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28-05-14, 10:47
May 28, 2014 - PropertyGuru.com.sg
Property prices in London’s ultra-prime residential markets are predicted to hit £10,000 (S$21,120) per sqft within the next six months, with product rather than area driving rising prices.
This prediction comes from Beauchamp Estates in its Spring 2014 Ultra Prime Market Insights survey, which spotlights London’s ultra-prime property values and ultra-high-net-worth buyer investment activities and lifestyles.
The strength of the U.K. currency and increasing property prices now means that buying a central London property in Singapore dollars costs 17 percent more than last year.
Defining London’s ultra-prime market as properties priced at more than £5 million (S$10.56 million) in six districts: Knightsbridge, Belgravia, Mayfair, Kensington, Chelsea and St Johns Wood, the survey revealed that during the last 12 months a total of 1,467 residential property have been sold in these districts – with 214 sales priced at more than £5 million.
Knightsbridge remains London’s most expensive address, with top sales already achieving more than £7,000 (S$14,780) per sqft. There have been 145 sales in Knightsbridge over the last 12 months with values averaging £2,212 (S$4,670) per sqft. Sales above £5 million averaged £2,714 per sqft (S$5,730). Just behind is Belgravia, London’s next most expensive address, with Mayfair, Chelsea, Kensington and St Johns Wood ranked next by the survey.
Penelope Court of Beauchamp Estates said: “Whilst Knightsbridge remains London’s most expensive residential address Belgravia is making a very good case for stealing the crown. The district is now hitting prices previously only achieved in Knightsbridge and demand from both domestic and overseas purchasers remains very strong in the district.”
The survey showed that while the annual rate of house price growth across the whole of central London has slowed to 6.7 percent - from 12 persent at the beginning of 2013, in the ultra-prime markets of St Johns Wood, Mayfair and Belgravia sales prices are still rising strongly.
Demand and prices are also being driven by an ongoing lack of stock of properties priced above £10 million (S$21.12 million) that are perfectly presented and available as turn-key investments ready for immediate possession.
Gary Hersham of Beauchamp Estates said: “Confidence in the London economy is strong and it is forecast to grow by another 3.2 percent by the end of 2014. The capital’s property market is outperforming those of rival world cities, and London is therefore seen as a lucrative destination for global wealth and investment.”
London is already Western Europe’s top address for billionaires, with 67 living in the city, ahead of the French Riviera on 39, Paris on 25, Geneva on 18, Tel Aviv/Israel on 17, Tuscany on 14, and Greece and the Greek islands with 9 billionaires.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email [email protected]
Property prices in London’s ultra-prime residential markets are predicted to hit £10,000 (S$21,120) per sqft within the next six months, with product rather than area driving rising prices.
This prediction comes from Beauchamp Estates in its Spring 2014 Ultra Prime Market Insights survey, which spotlights London’s ultra-prime property values and ultra-high-net-worth buyer investment activities and lifestyles.
The strength of the U.K. currency and increasing property prices now means that buying a central London property in Singapore dollars costs 17 percent more than last year.
Defining London’s ultra-prime market as properties priced at more than £5 million (S$10.56 million) in six districts: Knightsbridge, Belgravia, Mayfair, Kensington, Chelsea and St Johns Wood, the survey revealed that during the last 12 months a total of 1,467 residential property have been sold in these districts – with 214 sales priced at more than £5 million.
Knightsbridge remains London’s most expensive address, with top sales already achieving more than £7,000 (S$14,780) per sqft. There have been 145 sales in Knightsbridge over the last 12 months with values averaging £2,212 (S$4,670) per sqft. Sales above £5 million averaged £2,714 per sqft (S$5,730). Just behind is Belgravia, London’s next most expensive address, with Mayfair, Chelsea, Kensington and St Johns Wood ranked next by the survey.
Penelope Court of Beauchamp Estates said: “Whilst Knightsbridge remains London’s most expensive residential address Belgravia is making a very good case for stealing the crown. The district is now hitting prices previously only achieved in Knightsbridge and demand from both domestic and overseas purchasers remains very strong in the district.”
The survey showed that while the annual rate of house price growth across the whole of central London has slowed to 6.7 percent - from 12 persent at the beginning of 2013, in the ultra-prime markets of St Johns Wood, Mayfair and Belgravia sales prices are still rising strongly.
Demand and prices are also being driven by an ongoing lack of stock of properties priced above £10 million (S$21.12 million) that are perfectly presented and available as turn-key investments ready for immediate possession.
Gary Hersham of Beauchamp Estates said: “Confidence in the London economy is strong and it is forecast to grow by another 3.2 percent by the end of 2014. The capital’s property market is outperforming those of rival world cities, and London is therefore seen as a lucrative destination for global wealth and investment.”
London is already Western Europe’s top address for billionaires, with 67 living in the city, ahead of the French Riviera on 39, Paris on 25, Geneva on 18, Tel Aviv/Israel on 17, Tuscany on 14, and Greece and the Greek islands with 9 billionaires.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email [email protected]