Camden 020 7244 2200 Tufnell Park 020 7267 2696
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Local Sales Market Update
The sun is shining, flowers are blooming and the traditionally busy spring London property market is in full swing. The average number of buyers registered across our Camden and Tufnell Park offices jumped 34% in Q1 2017 compared to Q3 last year, when the uncertain impact of Brexit was most prominent. In fact, both offices experienced their busiest months to date for buyer registrations in March, and there was an average of 20 buyers registered for each property available for sale.
Despite the return of buyer confidence, sellers who took the plunge in Q1 did incredibly well due to a comparatively limited amount of property on the market. Quality properties remain as sought-after as ever, and are often snapped up within weeks of marketing.
Jack Graham-Lindsey – Sales Manager, Camden – notes that…
“After a sale fell through with another agent for a stunning two-bedroom apartment on Bartholomew Villas, we took on the property and agreed a sale within four weeks of being on the market.”
We saw a similar story in Tufnell Park, where James Bonham – Sales Manager – is also achieving some great results for his clients…
“Recently, we attracted multiple offers on a lovely apartment on Hargrave Park. We agreed the sale at £420,000 – £20,000 over the initial asking price – and we’re helping the disappointed bidders to search for something similar.”
Property characteristics
The majority of properties in Tufnell Park are Victorian-style terraced buildings and double-fronted Victorian houses. A premium is often achieved for properties closer to Hampstead Heath, which is also accurate for properties between Dartmouth Park and the lower end of Highgate. This is particularly true for Croftdown Road on which homes can often fetch in excess of £3 million. In Camden, families looking to purchase terraced houses can expect prices to start at £1.2 million, with beautiful Georgian terraced houses on Albert Street fetching £2 million upwards. For those demanding supreme luxury living right next to the glorious Regent’s Park, imposing mansions can be purchased from around £15 million.
Charming studio flats in Camden and Primrose Hill start from £300,000, while one-bedroom flats range from £350,000 to £700,000 depending on size and outside space. In comparison, one-bedroom flats in Tufnell Park tend to fetch between £400,000 and £600,000.
Two-bedroom conversion prices range from around £500,000, to about £1.5 million for a flat with a garden or roof terrace, whereas buyers in Tufnell Park can achieve similar features from £475,000 to £900,000.
How do we achieve our results?
Our network of 28 London offices all work together to match people with their ideal properties, no matter where they are. So, if a buyer registers with our Camden office, but has requirements better suited to Tufnell Park, both offices work together to find their ideal ‘wish list’ property. For sellers, this means properties are shown to the thousands of buyers registered with us across all corners of the capital, and this exposure wouldn’t be possible with any other agent in London.
Camden 020 7244 2200 Tufnell Park 020 7267 2696
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Local Lettings Market Update
After a quieter January, tenants are moving across Camden & Tufnell Park, and increasing in numbers each month so it seems! Spring is proving to be another busy season for the London lettings market, with tenant demand shooting up 26% just from March to April in the region. We currently have an average of nine tenants registered for each available property across our Camden & Tufnell Park offices; the highest since July 2016.
Camden will always be highly sought-after and a fantastic place to live, but as property prices have risen over the last decade, nearby Tufnell Park is certainly becoming the go-to place for younger tenants seeking proximity to this lifestyle, with a more affordable price tag.
Property characteristics
Indeed, tenants can secure a one-bedroom apartment in Tufnell Park for between £1,000 and £2,000 a month. In comparison, one and two-bedroom properties in Camden rent predominantly for between £1,700 and £2,000 per month. Due to Camden’s younger demographic, these one and two-bedroom properties have proven the most popular over the past 12 months. For families, Tufnell Park offers extra space with a quieter residential feel, and many are agreeing tenancies for larger four-bedroom family houses between £3,000 and £4,000 per month, and for longer periods of time.
One area for investors to watch is the work being undertaken by Transport for London with Islington Council, to transform Archway town centre into a pleasant, accessible and safe area. There has been plenty of redevelopment on properties in Archway, bringing an influx of tenants searching in and around the area, keen to be near the excellent transport links.
Corporate demand
Benefiting from close proximity to major centres of business, international connections at King’s Cross St Pancras and just 30 minutes to central London, Camden and Tufnell Park are major hotspots for corporate lettings searches. Indeed, 40% of our corporate searches in January, and 60% of agreed corporate tenancies, were in this region.
Our Corporate & Relocation Services department works with over 600 multi-national corporations to place their high-value employees in their next homes, so there’s every chance we already have the ideal tenant for your property.
Camden 020 7244 2200 Tufnell Park 020 7267 2696
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