June 2024 Market Comment

The waiting is now over.

June has been a month of anticipation. With the election looming large in the minds of most prime central London buyers, the market seemed to be holding its breath. Many property owners have been stalling to see what the new government would bring, resulting in fewer properties entering the market. Despite this, buyer numbers remain very high, with the usual influx of new summer registrations and many families looking to move before the new school year starts in September.

Now, the waiting is over. The results of the general election are in, and while many are not surprised, it does represent a significant shift in the political landscape of the UK government. The Labour Party has committed to easing planning regulations in the development sector to achieve their ambitious target of creating 1.5 million new homes.

The mortgage market looks set to enter a period of fierce competition as inflation aligns with government target models and Bank of England base rates are expected to drop again. Many lenders are poised to launch a wide range of new products to capture market share across various borrower demographics. First-time buyer rates are coming down, and there are competitive products for buy-to-let investors and very attractive remortgage options.

Landstones’ lettings team has been overwhelmed by the start of the summer rush. This wave, delayed by several weeks due to relentless bad weather, has now been supercharged by the arrival of sunshine. Tenant registrations outstrip new instructions by 25 to 1, which can only mean one thing for summer lettings prices. If you have a property that is vacant or becoming available soon, please get in touch with the team, as we have an overwhelming number of high-quality new tenants.

Residential Market Comment Q1 2024

As the year fly’s past we are heading to the end of the first quarter of 2024, if you can believe that. Looking back over the opening months of the year we are seeing a sales market returning to something more reminiscent of the pre-pandemic era. Prime central London is once again firmly on the map as a place to live, work and enjoy easy access to Europe for many buyers. The attraction of working from Greenwich Mean Time is still a popular draw for companies trading with America and the far East.


The domestic market is also showing extreme resilient and buoyance with vast numbers of buyers registering and the continual problem of lack of good stock driving prime central London prices ever upwards.


In a market with a finite number of properties there is always going to be the problem of a lack of stock. This is not something new and has been one of the defining factors of prime central London since the end of the Second World War. First time buyers always struggle to find affordable apartments and houses and many buyers who are moving up the chain, find that selling their property in a timely manner to purchase the next one is a tricky task. Landstones have seen this market characteristic become extremely acute in the family house market. The number of buyers we have registered on our books looking for family homes is the largest we have ever had. Houses between 8 and 10 million are extremely scarce and any properties that do come onto the market command an even larger premium price than normal. Many of the best in class houses we have launched this year have seen a frenzied viewing schedule as soon as they hit the market.


The mortgage market has been a stormy sea for the last couple of years with interest rates exploding out of the blocks after several conservative Prime Minister had to go at the job and we found to be wanting. With inflation on its way down and seemingly under control the Bank of England have indicated this may be the peak for interest rates and they’re looking to bring them down once inflation settles at around 3.5%. As a reaction to this, many banks are able to calibrate their mortgage product for only a few months so products are coming into the market and then being withdrawn in quite short order, however countering this is the fact that there are a record number of mortgage products available in the marketplace, more than we have ever seen before. Landstones advice to any buyer is to engage with a good broker who has access to the entire market and keep in touch with them updating products throughout the search process for a property.


This may be a well-trodden line now, but the lettings market is setting record after record for rent achieved across-the-board. Many landlords who are renting through Landstones are reaping the rewards of higher rents after a long period of feeling a little left out and slightly hard done by from government legislation designed to quell letting market. Unfortunately this government seem to have the wrong end of the stick and feel that driving landlords from the market will somehow bring rents down, unfortunately this is having the opposite effect of reducing the number of properties available and forcing prices up due to supply and demand in balance.


Coming into the spring market, Landstones are registering vast numbers of very good quality tenants, many coming from Europe in the banking sector as well as families coming from America and large numbers of applicants from the Middle East who are relocating to London for the summer.


Overall, we are seeing some very positive green shoots in the market for both sales and lettings. Landstones are carrying out record numbers of viewings and are desperately in need of more stock to let and properties to sell. If you are thinking of letting or indeed selling your property we would love to hear from you. Our expert team are happy to help with any advice property valuations and marketing strategy and look forward to hearing from you.

Residential Market Comment Q3 2023

The prime West London property market in Q3 has seen an extremely mixed set of market forces driving both sales and lettings, supply and demand.

The prime lettings market continues to be dominated by the scarcity of quality stock which has seen rents continue to climb to record level and stay there. Some of this can still be attributed to the post Covid 19 re organising of the market, many tenants are still outside the traditional lease term paterns that usually dictate when the market is busy, such as spring/summer and September. Usually as large numbers of applicants enter the market at these times the stock arrives to meet them, this is still not the case for large numbers of properties. This type of market dislocation will inevitably wash through the system as the normal cadence returns to London.

London continues to be a top seasonal destination for many tenants choosing to summer here in order to avoid hot domestic summers and also to enjoy the world class shopping areas that London has to offer. With movement and flight restrictions no longer a barrier to these individuals London has once again seen the market for its ultra prime property boom.

Interest rates and regulation continue to put upward pressure on rents. Higher interest rates will make some landlords look to other asset classes for their pensions or savings pots. The ever growing regulatory interference from the government continues to make the prospect of being a land lord less attractive and financially burdensome. As a result of this the lack of lettings stock does not appear to be easing any time soon.

The prime central London sales market has also seen many competing pressures driving the rhythm of the market throughout the year. Landstones have seen a flurry of activity in the family house market with many families having outgrown their current properties during Covid and are now looking to make a move over this summer. The top priority for many families is still access to good schools and this makes a lot of moves of this type time sensitive. Again, lack of stock is the key factor here and many price records have been broken in late 2023.

Going into the September and autumn markets Landstones is predicting unsatisfied demand and lack of quality stock to be the main driving factors. Inflation seems to have been stemmed by the governments policy of raising interest rates and banks are now looking to pass new lower rates onto borrowers. Global elements, such as the Ukraine war, extreme summer heat levels in many countries, and unstable domestic currencies continue to bring overseas buyers to the capital, while concerted ‘’Return to Work’’ policies along with greater financial opportunities are bringing domestic buyers and tenants back in large numbers.

If you have any questions or would like to discuss your property requirements please get in touch with our knowledgeable and professional team who would be happy to help.

Residential Market Comment Q1 2023

The prime central London property market has seen a steady increase in the level of activity across all sectors in the first quarter of 2023. The most significant market trend is still the lack of rental property and the subsequent rise in prices due to the supply constriction.

Although we are seeing a slight increase in lettings stock, demand still far outstrips supply and we are not anticipating this to change. Many landlords are still looking to other sectors for their savings pots. The landlords who remain in the market are reaping the benefits with many Landstones clients receiving record rents at present.

The mortgage market has recovered from its initial turmoil with interest rates currently at 4.25% and indications the government is positioning to reduce rates as soon as its confident inflation has been capped. Mortgage Lenders have begun to expand product availability giving buyers better choice of products and better rates further fulling activity in the property market.

The prime central London market has remained strong, despite the uncertainties associated with the post pandemic. Economy. There has been an increase in demand for luxury properties in prime locations and this trend is likely to continue throughout the year. Prime central London is still seen as a very safe haven for foreign investors and overseas money which drives an underlying level of demand for prime luxury homes all year round. Buyers have been moving into the market with US dollars to take advantage of the weaker pound with many large family houses going to American buyers.

Family houses have been selling very well in the early part of 2023 and we anticipate this trend to continue into the spring and summer as the better weather brings out families after work to look at outside spaces and gardens.

In conclusion, the Q1 property market has been growing by the day. The lettings stock is still low, but increasing, while record-breaking lettings prices are being achieved. The mortgage market is stable, and the prime central London market remains strong. Family houses are selling very well.

If you have a property to sell or would like our advise on your rental portfolio please do get in touch with the team at Landstones, we would be delighted to help in any way we can.

January 2023 Property Review

london in spring

As we move into 2023 and put thoughts of Christmas behind us, we’re already taking stock of January and how the property market has kicked off.

The lettings market has continued in much the same vein as it finished in 2022. A huge lack of stock across the board from one-bedroom flats to five-bedroom houses has forced tenants into mass competition for the best properties. Rents have risen at record rates from the bottom of the covid depression up to all-time highs across prime West London.

The government’s policy to burden landlords with ever greater tax and regulatory obligations in order to drive stock from the rental market onto the sales market has done nothing at all. It’s constricted lettings property supply, driving rents up and resulting in tenants paying more for less choice, less overall confidence and stability.

We predict the current fundamentals of the lettings market to continue for the foreseeable future. Landlords will be in the driving seat, a position they’ve not found themselves in for some time. It’s important to use this advantage to secure not only the best possible price but also the best possible tenant.

Banks have begun to adjust longer-term mortgage rates as they continue to compete to attract new customers. The turmoil in the mortgage markets following last year’s mini-budget seems to have now flushed through the system leaving behind an average additional 2-point uptick in overall rates.

As with the end of 2022, the prime central London sales market continues to be starved of good quality stock. Pent-up demand for best-in-class family houses will see the first vendor to the market in early spring inundated with viewings and may well result in several large sales coming very early this year. Expect prime properties to be going to sealed bid situations.

Landstones has a positive outlook for the market, and for landlords.

If you’re thinking about selling or letting your property, please get in touch as we’d love to help with your property needs.

Our favourite spots in Notting Hill

Kensington park road london

Notting Hill, London is famous across the world. Perhaps due to the romantic comedy, Notting Hill, but also because of the things to do, things to do and the recognisable, Stucco-fronted houses on every road.

Here are the spots we recommend you have a look at when you’re in town.

Portobello Road Market

This is a treasure trove of antiques, oddities and pretty much anything you can imagine. Lining Portobello Road, this is a world-famous market you don’t want to miss out on.

The Churchill Arms

This is one of London’s most famous pubs. And yes, it really does have a £25,000 yearly flower budget. It’s really something to behold and the perfect photo opportunity.

The blue door from “Notting Hill”

The widely-known blue door from the movie, Notting Hill is the second door on Westbourne Park Road, number 280.

Lancaster Road

If you’re in need of a photo spot or just fancy basking in a rainbow, Lancaster Road is for you. You’ll no doubt have seen this road online before, it’s simply beautiful.

Grab a coffee

Our favourite coffee spots in Notting Hill are Sally Clarke and Hermanos. And we visit daily.

Street food market

Tucked away at the top of Portobello Road, Acklam Village Market offers cuisines from across the world.

Electric Cinema

For the cinematic experience, head to Electric Cinema. Or more specifically, one of their double beds, preferably with a nice blanket to huddle under.

The Distillery

The Distillery boasts three boutique bedrooms overlooking Portobello Road. This hotel also offers two bars, The Resting Room, and a cocktail spot, The Malt Floor.

Notting Hill Carnival

Every August bank holiday, the streets of Notting Hill are flooded with a remarkable dancing parade and people really go all out on the costumes.

What are your favourite spots in Notting Hill?

Looking forward to 2023

bridge in london covered in snow

Closing out 2022, many of you in the property industry would be forgiven for feeling a little punch drunk.

2022 seemed to be disaster after disaster. We emerged from a global pandemic, saw Ukraine enter into a war, witnessed our shortest ever-serving prime minister in Liz Truss, the passing of Queen Elizabeth II, our longest-serving monarch, and finally, the inevitable conservative leadership race to select a new prime minister, the third in as many years.

Despite this, there are plenty of positives to take into the New Year.

We’re going into the New Year with a progressive government and a business-friendly prime minister who’s stated getting Britain back on its feet and providing a platform for businesses to thrive is a priority. We’re also hopeful to see a positive conclusion to the war in Ukraine. The knock-on effect of this is the falling of energy prices, helping to control fuel-based price inflation. As well as lowering interest rates and stability in returning to the mortgage market long term. Buyers were reluctant to purchase at the end of 2022 due to uncertainty around mortgage products, hobbling the sales market for several months while banks repriced their offerings.

2023 will be positive but there will remain headwinds in the marketplace. Interest rates will take their time falling as the Bank of England wrestles with inflation, and mortgage products could take even longer.

The UK economy may fall into a recessionary cycle as business and output growth slows. Inflation will still be a factor for households as higher prices erode savings and wage inflation doesn’t keep up with the real cost of living. For the property market, the effect of inflation could be upward pressure on prices. As the incentive to save is diminished, many people will look to transfer their savings into tangible assets.

We expect 2023 to start as 2022 left off with regard to prices and stock levels. We’ve seen historically low levels of stock for the last six months, prices in the lettings market are close to 40% up on the lows of the pandemic and sales prices remain strong on the back of a lack of available property.

Our advice for 2023 is as always quality, quality, quality.

If you’re thinking of investing in a buy-to-let property, always purchase the best property your budget allows. This may seem obvious, however, many fall into the trap of buying a compromised property for the extra space thinking bigger is better. This isn’t the case. When it comes to void periods and property liquidity, a premium one-bedroom apartment on a good floor will always outperform a compromised two-bedroom property on a poor road or lower ground floor, for example.

If you buy premium, you will always do well.

We’ve seen a period of a weaker currency, making London a good value investment for overseas inventors. London continues to be a world financial capital bringing companies and employees to the capital each year. The English capital also boasts five of the world’s top educational establishments, this brings thousands of students from the far east and across the world into the city’s rental market.

At Landstones, we’re bullish on the long-term outlook for property in prime central London.

Property Spotlight: The not-so-Ugly House

living room from house in north london

From the outside, this inconspicuous house in Kensal Rise isn’t one you’d double-take at. You wouldn’t think it’s any different from its neighbours. But how wrong you’d be.

The exterior of this Thirties terraced home in North London has remained the same but the interior is awe-inspiring. Full of light and reclaimed materials, architect to the stars, Andy Martin, has created every interior designer’s dream.

Walking through the front door, you’re greeted by the open plan ground floor. Looking through, you can see the south-facing, serene garden, smart swimming pool, grass-topped studio and sauna.

The ground floor is bright, contemporary and perfect for family living. You’ll immediately notice the black-painted, wooden feature wall behind the wood-burning stove which is made up of the property’s original floorboards. The kitchen is lined with second-hand steel units, wooden shelves and a white marble countertop.

The floor-to-ceiling doors at the end of the kitchen bring the outside in beautifully. Making this the perfect entertaining space throughout the summer months. Or even the winter months if you fancy a dip in the heated pool.

The first floor is home to three bedrooms. All flooded with light, the bedrooms offer a simple design and share a bright white bathroom.

The converted attic is now a bright master suite. With an egg bath under the window, this is the perfect sanctuary at the end of a busy day. Ample storage and an entirely glass-walled en-suite complete the master bedroom.

The result is an effortlessly-chic family home in an area renowned for its quick transport links into the city and beyond.

In an interview with the Evening Standard, when asked why this house, Andy Martin said, “[Thirties houses] have good, roomy proportions that are easier to work with, fewer chimney breasts, and good ceiling heights. This one was south-facing. It was a no-brainer.”

Explore The Ugly House further by clicking here.

Residential Market Comment Q3 2022

A lot has happened in a short space of time. The global marketplace has reeled from one shock to another. We could not have predicted as we entered a global pandemic that we would go on to see, the sad passing of a monarch, a war in the Ukraine, a global energy crisis, ravaging inflation and a change of prime minister.

As we enter the Autumn season and prepare for Winter, recent data continues to show the market is rebalancing after a period of dramatic supply demand imbalance with more properties coming to the market and demand from buyers remaining strong (up 18% on pre pandemic figures).

With the proposed capping of energy bills, we do see one of the headwinds in the housing market being tackled. So, the simplicity of demand and supply is overruling other concerns about interest rates, inflation and the cost of living, for the time being. Needless to say, there will be testing times ahead where we will all have to reassess how we live and use energy in the most effective way we can.

The new Chancellor Kwasi Kwarteng announced a mini-Budget on the Government’s economic plan to drive down inflation and cut taxes to boost growth. The Chancellor hailed “a new era” and stated he wanted to “get Britain building.. unleash the power of the private sector… and encourage a nation of entrepreneurs.”

There was positive news for the property market, with the immediate cut in stamp duty on the first £250,000 of a property purchase, instead of £125,000. First time buyers will be pay stamp duty on homes over £425,000, up from £300,000. Relief for first time buyers has been raised to properties up to £625,000, up from £500,000.

The Chancellor announced reforms to the planning system with a new Bill to be introduced to simplify planning processes.  There will also be a sell-off of surplus government-owned land to help boost the supply of homes. Investment Zones will be introduced, with relaxed planning and tax incentives for commercial and businesses creating new jobs. These are thought to be planned for the West Midlands, Thames Estuary, Tees Valley, West Yorkshire and Norfolk.

There were several initiatives to encourage business growth. Next year’s planned increase in corporation tax has been cancelled and will remain at 19 per cent. The bonus cap for City bankers has been removed to help “reaffirm the City’s role as a world centre for finance.” There will be an extension of the Enterprise Investment Scheme and pension fund investments will be unlocked to allow investment into targeted growth projects.

Landstones has a very positive outlook for the market and for landlords. If you are thinking about selling of letting your property please do get in touch as our team would love to help with any of your property needs.