While the impact of Coronavirus on the UK property market is yet to be known, London’s luxury property market is primed to see record prices this year and the coming decade. Since the Brexit referendum was announced in February 2016 buyers, investors and developers have held back somewhat but with confidence rebounding the pent-up demand of the last four years is starting to show itself. I expect to see many large transactions and record-breaking prices in London over the coming years.
Once such transaction that has already occurred is the sale of 2-8a Rutland Gate in January. The 45-bed property in Knightsbridge was sold for a record breaking £200 million making it by far the most expensive house to be sold in the UK. Many think this sale indicates a return to where London’s property market was about five years ago, pre-Brexit referendum.
Another property expected to achieve high sale prices this year is the 18-story, 54-unit ‘The Bryanston’ overlooking Hyde Park. Prices for the building’s luxury apartments have yet to be released but they will start at £2.6 million for a one-bedroom and rise to nine-figures for the duplex penthouse.
However, one factor that is going to affect new luxury developments in central London is Westminster Council’s City Plan 2019-2040. The plan will come into effect this year and states that new homes cannot exceed 200 square metres and owners who want to merge joining homes to create a larger unit will be required to follow similar size restrictions. Under the plan, homeowners also won’t be allowed to dig deep double ‘iceberg’ basements under their properties to add square footage.
Therefore, those looking for large square footage are going to have to look to existing properties to find it. And those already finished with luxury interiors are going to see prices skyrocket with demand outpacing supply. But with such a finite number of properties in central London, clients of ambT Property Partners shouldn’t feel restricted by only looking for ‘finished’ or relatively new properties. We recently announced our collaboration with Landmass, a luxury real estate company that specialises in ‘unmodernised’ property sourcing and development services for private clients, investors and developers in Prime Central London.
Together, we have access to both on and off market properties and offer the only property sourcing service which focuses on looking for dilapidated properties with the potential to substantially increase their value. Incorporating lower acquisition price with stamp duty savings and the use of Landmass’ in-house award-winning design and build service, clients can save between 10%-20%, compared to purchasing the same property as a finished product from the market. Additionally, clients can be involved in every element of their new property, rather than inheriting architectural or design elements not to their taste.
If you’re looking for a new central London property, read more about ambT and Landmass’ Property Sourcing service here and do contact me if you want to discuss it. We’re highly experienced in what we do and would be delighted to support your next project.
Michael.firstname.lastname@example.org | 07833 297 981