A new study suggests that the location of London’s most expensive prime properties is forever changing, with many homebuyers and investors favouring ultra-modern and spacious homes in Hampstead or St John’s Wood over traditional luxury real estate in areas such as Knightsbridge and Belgravia
The research, which was carried out by estate agent Aston Chase in collaboration with LonRes, suggests that there was a grand total of 50 sales of prime London homes worth £10 million or more in the first 10 months of 2017.
However, while traditional prime locations such as Chelsea and Westminster remained popular, up-and-coming areas such as Hampstead and St John’s Wood also attracted a lot of attention, resulting in impressive sales numbers.
Aston Chase analysed sales figures for homes with eight-figure price tags by London borough.
The agent found that there were six sales in St John’s Wood between January and October this year, totalling £88 million and ranking the borough as the third most popular area in the prime London market.
This was followed closely by Mayfair (£74 million), Kensington (£73 million) and up-and-coming Hampstead (£54 million).
By postcode, the study also identified Hamilton Terrace as the most expensive address in London, followed by Chesham Place, Carlyle Square, Eaton Square and Grosvenor Square.
Mark Pollack, Co-Founder and Director of Aston Chase, said that the prime market was becoming ‘product-led’ as opposed to ‘location-led’.
“Historically there have been much higher levels of ultra-prime property stock in Mayfair, Chelsea, Westminster and Kensington, so one would expect the level of £10 million plus deals to be higher in these addresses,” he said.
“However, this year the North West London locations of St Johns Wood and Hampstead have performed disproportionately well, with St Johns Wood in particular outperforming Mayfair, Chelsea and Kensington for £10 million plus sales deals.
“This rise up the super prime rankings this year is due to the quality of supply and superior value for money,” he said.
Latest posts by ELS Law (see all)
- Commercial property transaction volumes to remain above £50 billion for sixth consecutive year – January 17, 2018
- Single family in way of £1 billion stadium development – January 12, 2018
- Does a barrister have lien over fees? – December 21, 2017