The Notting Hill sales property market started strongly in 2020 as buyers took confidence from the stability offered by the decisive result of the General Election in December 2019 and returned to the market keen to secure a property.
However, the lockdown measures introduced on 23rd May dramatically slowed the housing market until they were relaxed on 13th May.
Since the market re-opened in May, there has been a substantial increase in the number of enquiries from buyers who seem determined to not let COVID-19 distrupt their plans to move home. This has resulted in the Chestertons’ Notting Hill office selling 25% more properties in the two and a half months following the re-opening of the housing market, compared to the same period last year.
After a busy first three months of the year, the lettings market was badly affected by COVID-19 over the following three months. During the first half of lockdown, the Government restrictions on moving home meant that lettings almost dried up and after the market re-opened in May, the impact of international travel restrictions and the closure of many offices in the City has meant that the number of tenants looking to move is far below normal levels.
With an increase in supply combined with the reduction in demand, this has meant that rents have fallen. Average rents in Notting Hill are now around 15% below what they were this time last year.
Read the full report Inside Notting Hill, for an in-depth analysis of the residential sales and lettings market in Notting Hill.