This week I have done a local poll, basically I have asked 100 people if they were considering moving to the countryside within the next 3 years? The results were 20% YES and 80% NO.
I found these results very interesting and will continue to ask people throughout the month the same question, and next month will give an update with a more in depth analysis, including what these results might mean to the future, not just of London, but the future of the big metropolis.
In terms of property market in the Borough of Kensington and Chelsea, we have some numbers related to the properties that have been sold and the current stock available.
In terms of properties sold in the last 2 months, compared with the same period last year we saw an increase in average price of 0,8% , a reduction of 41% in number of transactions, and a 5.1% discount in relation to the asking price.
Comparing with 5 years ago, the prices in general are 11% lower, with buyers paying less 175 pounds per square foot.
We see that 15% of the properties are sold within 3 months of entering the market.
If we analyse the properties currently on the market, we have a staggering 80% of the properties sitting on the market for over 3 months, and 50 % over 6 months. 38% of the properties have seen the price reduced and around 12% are currently under offer.
These totally confirms that we are in a buyers’ market, and right now selling can be extremely complicated, taking on average 251 days for a property to sell.