Notting Hill and Kensington Property Sales

- Flat for sale in Ledbury Road, W11 £595,000 Leasehold

Market jitters may sell newspapers but the reality is somewhat different - we've agreed two sales in the past few weeks at around the £10M mark, both in Kensington W8. At the same time two gazunderers lost out as they attempted to shave the price at the 11th hour and alternative buyers jumped in.

Vendors are having to be more realistic with asking prices, the mania of 2007 "think of a price and then add £50,000" simply doesn't wash any more, but the view from Notting Hill and Kensington is still of a solid property market - turnover is substantially up on the last quarter of 2007. Realism has crept back in to the market and there are both motivated buyers and sellers out there looking to do business.

We've just agreed a one bed flat in Ledbury Road W11, asking £595,000, where the original buyer had attempted to gazunder. It went under offer again with 48 hours of the first buyer attempting the manouevre. In similar fashion another gazunderer lost out in Westbourne Park Road when we agreed the sale to another vendor waiting in the wings the moment the original buyer tried reducing at exchange. There's life in the market yet, irrespective of what may (or may not) be happening elsewhere in the country, the city is still the bedrock of the London property market.

Mark Somerville - Notting Hill and Kensington sales