What's Happening With the London Property Market? South Kensington lettings - October 2008

South Kensington Move Ins Agreed to October 16, 2008

number = number of beds (0 = studio)

F = flat
H = house

Type Ask Acheived

2F 550 500
1F 395 370
1F 260 260
1F 340 320
1F 595 595
0F 175 175
0F 325 295
2F 495 480
1F 510 490
1F 375 350
2F 595 550
3F 2300 2000
1F 525 462
2F 360 345
1F 575 560
2F 600 625
1F 450 410
1F 415 415
1F 350 310
2F 775 700
0F 310 290
2F 450 445
2F 925 775
1F 350 320
1F 295 260
2F 440 440
2F 395 390
1F 285 285

Larger two and three bedroom properties are struggling (cf 2F 925 775), witnessed by the total lack of any larger three bedroom flats let so far this month under 2000 per week. Many post grad sharers and wealthy overseas students have now found a home for the coming year and we anticipate price drops of around 20-30% on some flats' 2007 levels - between 800 and 2000 per week.

Notting Hill lettings has just agreed a house to let at 1600 vs an asking price of 2250 per week. This is a price correction to 2003/4 levels when the benchmark price of a family house in Kensington was around 1500 1700 per week against the 2500 per week level in 2007.