richmond sales insight - knight frank€¦ · paperwork in place. leave a little room for...
TRANSCRIPT
SPRING/Summer 2010
Richmond SALES INSIGHTKnight Frank
Luke Ellwood
Head of Richmond sales+44 (0)20 8939 2801
Luke Ellwood, head of Knight Frank's Richmond sales office, discusses the local
property market and what the next few months might have in store.
What is your outlook for the 2010 market?
In Richmond we believe that the market will continue to perform very well, indeed we have seen a
remarkable recovery over the past nine months. There is significant demand for the houses and
flats in the best locations due to a lack of alternative investment options and strong interest from
overseas.
Tight supply levels were a real feature last year, do you see that continuing?
This has been a determining factor in the strengthening property market generally and one which
will probably not change too much over the course of 2010. It would be very unusual indeed for
such a prime area of London to be awash with available property at any time though, it is always
an area in high demand.
We own a lovely house, but it is worth less than £1m. Can Knight Frank still help us to sell it?
Of course we can. Although we are the market leaders when it comes to selling the most
expensive houses, just over 50% of the properties we have sold in the past 12 months have been
priced between £500,000 and £1,500,000. We pride ourselves on offering the same exceptional
service regardless of the value of property.
What impact will the forthcoming election have on your market?
The election will of course be a distraction. Although inevitable changes in the UK economy and
tax regime may mean that some people choose to no longer be based in this country, the demand
to own property in the best areas will continue and the flight to quality will remain.
How important is the role of the internet in selling a house?
Research tells us that 75% of buyers start their search online. It also allows the seller to reach a
truly global audience. Knight Frank have a website that has been voted the worlds best real estate
website and we have also created our own application for the ‘iphone’ to help further drive our
clients to the widest local and international audience.
What advice do you have for vendors looking to secure a sale at the moment?
Pricing and preparation are key. Property should be shown in its best light and all contract
paperwork in place. Leave a little room for negotiation on price rather than a lot. Pricing too high
means viewings will be discouraged and the property will not have the opportunity to sell itself.
Most of our sales are well within 5% of the guide price.Richmond at a glance
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"There is significant
demand for the
houses and flats in
the best locations
due to a lack of
alternative
investment options
and strong demand
from overseas"
2%17%
81%
London Rest of UK
International
14%14%
14%29%
14%14%
Africa Asia Australasia
Europe India Middle East
North America Russia & CIS South America
Figure 1
Location of our buyersRichmond, last 12 months
Figure 2
Nationality of KF international buyersUK prime London property, last 12 months
SPRING/Summer 2010
Richmond SALES INSIGHTKnight Frank
Charting the marketFigure 3
Price change by price bandPrime London, last 3 months (%)
Your properties, our people
Figure 2
Sales by price bandPrime London, last 12 months (%)
0
5
10
15
20
25
30
35
40
< £1m £1m to£2m
£2m to£3m
£3m to£4m
£4m to£5m
£5m +0
2
4
6
8
10
12
<£1m £1m-£2.5m £2.5m-£5m £5m-£10m £10m+
Figure 4
Average % of guide price achievedPrime London, last 12 months (%)
50
60
70
80
90
100
Apr May
Jun Jul Aug
Sep Oct Nov Dec Jan Feb Mar
Grand entertaining
Guide price:
£2,750,000
Vineyard House, The
Vineyard, TW10
Sold
5 bed
Excellent family house
Guide price:
£1,495,000
Lancaster Park, TW10
Sold
5 bed
Elegant double fronted period house
Guide price:
£3,850,000
Church Road, TW10
Sold
6 bed
Direct river views
Guide price:
£950,000
Richmond Bridge
Mansions, TW1
Sold
3 bed
Luke EllwoodPartner and Office Head
James WilliamsAssociate
Anna van
BlommesteinSenior Negotiator
Sarah BowenOffice Manager
Knight Frank Richmond
020 8939 2800
5 Duke Street, Richmond,
TW9 1HP
www.knightfrank.co.uk/richmond
If you have any queries or would like to obtain additional information on the UK or international housing markets please contact: Liam Bailey, Head of Residential Research, +44 (0)20 7861 5133, [email protected]
© Knight Frank LLP 2009 - This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal
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