As summer winds down here in NW3, one can feel the shift. The charming villages of Hampstead and Belsize Park are back to life after a quiet season. With so many schools in the area, holidays have a big influence on the pace of life, and it’s the same for the property market. In the £3m+ range, we've seen as many new listings in the first few weeks of September as we did over the entire summer.
There’s been a slight drop in price per square foot for these homes, signalling a gradual alignment between buyers’ and sellers’ expectations. At last! Unlike the post-COVID boom, properties aren’t selling themselves anymore, so buyers have room to negotiate. While some sellers feel they’re letting go at a lower price than hoped, we're finally seeing a meeting of minds, which is great for the market. (A potential side effect of misalignment can be frustrated buyers or / and sellers, so get yourself a diplomatic property lawyer who can navigate conflicts skillfully).
This area tends to remain steady through economic cycles, with strong demand for turnkey homes. Schooling remains a huge attraction, particularly in Belsize Park, where buyers often aim for more space and outdoor areas than they might get in Prime London. There’s also a unique rhythm to the local market tied to school admissions, with a surge of activity around the 4+, 7+, and 11+ exams between February and April, which often drives an increase in both buyers and sellers.
General thoughts for those getting ready to buy or sell:
Don’ts
Don’t cook strong-smelling foods before a viewing! It may not be to everyone's taste and may leave a buyer wondering if the kitchen’s ventilation is inadequate.
Don’t hide issues that will come up in a survey. It only delays the process and can make buyers suspicious, wondering what else might be concealed. This can jeopardise a sale by creating tension from the outset.
Don’t over-personalise or clutter the space. If possible, place some items in storage and stage your home to make it more appealing.
Do’s:
For both buyers and sellers, preparation is key. Buyers should have their finances, mortgage options, credit scores and property lawyers lined up to strengthen their position, especially if negotiations come into play. Sellers can proactively complete sales forms with their solicitors and consider a seller's building survey to identify any potential issues early on.
If you can, show your home on a sunny day and clean the windows to maximise natural light. It will help avoid seeing your children’s handprints when the sun comes out.
Use classic techniques like fresh flowers, some baked bread or a light smell of recently brewed coffee to create an inviting atmosphere.
Happy house hunting!