500k to £6million just the last year alone. So, in the context of the Central London property market this process is by no means limited to an elite few. High-profile buyers and sellers use off-market deals specifically to avoid the type of public scrutiny given to more orthodox property transactions. But is the ability to avoid the usual ‘bidding war’ just something enjoyed by the well-heeled and those in the know, or are off-market transactions worthy of wider attention?
Spring-Summer 2011: What are values doing in the village?
19 March 2011
There was a flying start to the first quarter of 2011 particularly at the upper end of the market. In an effort to beat the arrival of the new 5% top band of Stamp Duty there was flood of sales completing before the 5th April. This new 5% rate now applies to all properties purchased over £1million and as a result of the rush we completed on over £16million worth of property sales in just one day!
April saw a rather inevitable slow down as the market caught its breath after this unprecedented stampede and there was the double whammy of back-to-back long bank holiday weekends providing ample distraction.
But now spring is in its stride and with it comes new shoots of optimism. The application for Olympic tickets has closed and the reality of hosting the games in 2012 is beginning to feel very real. Our villages may be a few miles from the Olympic one but there is no doubt that the international attention and ‘feel good factor’ that ‘2012’ is bringing to London will further cement the appeal and attraction of our extraordinary city and the property market to boot.
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