Five months after opening, we got the lowdown from Jack Peet, Area Manager of West Hampstead and Belsize Park to see how the local market is performing.
Since its launch in September 2023, Winkworth's West Hampstead office has wasted no time in establishing itself as a significant player in the local property market. In just five short months, it has garnered positive results and become a go-to destination for those seeking to buy, sell, rent, or let properties in the prime North London neighbourhood. Jack Peet, Area Manager of West Hampstead and Belsize Park, shares his insights into the local property market and what those looking to get involved can expect this year.
Jack notes that since opening, the team has effortlessly integrated into the neighbourhood. Despite industry-wide concerns in the latter half of 2023, Winkworth West Hampstead has found its stride, representing a roster of desirable properties. He commented, “Since joining in September, we have seen the market pick up significantly and we have transitioned well to supporting our clients with their property needs.”
One of the key factors driving market activity is the significant reduction in mortgage interest rates. With mortgages becoming more affordable, more buyers are now entering the market. Banks are competing to offer the most attractive deals, with lenders like HSBC, Halifax, NatWest, and TSB rolling out enticing offers for buyers and homeowners. The average two-year fixed-rate mortgage had a rate of 5.56% at the start of February 2024, down from 5.93% at the start of January this year.
This has undoubtedly influenced the positive market sentiment in West Hampstead, where new properties are coming onto the market and buyers are eager to make competitive offers. The Winkworth West Hampstead office has seen multiple offers for every property showcased, with sellers motivated to collaborate closely with the agency to stage successful open houses.
West Hampstead's portfolio includes an array of properties, ranging from flats to houses, with an average listing price of around £1.5 million. Recent additions include mid-to-upper market properties priced at £2.5 million and £5 million, alongside more affordable options including a studio apartment valued at £300,000.
Spring typically sees increased activity in the property market, as buyers feel incentivised to view properties as the weather becomes more pleasant and the days are longer. Given the current market sentiment, the West Hampstead team is quietly optimistic that they will continue to see good levels of activity in the coming months. However, considering the news that the general election must be called no later than 28th January 2025, there is likely to be some hesitation in the market later in the year.
Given the current buoyancy in the market, Jack recommends that those looking to buy and sell in 2024 strike while the iron is hot. The decrease in mortgage interest rates presents favourable conditions for buyers to enter the market. With the upcoming general election expected to bring some unpredictability, now is the best time to act as buyers can capitalise on current stability.
Jack commented, “For those looking to go ahead with a sale this year, we would recommend doing so before we approach the end of the year. With the upcoming general election, it’s natural to expect some uncertainty in the market. Given that interest rates are half what they were just a few months ago, it’s a good time for buyers to take advantage of the good rates and positive market sentiment before the general election takes place.” Winkworth West Hampstead has made significant strides in a short period, cementing its position as a key player in the local market. With a dedicated team and a portfolio of desirable properties, it is well-positioned to assist clients in achieving their property aspirations.
