May 2017 Newsletter
Here is our latest round up of the current talking points in the London property market.
Savoy vs Ritz – Except for newly built apartments, property prices around the Strand, home to the Savoy, are broadly around half the price of equivalent homes in Mayfair, home to the Ritz: £2,500 per sqft vs £5,000 per sqft. (FT)
How British is the Thames? In 2015, over 66% of buyers along the Thames, west of Putney Bridge, were British. 58% were British in the central Thames section between Putney Bridge and Blackfriars Bridge, and less than 50% were British East of Blackfriars Bridge. (Savills)
Kensington – Over the past, and in the coming, 5 years, more than 1,000 new high end homes will have been created in Kensington. New apartments can be found (running west to east) at 375 Kensington High Street, Holland Green (by the new Design Museum and Odeon cinema), Vicarage Gate House, Lancer Square and One Kensington Gardens. The new developments are modernising some dated and old fashioned corners of Kensington and are bringing a new generation of affluent international buyers.(FT)
Wapping is the central London area that has gone up the most in price in the past 10 years, over 150%. (FT)
The market – According to the Office of National Statistics, house prices across London grew at an annual rate of 7.3% in the year to January, compared with 6.2% for the UK (ONS). London’s prime residential market appears to be showing the first signs of recovery, as prices fell by only 0.3% in the first quarter of this year compared with 2.2% in the final quarter of last year. (PW / Savills). Outside London’s prime market, prices have increased significantly in some areas, for example prices around London Fields and Bethnal Green have risen 9.5% in the last year (FT / Savills).
Schools – a quarter of parents select a home specifically for the quality of local schools. There is now a 13 percent price premium on living close to a primary school rated “outstanding” by OFSTED, the education watchdog. (RM)
The Bakerloo line extension route is confirmed. There will be two new stations on the Old Kent Road, as well as two further stations in New Cross and Lewisham, both also connected to the DLR (TO).
Crossrail 2 – The government is reviewing the business case presented by Transport for London, with the project expected to cost about £27 billion. The line would run from south-west to north-east London through the centre of the capital. (ES)
More than 46,000 new homes will be completed this year in London, the highest number in any single year since the 1930’s, from inner-city flats to riverside penthouse, modern townhouses, heritage conversions and handsome villas on the suburban fringes. (ES)
We very much hope that you find this update concise and informative. However please do let us know if you would rather we did not send this to you.