For those seeking mortgages in Prime Central London, certain post codes are well known for their prestige and desirability. From Knightsbridge to Chelsea, even those living outside the United Kingdom know that some areas are more convenient for popping to Harrods or enjoying the capital’s most exclusive restaurants.
Foreign investors have typically been keen to secure mortgages in Prime Central London locations, because even without knowing the area intimately, spots such as Chelsea and Westminster are known to contain the most desirable property and best quality facilities. Many of London’s most iconic locations are known to clients the world over.
But a new report has shown that these famous locations are slowly becoming less of a draw, as foreign buyers look to enjoy more square feet for their money. By analysing the sale values of the properties over £10million so far in 2017, it’s clear that some new areas are entering the limelight for ultra-high net worth buyers.
Belgravia and Knightsbridge—both spots historically associated with luxury property—are still the spots in which the most £10million+ houses were sold. However, St. John’s Wood has now taken the third-place spot, with sales totalling £88million. Hampstead and Regent’s Park have also entered the rankings, showing the desirability of property in North London.
So, what’s changed? For one, the cost per square foot in world-famous locations such as Knightsbridge is incredibly prohibitive; new builds are rare, and generally luxury properties will have been refurbished—typically to somebody else’s tastes. Many buyers looking to spend this amount on a property will be keen either to have a totally modern luxury property with more space, suitable for a family and entertaining.
There are also many advantages to areas in North London; although Central London can be reached within ten minutes from several locations, areas such as Hampstead and St. John’s Wood are much more family oriented, with an abundance of open space, quiet streets and privacy.
The report highlights that super prime homes in St John’s Wood usually sell from £2,250 to £3,250 per square foot; homes in Belgravia and Mayfair can cost up to double this for the same amount of space. As such, these areas represent a prime opportunity to purchase a luxury property in London, whilst making a considerable saving.
In addition to our Mayfair office, we also have an office in Hampstead—so if you’re looking for a new home in North London, we would be delighted to welcome you.