London property boom continues
Whether you are looking for a Property for sale in Kensington or a property for sale in South Kensington, the outcome is likely to be the same; there are very few property bargains available.
Many of the homes in these areas are subject to sealed bids, as London’s property market continues to boom, on the back of rising demand and a lack of housing supply.
Property consultants Knight Frank report that average property prices in prime London, which includes Kensington and South Kensington, have appreciated by 36 per cent since their low after the credit crunch and banking crisis in 2009.
The firm projects that residential property prices in London hotspots will surge further; by an average of 30 per cent in the next four years.
“The prime London property market is buoyant,” said Grainne Gilmore, head of UK residential research at Knight Frank.
Various South Kensington estate agents and Kensington estate agents would agree with Knight Frank’s projection for growth in the capital.
In fact, most estate agents across central London would anticipate further capital growth in the heart of the capital, not to mention a hike in demand for rental accommodation.
Most Belgravia estate agents, for example, openly admit that they would love to have more homes on their books, as more house hunters search for the right Property for sale in Belgravia, while a growing number of tenants search for property to rent in Belgravia.
Peter Rollings, chief executive of estate agent Marsh & Parsons, told the press: “This year we’ve seen some of our busiest months since 2007, and are in the middle of another surge of activity.
Like other estate agents, he reports that more than 20 buyers are now registering for every prime London property placed on the market.
London’s property market is being underpinned by improving jobs prospects in the City, combined with a rising volume of overseas buyers snapping up homes in London.
Most overseas nationals currently see properties in London as bargains, despite recent strong capital growth. This is mainly because of the weak nature of the UK currency against other major currencies.
The latest Bloomberg Correlation-Weighted Indexes shows that the UK pound has fallen by an average of 22 per cent against other major developed-market currencies.
Rollings added: “London is set to retain its appeal to international buyers – especially after the spectacular global PR it received from the royal wedding.”
However, there are signs that UK buyers are also re-entering the market in London.
Jon Di-Stefano, chief executive of London-based property developer Telford Homes, said that his firm has seen a steady rise in demand from UK buyers across a range of its property developments.
“There is a terrific appetite [for properties], with more Brits buying in London,” he said.
Di-Stefano’s sentiments appear to be shared by a range of London-based property professionals, including Peter Young, managing director of John D Wood & Co.
Young remarked: “We have had a busy Summer with serious property purchasers postponing their holidays until they found and agreed terms on their new home. A number of record prices have being achieved [across prime London].
Author Details : John Alcorn writes about the London property market, with particular focus on property for sale in Kensington, property for sale in South Kensington, property to rent in Belgravia and property for sale in Belgravia.
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