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Hi, my name is Danny Valencia with My City Nest powered by Keller Williams. And today I'm going to be introducing to you what has been happening in the market for 2018 and 2019 I'm doing by Gavin Swan. Thank you Gavin for doing it.
That's a pleasure Danny.
Absolutely! No, thank you. And one of the things that I'm committed to is actually sharing with you on a monthly basis, what's happening in NW3 area. We're going to help you distill the data and just make sense of it. So Gavin, tell me what exactly we've been having a conversation earlier today and let me know what exactly would you like to share today?
I think, you're about to put some of the stats up actually on the screen shortly and absolutely, yeah. Or really interested me as the difference between 2018 and 2019 in NW3 and what I suppose my perception of what it should be, but actually that's not quite the same. So I'd love you to share those numbers.
Absolutely! And you're absolutely right. So hopefully this is coming up on the screen. When we look at the data we normally like to look at available stock, new listings, Sales Agreed. We also look at price that has been reduced and also listings that been on the market for over 12 weeks. So again, I hope this is on the screen. Now, what's interesting about these stats, especially I look at 2019 and we look at the available stock compare to the sales agreed within the same timeframe. What's interesting to see is that 19% of listings actually sold. When we compare that to the available stock, If we do the same thing for 2018 we see that that goes down to 16% just over 16% so that's interesting to say.
It really is Danny! So, what would you put that down to?
No, that's a great question. And it's, it's really looking at both the buyers and sellers in this specific marketplace. So when we look at back to in the peak season 2014 we see that sellers wanted to continue to sell on that price. They looked at prices, we looked at comparables. Of course you and I both know, you know, the only way to achieve the best possible prices in the current marketplace, not the past history books. Right? So now they're more realistic. Sellers are more realistic as to how much they can be able to achieve on their properties and uh, and buyers are more realistic as to what they'd be able to achieve. Because with the whole Brexit situation, Buyers out there thinking they can buy things as cheapest chips. And that's just not the reality because I'm quite rightfully so, sellers weren't willing to let go of the properties. So I hope that makes sense. So there was a big gap. Now that's more narrow.
Great! And you're seeing some green sheets now, really, which a lot of people are talking about now in 2020 as well. And would you say that's now that we know what's going on with Brexit?
Absolutely. I mean, we, for January, the number of buy inquiries, the number of feelings and ultimately from that you get number of offers has been, you know, off the roof. And we're going to see those numbers start to translate into Sales Agreed in February. Not so much. We haven't seen that much in January, but you'll be seeing that in February. So that will be interested to see. Now, one of the things that I wanted to finish up with, um, if you don't mind Gavin, is when we look at price brackets, which I always look at in terms of when we look at the stock in the NW3, where, which buys back here and what number of bedrooms are the most on the market at the moment. And we will look at that. We look at £500,00 and between 500,000 and 1 million, this is where most of the properties are.
So, if you have a property within this price bracket and you're not selling, that may be because it's, it's a crowded market in that area. And also we have two bedrooms. If you have a two bedroom property, you want to make sure that your agent is pulling out all of the stops to get that sold because it means that you are in a saturated market. Unfortunately.
That represents about 20% actually in both those categories really of the available stock.
Absolutely, bang on it represents around 20% and on the other side of things actually if we look at studio flats and here's a little nugget for, for anyone who's viewing this video, if you have a studio flat, there aren't many studio flats out there. So if you're sitting on one, maybe you live in there or maybe you have a rental accommodation, maybe you might be thinking about selling it. You will do very well cause it's like gold dust at the moment out there.
Fantastic! That's definitely a nugget. Thanks very much Danny.
Absolutely. No, thank you. Thank you for joining me again. I'm Danny Valencia here My City Nest powered by Keller Williams, I'm going to be sharing the NW3 report on a monthly basis and joined here by Gavin Swan. Thank you so much. Thanks very much Tony. Thank you.
