If you’ve put off your decision to buy property in central London until the outcome of Brexit is clear, think again. Political and economic conditions have finally tempered the historic runaway price appreciation of London property; a welcome state of affairs for anyone looking to make a sound investment in the capital. The prognosis is that the market is expected to return to growth, making now the time to purchase a luxury home in central London.
Whilst economic commentators have speculated that the luxury property market in central London is bearing the brunt of the collective nail biting that has followed Britain’s decision to leave the European Union, the reality is markedly different.
While property prices have indeed adjusted, the demand for prime property has remained strong – especially across the capital’s upmarket neighbourhoods. The stalwarts of desirable London living have maintained their status – in particular, property for sale in Chelsea and homes for sale in Mayfair have continued to outperform other areas of London.
But anyone tempted to take advantage of the current prices and devaluation of the pound to buy a luxury home in London needs to act fast. According to the Coutts London Prime Property Index, produced in partnership with data source LonRes, luxury property prices in London will rise quickly from 2020 as the market regains confidence.
Neighbourhoods in the London boroughs of Kensington and Chelsea and City of Westminster are traditionally the most sought after for luxury home buys. Both boroughs boast reputed schools, colleges and universities, famous shopping areas, beautiful parks, museums and a galaxy of restaurants, bars and clubs. Property for sale in Chelsea is especially popular with families looking to buy a house in Chelsea near good schools in a safe and welcoming neighbourhood.
Aside from their world-class amenities, these affluent boroughs are home to a spectacular diversity of prime properties, including houses to buy on garden squares in Kensington, flats for sale in Mayfair and lateral flats in new developments near Hyde Park.
If you’re looking to buy a luxury property with authentic historical architectural features, you’ll find Regency style white stucco facades, Queen Anne period moulded brickwork and sweeping staircases, elegant terraced mews buildings, and bay-windowed Victorian houses. From these superbly located properties, you can expect views over garden squares or parks and opulent refurbishments. In fact, buyers looking to buy period property in London remain a strong presence in the market.
If you’d rather buy a London property in a new development, a multitude of luxury new developments are available to buyers. Around half are in central, west and southwest London.
These residences range from serviced riverside tower blocks to flats for sale in Mayfair with luxury spa facilities and Kensington houses for sale with gymnasiums and private cinemas.
The current market has prompted some developers to boost the appeal of these exclusive apartments for sale in London by offering buyers free furniture, carpeting and cars.
The UK capital has long been one of the world’s most desirable cities and a centre for banking and finance. It is therefore little wonder that the capital has been attracting international talent keen to buy property for sale in Chelsea and other prime neighbourhoods.
In a 2016 study of 30 global cities conducted by PwC, London ranked in first place. The survey’s respondents, 5,200 well-educated, high net-worth adults from 16 countries around the world, considered the city’s key attributes to be well-developed infrastructure, its connection to the rest of the world, a well-developed legal framework and the breadth of education for its population.
London is also one of Europe’s greenest capitals, with acres of parkland stretching between neighbourhoods as diverse as they are characterful. It has more than forty universities, tens of thousands of eateries and boutiques and an impressive array of museums, theatres and music venues.
Millions of pounds are being invested into regeneration projects and transport links across the capital. The new Elizabeth Line, connecting Heathrow to Essex, will drastically reduce travel time in and out of central London. It is due for completion in December 2018 and is already drawing potential property buyers along its route.
Overall, there is a clear sense that London is making efforts to ensure it maintains its place on the map post-Brexit. In the long term, prime property yields the largest returns: when the dust of political uncertainty is swept away from this dynamic capital, those who have invested in it will have no regrets.