DC Derata are pleased to announce that they have successfully sold a two bedroom apartment at 64 Seymour Street for £2.25m or £2,279/sqft. According to Lonres this is in the top ten £/sqft ever achieved for an apartment in W1H.
Lonres show thirteen properties have sold within W1H since Brexit. On a £/sqft basis DC Derata have managed to achieve over 70% more than the average, 33% more than the next best performing apartment and more than twice as much (on a £/sqft basis) as another apartment that sold on the same road, in the same month.
This is not to say that everything is rosy in the Prime Central London (PCL) market. Savills recently reported that prices in PCL are expected to fall 9% this year, this follows a fall of 3% last year. The market has been characterised by a reduction in the number of transactions taking place with some forced sellers reducing their asking prices but the majority of home owners seemingly happy to remain where they are and wait for better times.
The number of sales is down around 30% on this time last year but the reduction in the number of buyers has been mirrored by a reduction in the amount of stock available according to the RICS. The RICS report the number of new instructions being received by agents fell once again in October with the average level of stock on estate agents books remaining close to historic lows at just over 45 properties.
Therefore, although prices will continue to come under downward pressure, due to the uncertainty surrounding Brexit, the lack of supply and reduction in the value of the Pound (which in turn attracts foreign investment) should ensure that any further reductions are kept to a minimum.
If you require assistance in selling your own property or would like more information on some of our other recent successes please contact us on: +44(0)20 7859 4501 | email@example.com