The London property market
After what has been an exceptionally busy last 12 months, it is exciting to see just how well the London market has continued to perform. Confidence in our great city is strong and our 12 prime central London offices – from South Kensington to Marylebone - are experiencing the busiest period we’ve seen since 2014. Demand is high from both domestic and international buyers keen to make a long term investment.
Market update
Andy explains “Dexters’ website now receives more than 100,000 visits a week and we have over 160,000 motivated buyers and tenants looking for a London home through us. Dexters makes no excuse for taking a traditional approach to Estate Agency. With a network of over 70 offices, we guide and advise clients by using local expertise, sales and negotiation skills. Research shows that just 3 out of every 20 viewings arranged come from online portals and advertisements – Dexters generates the remainder by being proactive and carrying out some 45,000 viewing appointments every month, the equivalent of showing a property every 15 seconds during our working week. The business estimates that it typically takes between 150 and 200 hours of work to complete a successful transaction.”
This demand has already translated into some impressive sales. In partnership with Wetherell, Mayfair’s leading agent, we have agreed on transactions in the most exclusive super-prime addresses including Brook Street and Grosvenor Square, as well as the iconic Naval Club on Hill Street which had an asking price of £35m. Other successful trophy properties have included a Westminster townhouse overlooking St James’s Park on Old Queen Street and a magnificent mansion on Phillimore Gardens backing onto Holland Park.
On the lettings side, increased market activity and growth have resulted in a shortage of available property, pushing up rents to record levels. “Our primary aim is to deliver the best result for our client and we work hard to attract great tenants. We make sure that we don’t have any empty properties and our average void period now stands at less than one per cent for the 30,000 Landlords we work in partnership with. As a result of this, over 1,000 new Landlords are trusting us with their properties every month. The lack of supply is encouraging long term tenancies which is our speciality and we make sure our tenants are well looked after, so they don't need to go anywhere else,” explains Andy.
“We have been helping super-prime tenants find everything from exclusive mansion blocks, and large Georgian terraces to ultra-modern apartments, at rents ranging from £1,500 to £9,000 per week. These particular residents can have complex requirements and they want to use a trusted agent,” continues Andy. “We meet the needs of both the tenant and the Landlord by offering a tailored service through our Prime Property Management team. International tenants are often moving to London for business purposes, and so we work closely with our Corporate Lettings and International Relocation team who receive hundreds of enquiries every week from global blue-chip companies, institutions, and embassies. Many of whom use Dexters exclusively for all their property needs.”
Dexters have continued to grow and strengthen every part of the business including areas outside of prime central London. Andy explains, “We are pleased to have increased our presence in all corners of the capital this year, due to growing demand from our loyal client base.
To operate in such a competitive city, you need an exceptional Estate Agent to sell or let your property,” says Andy. “Despite our size, and these high levels of activity, we haven’t lost our personal touch. With more than 70 per cent of our new business coming from referrals, and over 40,000 Google reviews averaging 4.9 out of 5 stars, we pride ourselves on offering an award-winning standard of service.” Dexters were recently voted the Best London Agent and the UK’s Best Lettings Agency at the industry’s most prestigious awards for residential property. Andy continues, “This is a testament to the hard work of our dedicated teams who have gone the extra mile.
As the sales and lettings market continues to thrive and shows no signs of slowing down, we expect a busy second half of the year. With price growth having tripled in the last 20 years, we predict that values will continue rising over the next decade. Our Landlords understand that London remains a brilliant investment and we are here to support them throughout the duration of their property journey. Dexters have already broken all records this year and we continue to grow our business by investing in our people and our offices. This is an exciting time for the London property market and we look forward to being a part of it and delivering a five-star service.”
If you are considering selling or letting your property or would like an update on your local market, we would be delighted to assist. Please click the link to make contact with your local Dexters office.