Purchasing High Net Worth Property
Marylebone is the epitome of a Central London village. Despite only being a five-minute walk from busy Oxford Street, Marylebone offers high quality independent shops, restaurants and delicatessens, set out on green garden squares.
It’s beautiful high street has won awards in the past, and some of its establishments are renowned for being the most exclusive in the London, including the Chiltern Firehouse which is popular with the capital’s elite.
Its architecture has retained its charm thanks to much of the housing still being owned by the same estates that have always owned them – for this reason there is also a reduced number of contemporary residential blocks. As a result, the area has a unique atmosphere.
Marylebone is also close to the green spaces of Regent’s Park and Hyde Park, so its residents have easy access to London’s wide-open spaces. It’s an opportunity for village living in the centre of one of the busiest cities in the world.
Being located in Central London means Marylebone is extremely well connected. Residents will be close to seven different underground lines, from four tube stations – Marylebone itself, Baker Street, Great Portland Street and Oxford Circus. From these stations there is access from the Bakerloo, Jubilee, Central, Hammersmith & City, Circle, and Metropolitan lines, as well as a mainline train station at Marylebone.
Nearby areas of Covent Garden, Mayfair and Soho are also walkable.
Property in Marylebone
Marylebone is an area of London where you won’t find too many new build flats, rather red brick terraces full of character and history, many of which set around garden squares.
The average property price in the area is around £1.9million, which is more expensive than its neighbour Regent’s Park. In 2017, prices were said to have risen 3% on 2016, and 29% on 2015, signifying the increasing demand.
Breaking it down, the average detached house sells for £1.196million, while semi-detached properties achieve £1.413million. For those who prefer terraced living, you can expect to pay around £2.21million, and for flats £1.383million.
Securing a mortgage in Marylebone
Properties in Marylebone are typically upward of £1million, which can be more complicated to secure a mortgage for. 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.
A broker like Enness has ample experience securing such mortgages, and has the knowledge of the London property market to ensure the best solution.
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 Marylebone.