The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed which areas of the London property market are seeing homesellers achieve the highest percentage of asking price, as well as where has seen the biggest increase in asking price achieved.
At 5.2%, London has seen the lowest rate of annual house price growth of all regions, but with the average property costing £497,948, it remains the most expensive area in which to buy a home.
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Homesellers In London Are Achieving 91% Of Asking Price
Benham and Reeves analysed current asking and sold prices across the capital and found that on average, homesellers are achieving 91% of asking price when securing a sale - 6% more than they were during the first quarter of this year.
However, in some boroughs sold prices are outstripping expectations, with sellers in Barking and Dagenham achieving 112% of asking price. In Barnet and Bexley the average home is currently selling for 101% of asking price, with sellers in Brent and Bromley achieving full asking price (100%).
Westminster is home to the lowest level of asking price achieved at 84%, with Wandsworth and Waltham Forest seeing homes sell for 90%.
Newham has seen the biggest jump in asking price achieved since the first quarter of 2021. Homeseller were achieving 80% of asking price at the start of this year, but this has now climbed by 13% to 93%.
Lewisham has seen a 9% increase to 94%, with Hillingdon seeing an 8% uplift with sellers no securing 95% of asking price.
Just three boroughs have seen a drop in the percentage of asking price achieved - Hammersmith, Greenwich and Barnet, albeit a minor -2% decrease.
London Property Market Is Now Starting To Build Momentum
Director of Benham and Reeves, Marc von Grundherr, commented:
“The London property market has been moving at the same rate of knots as the rest of the UK where annual appreciation is concerned. However, a 5.2% jump is far more significant in cash terms when compared to many other areas of the UK market and so sellers certainly won’t feel too hard done by.
With the capital now starting to reopen both from a professional and social standpoint, there are very clear signs that the London market is now starting to build momentum and the vast majority of sellers have seen the percentage of asking price achieved increase when compared to the start of the year.”
Table shows percentage of asking price achived and change
|Location||% of asking price - Q1, 2021||% of asking price - Q2, 2021||Change (%)|
|Barking and Dagenham||107%||112%||5%|
|City of London||98%||99%||1%|
|Hammersmith and Fulham||97%||96%||-1%|
|Kensington and Chelsea||93%||95%||1%|
|Kingston upon Thames||92%||94%||2%|
|Richmond upon Thames||89%||93%||4%|
|London (overall average)||85%||91%||6%|
- Benham and Reeves is one of London’s largest independent letting and sales agents.
- Benham and Reeves is a family-run agency, established in 1958 in Hampstead, London.
- Benham and Reeves has 17 branches in prime residential London locations and five international offices in China, India, Hong Kong, Malaysia and Singapore.
- The company specialises in a tailored, end to end service for its clients in London and worldwide, from the sale or letting of a property, to property management, tax accounting, snagging, refurbishment and furnishing solutions.
- Anita has 35 years of experience within the property sector, helping to build Benham and Reeves from a single branch in Hampstead to one of the most established independent estate agents in London.
- Anita has driven the company’s vision to offer a complete range of property investment-related services from purchase to handover, furnishing and refurbishment, lettings and property management.
- Anita also helped spearhead the company’s overseas expansion in China, Hong Kong, India, Malaysia and Singapore.
- Marc von Grundherr is the Director at Benham and Reeves.
- Marc joined the business in 1995 and has extensive knowledge of the London and UK property market.