Specialist properties in Hampstead and Highgate see market extremes
- Credit: Archant
Specialist properties are always subject to slightly different laws to the rest of the market and 2014 was no exception according to the experts.
Matt Gibberd, managing director The Modern House
We specialise in selling outstanding modern architecture throughout the UK, but Hampstead and Highgate is our heartland. The area has the largest concentration of high-quality modern housing anywhere in the country.
This year I moved to a Modernist house in Highgate myself, and it’s very noticeable how N6 in particular is attracting a new generation from the creative industries. We sold a flat in Highpoint to a young fashion designer, for example, and a house in West Hill Park to an artist. Some of these buyers are choosing to move away from the noise and grime of the East End to an area that has fresher air but is still within easy reach of central London.
Demand considerably outstripped supply at the beginning of 2014, which led to some unprecedented sale prices; however, as this imbalance has been redressed in recent months, buyers have started to take back the power.
We are anticipating further uncertainty until the general election in May. Having said that, many of the properties we sell are less subject to market forces because of their unique nature.
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If priced correctly and exposed to an appropriate audience, an exceptional house will always achieve an exceptional outcome.
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Trevor Abrahmsohn, director Glentree International
The finest roads in Hampstead and Highgate are Bishops Avenue, Winnington Road, Courtenay Avenue, Compton Avenue and Sheldon Avenue.
Captains of industry, diplomats and international business people have all considered these roads to be the ultimate in luxury residential living, surrounded by the leafy attractions of the area yet only 10-15 minutes from the West End.
Since the Stamp Duty changes in the 2012 Budget even these illustrious addresses have suffered and prices are down by at least 10 per cent.
Apart from a few notable sales there is a malaise that has descended upon this area since the number of wealthy cash buyers are far fewer than ever before. The fear of mansion tax, and the drop in values, hangs over this sector like a ‘dark cloud’.
The exceptions have been where buyers need to house their families, and where transactions have taken place the buyers have paid relatively full prices for the properties, which is somewhat contradictory.
I suspect that there will be a hiatus before the election where wall sitting could be the order of the day, particularly with properties over £3 million, and certainly over £10 million.
The truth is, if you are buying and selling in the same market place it doesn’t really matter how much you pay since its only the difference between the sale and purchase prices that matters.
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