Westminster Council’s proposed ban on new properties over 150 sq.m. will see those planning upscale homes consider other parts of London, according to a high end property broker.
As reported by Dealmakerz recently Westminster City Council’s City Plan 2019-2040, which is currently in consultation, could mean that mega mansions – for which Westminster is becoming notorious – will no longer be given consent.
Will Tremlett, Sales Associate at Sotheby’s International Realty, says: “Russian and Middle Eastern buyers favour these super-size homes more than any other clients and whilst we expect them to continue to purchase in this part of London due to the postcode premium it offers, we may very well find these buyers also looking to new London boroughs where they can still create their dream home.”
It’s usually the case that when supply of a sought-after commodity is restricted prices rise. So, while it’s difficult to argue that some buyers may be tempted to look elsewhere, the proposed ban could actually serve to benefit the bank accounts of those it seems intended to penalise.