Dexters Autumn 2023 market comment

Autumn 2023 market comment

The London property market

Dexters set out over 30 years ago to change the perception of the property industry by delivering a first-class service and building relationships with sellers and landlords based on trust. Now, as London’s largest and fastest-growing Estate Agency working with over 300,000 customers at any one time our core values remain unchanged.

Market update

“This year we have continued to see high demand from buyers and tenants. We carry out over 50,000 viewings a month, the equivalent of showing a property every 15 seconds in our working week. London remains an exciting place to live and we expect demand to remain high with both local and international interest in the London property market,” says Andy.

“Over the last decade buyers have benefited from low interest rates with the Bank Rate as low as 0.5 per cent. High demand has driven a busy sales market and we have seen a steady increase in property prices. With the current base rate now at around 5 per cent lending rates have increased; however there are still plenty of buyers looking to secure a home and demand for property in London continues,” explains Andy.

The lettings market has also been incredibly busy with a 42 per cent increase in the number of prospective tenants looking for their next London home compared to last year. “It's been a record-breaking year so far but demand is still outstripping supply and London needs more landlords than ever before,” explains Andy. Dexters’ Corporate Lettings and International Relocation team are also seeing unprecedented demand, receiving over 200 enquiries each week from embassies and major corporations looking to relocate their staff. ‘‘We have a Prime Property Management team who provide our clients with first-class customer service which means we attract the very best tenants.’’

Dexters has a stronghold in prime central London with 12 offices perfectly placed to assist clients with their high end property needs, including: Chelsea, Fitzrovia, Hyde Park, Kensington, Marylebone, Notting Hill, Pimlico, South Kensington, Westbourne Grove and Westminster, as well as our two Mayfair offices on Grosvenor Street and Mount Street.

“High net worth clients expect a tailored service to meet their requirements. The professionalism of our colleagues and their expert local knowledge is the reason Dexters is the go to agent when it comes to selling or letting high end property.” Andy continues, “The capital attracts such a diverse selection of people from the US or Middle East looking to take advantage of the exchange rate, to families looking to be close to London's best schools. Demand is likely to continue as local investors and overseas clients are attracted by the potential for long-term capital growth.”

Dexters also works exclusively with Mayfair agent Wetherell with a reputation for selling and letting the capital's finest and most desirable homes, many of which are rarely seen on the market. “We are very proud of our recent successes which have included the sale of a property on the prestigious Grosvenor Square. Available to the market for the first time in over 35 years, with a guide price of £16 million. When it comes to marketing super-prime properties, we showcase property to millions of people on an international scale, so it is important that we work with the worlds’ press to promote our client’s properties to achieve maximum exposure. Another property on Grosvenor Square, previously the home of Princess Diana’s stepmother, Raine Spencer, appeared in major London and international publications including the Evening Standard, Tatler and the New York Post,” adds Andy.

Dexters’ success is credited to their people. “Our colleagues are hardworking and dedicated, with many of them staying with us throughout their careers - 90 per cent of our managers started with us as trainees,” explains Andy.

Dexters is regulated by the Royal Institution of Chartered Surveyors (RICS), upholding their reputation for integrity and professionalism.

Dexters are also the UK’s first Estate Agency employer provider offering professional qualifications and Ofsted regulated apprenticeships. Andy continues, “Giving our clients the confidence that they are working with trusted experts is paramount, so training and developing our people is crucial and ensures that our standards always exceed the highest expectations.”

Dexters comes highly recommended having received over 50,000 Google reviews with an average rating of 4.9 out of 5 stars. “This is a testament to our teams who live and breathe our ethos that clients and customers should never have to ask twice. Our colleagues always go the extra mile to deliver a first-class experience which is why our clients and customers love to recommend us.”

London remains a vibrant city to live and work in and we are looking ahead with every confidence that the London property market remains strong and is a great long-term investment.

We are here to support you through your property journey so should you be considering selling or letting your property or would like some market advice, please contact your local office and one of our Directors will be pleased to assist. Full details can be found at Dexters office.