Living & Purchasing Property In London’s Covent Garden
Boasting historic architecture, fantastic dining hotspots and some of the most charming shopping in Central London, those living in Covent Garden will never be bored. The area has a rich and colourful history, and is a popular spot for tourists and Londoners alike.
Living in Covent Garden
Famous diarist Samuel Pepys noted the square as the birthplace of the ‘Punch & Judy’ puppet show. The square is still famous for its live performances today. But when it comes to entertainment, there’s plenty more on offer than jugglers and buskers. Theatre lovers can take their pick of the shows, whilst foodies can enjoy one of the oldest restaurants in London, Rules, in addition to the world-famous The Ivy. A range of high-street and luxury shopping destinations complete the square itself.
Buying a property in Covent Garden will place you in the heart of the city, with excellent transport links. Covent Garden itself is on the well-connected Piccadilly line, offering a direct line to Heathrow and a short journey into King’s Cross St. Pancras. The stations of Holborn and Leicester Square are also a short walk away. Covent Garden’s extensive transport links make it an ideal location for commuters working across London.
Many of the city’s most exciting areas are also reachable on foot, due to Covent Garden’s location on the eastern fringe of the West End.
Property in Covent Garden
Due to the central, built-up nature of the area, many of Covent Garden’s homes are located above commercial units such as restaurants and shops. With just a small handful of houses, most of the properties in Covent garden are flats, making Covent Garden an ideal location for professionals and couples looking to enjoy city living.
Although not the most family-oriented area, Covent Garden’s central location and dynamic atmosphere make it a great spot for city workers seeking a pied-a-terre.
Property Prices in Covent Garden
The average property value in Covent Garden is just over £1million. With studio flats starting from roughly £500,000, the area is certainly an expensive one—however, it’s also a highly desirable and central location for those wanting to make the most of everything London has to offer.
For buy-to-let investors, the area offers average yields of 5.1%, which is approximately average for London. Despite the high price of property in Covent Garden, it is considered a highly desirable location for young professionals, so the rental market is likely to remain strong.
Securing a mortgage in Covent Garden
With many properties coming in the £1million+ range, many potential buyers will be looking to secure a large mortgage in Covent Garden. Unless you have a very large deposit, arranging a £1million+ mortgage at a high loan to value (LTV) can be very difficult—so a good broker with excellent contacts across London can help.
Likewise, buying a flat in Covent Garden can be complicated if the property is above a commercial unit. A mortgage broker like Enness can help, as our experience of the high-value London property market means we know which banks will lend against residential properties atop commercial units.
Is it still a good idea to invest in London property?
There have been conflicting reports over the last year about the state of the London property market—but price stagnation means now is a good time for buyers to drive a hard bargain. For more information about why now is a good time to invest in luxury London real estate, click here.
Whatever your personal profile is—be that a foreign national from the Middle East, an expat, a self-employed worker or an employee with large bonus income—we have the contacts to find you the perfect mortgage and complete the purchase of your property in Covent garden.