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Gardens provide even more value in the post-pandemic property market says new survey by Aston Chase.
The demand for houses with gardens in North West London addresses including Hampstead, Primrose Hill and Regent’s Park has boomed post-pandemic says a new survey by Aston Chase; since January 2020 there have been 87 sales for homes in North West London priced over £5 million, with the number of deals almost doubling last year – there were 55 sales in 2021 compared to 32 sales in 2020.
Aston Chase has looked at house and apartment sales over £5 million in North West London in 2020 and 2021 using deals data from LONRES for the postcodes of NW3 (Hampstead, Belsize Park and Swiss Cottage), NW1 (Regent’s Park, Primrose Hill and Camden) and W9 (Little Venice, Maida Vale and Maida Hill).
The Aston Chase survey found that between January 2020 and December 2021 there were 87 sales of North West London homes priced above £5 million – with over £720 million worth of property sold, with 2021 accounting for £465 million worth of sales, up 82% on 2020. Aston Chase has been involved in over £250 million worth of deals across North West London, reinforcing the firm’s reputation as the leading independent residential sales agency operating in Central and North West London.
The average price of a home sold in North West London in 2021 was The average price of a home sold in North West London in 2021 was £8.46 million, up 3% on the £8.2 million average sale price in 2020.The gap between asking and achieved prices has also narrowed with the percentage of homes sold on/close to asking price being 27% in 2021, compared to 18% the year before.
Since the start of 2022 Aston Chase calculates that this figure has risen even more, with the majority of homes being sold by the agency now selling on/close to asking price, and a significant number of properties selling above asking price due to deals becoming competitive/sealed bidding situations with two or more buyers putting in best bids in order to purchase a coveted property.
The Aston Chase survey found that the NW3 postcode NW3 (Hampstead, Belsize Park and Swiss Cottage) is the top postcode in North West London for sales above £5 million. Over the last two years there have been 52 prime sales in the NW3 postcode, followed by the NW1 postcode (Regent’s Park, Primrose Hill and Camden) with 26 deals, and 4 deals in W9 (Little Venice, Maida Vale and Maida Hill).
Aston Chase sold a substantial unmodernised residence featuring an exceptional rear garden with tennis court and swimming pool for £14 million in Greenaway Gardens, Hampstead, as well as the former London home of War of the Worlds author H.G. Wells, a £12.75 million Nash townhouse directly overlooking Regent’s Park.
The Aston Chase survey found that the market for £5 million plus sales in North West London is dominated by house and villa sales rather than the sale of apartments. Between 2020 and 2021 the number of houses sold in North West London nearly doubled, with 49 sold in 2021 compared to 29 in 2020.
An analysis of all house deals over 2020 and 2021 shows that the average size of houses being purchased across North West London was 5,200 sq ft, with apartments being purchased averaging 2,900 sq ft. However, the most expensive homes sold in North West London over the last two years are invariably over 10,000 sq ft in size, typically large detached houses set in large gardens with excavated lower levels containing leisure facilities routinely including swimming pools, gymnasiums and media rooms / private screening rooms.
Aston Chase highlight that the COVID-19 pandemic has had a significant impact on the prime London housing market with buyers wanting to purchase homes offering more space, ideally with a home office and leisure facilities and plenty of private outdoor space. Before the pandemic affluent buyers were happy to purchase houses or apartments offering no or little outside space in prime central London but are now frequently electing to live further out and are looking at the leafy addresses of North West London where they can purchase more space for their money and benefit from homes with private gardens, better air quality and enjoy city-village life.
Aston Chase observe that the local high streets, shops and cafes of St John’s Wood, Hampstead, Belsize Park and Primrose Hill have all flourished post-pandemic with queues outside the coffee shops and delis during the week and especially at weekends.
Mark Pollack, Co-Founding Director of Aston Chase says: “Our new North West London housing market survey shows that the volume of sales for homes priced above £5 million in NW1, NW3, NW8 & W9 has effectively doubled between 2020 and 2021, with properties now hitting or exceeding their asking prices. The market is being driven by domestic UK buyers, and there has also been a significant number of purchasers from continental Europe (Germany, arising from concerns as to the possibility of a wealth tax under the new socialist government) and notably from both the United States and Canada. Buyers want homes that provide them with outside space in the form of gardens or generously sized balconies or terraces and North West London has the advantage of having a large supply of these homes complimented by exceptional recreational amenities such as Regent’s Park, Primrose Hill, Hampstead Heath and Kenwood. This is why North West London has become the most sought after area to live in the capital.”