Chelsea Office Comment November 2011
Date : 07 November 2011
The property market in Chelsea has continued to be extremely busy. The combination of worries in the eurozone, volatility in the financial markets and continued cheap sterling have encouraged many to see the prime Central London markets as a safe place to invest their money and Chelsea is one of the most desirable addresses within prime London.
There is strong demand at the top end also but of course the turnover at this level of the market is much lower because there simply aren't that many properties in Chelsea that exist within this bracket.
Stock across the board continues to be relatively low but there is a little evidence that some things are sticking, particularly in the middle section of the market.
There is no doubt that the middle section of the market - which tends to be family houses - is the weakest point but if a good sensibly priced property becomes available it will be snapped up, whichever category it fits into.
However, buyers are well informed and if something comes on for too much money they will not bid. This year we have been achieving in excess of 99% of our asking prices, a fact that in my opinion shows how important it is to get the price right in the first instance as the market never lies.
All in all, we continue to be positive for the year ahead and believe that on average, we will see a slight rise in prices in 2012. What we do hope for though, is an increase in stock levels as we know that we could certainly achieve fantastic prices for our clients.
James Pace