Estate agency Aston Chase reveal they have achieved £175M worth of sales since the lockdown restrictions were eased

Leading London estate agency Aston Chase have revealed they have achieved £175M worth of sales since the lockdown restrictions were eased at the end of May 2020. The £5.5M sale (asking price at the time of marketing) of former Governor of the Bank of England Mark Carney’s house in South Hampstead and the £11.95M sale (asking price at the time of marketing) of hair tycoon Lesley Clarke’s home in St John’s Wood are just two of the sales that contributed to the agency’s recent success.

Aston Chase reveal that they have successfully sold 30 properties in the past five months with a further 15 transactions under off since the lockdown restrictions were lifted. The majority of recent sales activity (70%) have been house sales and 30% have been flat sales as people look for larger homes and greater outdoor space following the COVID-19 pandemic. Usually transactions are evenly spread between apartments and houses.

However, there have also been a number of significant flat sales in St John’s Wood and Regent’s Park such as a duplex apartment on Hamilton Terrace that sold for just under £4M and a new- build apartment in 4-6 St Edmunds Terrace which sold for £2.85M. The majority of these sales have been between £2.5M and £7.5M, although more substantial transactions include homes on Greenaway Gardens and Avenue Road in Hampstead and St John’s Wood respectively both of which achieved close to the £14.5M asking prices.

Due to the current COVID-19 travel restrictions and absence of foreign buyers, 60% of recent sales activity has come from domestic buyers, 25% from domiciled internationals living in the UK and 15% from long distance overseas buyers including a WhatsApp Facetime sale of a £7.35M house in Hamilton Terrace, St John’s Wood! Areas in London such as Regent’s Park, St John’s Wood, Primrose Hill and Hampstead have been particularly attractive to buyers seeking homes in close proximity to parks and outdoor expanses.

Rental activity has also remained buoyant over the past weeks as Aston Chase reveal that rental transactions are up year on year. In April-October 2019 Aston Chase secured 34 tenancies compared to April-October 2020 where they have rented 50 properties. Tenants are now looking for rentals with home working areas and outside spaces with prestigious family homes in St John’s Wood and Regent’s Park frequently achieving between £6,000 – £7,000 a week.

Mark Pollack, Director and Co-Founder at Aston Chase commented: “Aston Chase have secured an impressive number of sales and rental transactions in recent months and although there was much uncertainty surrounding the implications of the COVID-19 pandemic, we have been overwhelmed by the demand and volume of sales. The market is now showing some signs of slowing down as we approach the end of the year partly due to pent up demand having been satisfied. Nevertheless, we predict a further likely surge in prime London residential property transactions when foreign buyers, most notably from Hong Kong, India and elsewhere in Asia, are able to travel following restrictions being relaxed.”

Mark Pollack Director and Co-Founder of Aston Chase continues: “Although a threat of a no-deal Brexit and tax hikes remain, the COVID-19 pandemic has put a lot of things into perspective for people who now want to prioritise their family life. The majority of the population have realised that COVID will be with us for the immediately foreseeable future and this is the new reality. Consequently, instead of putting everything on hold, buyers are now acting with a lot more urgency to secure their dream homes and spacious properties in London with good outside space remain in strong demand.”