Purchasing High Net Worth Property
Victoria has historically been thought of as a place where several streets and roads meet, with predominantly commercial property. However, in recent years it has become a much more popular location to live, with more and more residential properties springing up to supply the increasing demand.
Major regeneration has meant Victoria now has a diverse mix of residents, thanks to its rich offering of restaurants and retail. Close to historic attractions such as the Houses of Parliament, Horse Guards Parade, Trafalgar Square, Westminster Abbey and of course Buckingham Palace, Victoria is in high demand with investors and tourists alike.
It also offers easy access to both the National Gallery and Tate Britain, as well as the Apollo Victoria and Victoria Palace theatres – it really is a part of London which is rich in culture.
For green space, Victoria has a lot to offer as well, thanks to its proximity to Green Park, Hyde Park, Kensington Gardens, Regent’s Park and St James’s Park. Not to mention other smaller parks and garden squares, such as the famous Grosvenor Square.
For families Victoria offers excellent schooling options, including Westminster City School for Boys and Grey Coat Hospital for Girls, as well as the independent Westminster School at Deans Yard near Westminster Abbey.
Victoria is one of the busiest interchanges in London, with its railway station, access to the Victoria, District and Circle lines, and the listed national and international coach station.
The listed train station serves Gatwick Airport, southern London and southern England – for example, Surrey and Brighton – while the coach station serves not only far away UK destinations such as Edinburgh and Exeter, but international cities like Amsterdam as well. Property in Victoria
Victoria offers both historic and new build property. Around Westminster Cathedral there are beautiful red-brick mansion blocks, whilst elsewhere they are thoughtfully designed new developments, including Berkeley Homes’ Abell & Cleland and Landsec’s Kings Gate and Nova. Victoria is also home to large Victorian and Georgian homes, showcasing the historic significance of the area.
Whatever the preference of the buyer, properties are available to the highest specification, often with views that are second to none, including over Buckingham Palace and River Thames.
The rental market is buoyant, with so many businesses moving in and bringing the workforce with them, with average property prices reaching as much as £4.5million for a four bedroom house. A one-bedroom flat can be bought for an average of £886,000 up to £1.5million for a two-bedroom apartment.
Securing a mortgage in Victoria
Properties in Victoria are anywhere from around £1million upwards, 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 Victoria.