With the spectre of Brexit negotiations looming large over the property market in London, there is some hope among the glass-half-full camp that out of turmoil comes opportunity.
The depreciation of sterling has increased value for overseas buyers looking to purchase on the luxury market in London and it could be just the antidote to years of being put off by sky-high Stamp Duty and challenging tax adjustments.
For the bold, investing now in London property seems like a risk worth taking.
As arguably one of the most dynamic and exciting ‘metropolis’ in the Western world with New York, it would be hard to imagine London losing its magnetic appeal as a place for wealth preservation, but also as a thriving hub of culture. To overseas buyers, this is the draw for them and their families.
Indeed, research has shown that the number of High Net Worth Individuals investing in London property has doubled compared to those from the US and Australia combined, and the reasons are the same today as they were in 2007: good schools, expansive green spaces, a central time zone and – considering London’s size and population – good general safety.
From my experience, I know that this is a city firmly focused on the future and while Prime Central London properties may have dropped in demand in recent years, there has been a growth in interest in London’s surrounding areas, where regeneration and development schemes are supported by solid new infrastructures, high quality building and room for community.
This is a joy to behold. SW1 is currently undergoing a total transformation from soulless offices to swanky new residential builds to rival Belgravia and Knightsbridge. This area has it all going on – close proximity to the River Thames, Green Park, Buckingham Palace, and The Houses of Parliament as well being on top of the Tube, dozens of bus routes, theatres and nightlife.
It’s impressive to watch as the dirty old shells that have stood empty and derelict for years, make way for gleaming new shops, modern walkways, specialist food outlets and restaurants.
Luxury modern high rises aren’t for everyone and for families, the option of a classic townhouse – be it period remodelled or new-build – is always going to be more tempting.
Features restored to their former splendour, a garden or outdoor space and a tree-lined street with access to good schools, add to the attraction and allow for a wide range of price points.
This leads on rather well from the classic townhouses. South of the river there are plenty of green spaces and excellent schools to attract families looking to live short-to long-term in London. With all of the conveniences, and amenities on their doorstep and with growing transport links, areas such as Battersea, Fulham, Chiswick and Putney are among the capital’s favourites postcodes for buyers in their mid-20s to mid-40s.
A highlight in recent times for non-high-rise buyers is Fulham Riverside that has launched its Townhouse Collection of eight homes influenced by the distinctive riverside warehouses in the area. There are few places in London where a family can enjoy a new-build townhouse with multiple floors, an underground garage and a location on the waterfront in a safe and tranquil community.
The fact that you’re just a stone’s throw from the station at Imperial Wharf and next to Chelsea’s exclusive shopping, is a deal maker.
If someone had told me that this once derelict and somewhat dodgy part of London (that I would run through to get away from at night as I was catching a train home) would become the place to live, shop and eat in the 21st century, I’d have said you were deluded. Now I’m eating my words.
King’s Cross is now an area that is positively booming thanks to truly stunning new residential schemes, attractive brick and glasswork architecture and amenities that include the Eurostar on the doorstep. Important global and national tech and arts companies have set up home here and property prices here have gone from being among the lowest in the city to experiencing a 25% upsurge over the past three years.
London as a world-class city and hub of culture never ceases to reinvent itself in exciting and innovative ways – it deals with whatever is thrown at it.
Never underestimate that.
Penny Mosgrove is the CEO at Quintessentially Estates, a global property company offering property search and acquisition, property marketing, sales and lettings and home management services. It is part of the Quintessentially Group, an award-winning private members’ club providing that provides world wide concierge services. Contact Penny on +44 (0)207 201 0700.