Market Comment: realistic pricing leads to increase in Prime sales

When talking to clients about the current state of the property market, the word ‘uncertainty’ summarises it best. And yet… here at The Modern House, we have our largest sales pipeline since the agency was founded.

The latest industry data backs this up. Despite Prime house prices being approximately 5% lower than at the time of the EU referendum, the number of properties transacted between £2m and £5m is up by 8.5% compared to last year.

At The Modern House, we have just exchanged contracts on a double-fronted Georgian house on Sekforde Street in Clerkenwell, which had an asking price of £3,999,999, and Ahm House in Hertfordshire, which was marketed at £3,500,000. This follows on from the recent sale of an extended period house on Womersley Road in Crouch End, priced at £2,495,000.

Matt Gibberd, co-founder of The Modern House, comments:

“Despite operating in an unprecedented political and economic climate, we have just recorded our best-ever first quarter (April to June). This is partly explained by The Modern House’s growth trajectory generally, but it’s also a sign that deals are there to be done if sellers are willing to nurture every offer and be proactive with their pricing.

“There’s still a shortage of high-quality housing stock on the market, and buyers are ready to transact if they feel that the quality is unquestionable and the value is fair.”

If you would like to discuss the value of your property, or have a chat about the market generally, please contact our appraisals team on 020 3795 5920 or sales@themodernhouse.com.