How’s the NW3 property market March 2020?

Hi it's Danny Valencia here with My City Nest powered by Keller Williams. And today I'm going to share with you as to what's happening in the lettings market in the NW3 area, which of course covers Hampstead, Frognal, Belsize park and part of a Primrose Hill. Now it's an interesting market of course and very unusual circumstances. But what's interesting to see as we look into the lettings market, we look at the month of March, we look at the month of March for this year. Available properties we're looking at 1,403, and when we look at the same month last year, we're looking at 1,392 listings. So not a great deal of change there. When we look at the March for new stock this year 408 compared to same time last year 393. So again, not a great deal of change there.

Now as we come into May, we're going to be showing the stats of course of April and the next few days. And it'll be interesting to see how that changes. What I can tell you is that there are a number of vacant property and that's come that has come from the shortlist market Airbnb of course gone downhill. No one's flying out, no tourists. So, there are a number of vacant properties out there at the moment. In terms of new stock becoming available then of course there are, tenants are staying put and quite rightly so, it's the right thing to do given the current stay at home measures.

So, it's an interesting market within of course, given the current circumstances. So we're going to be looking at some numbers comparing last month, March 2020, comparing to the same month last year. Keeping in mind that the lockdown started, I believe on the 23 rd of March. So we only had the very last week of March in lockdown. So, let's look at those numbers. We're looking at Available Stock 2020 699 compared to the previous year same time, we're looking at 850. New instructions are 117 compared to 136. This is an interesting one. Sales agreed 33 compared to 46 last year. So, last year was up compared to this year. Price reduction 48 compared to 68 and then we've got 12 weeks on market or more 499 to 622. So those are interesting numbers looking at last month, March. One thing that we're committed to doing here at My City Nest is making sure that we're now going to be giving you weekly update as to what's happening in the property market. Feel free to reach out to me if there's anything that we can do given these uncertain times were out with the community, supporting in any way we can. So again, Danny Valencia here with My City Nest powered by Keller Williams.