London: Victoria & Westminster Property
LONDON - One of London’s most well-known and increasing in popularity are the districts located in the central part of London of Victoria and Westminster. In their 2107 report Knight Frank states Victoria has experienced like other parts of the city a regeneration from a transport centre to a sought after residential enclave. The most expensive locations can be found at Ashley Gardens, Buckingham Gate and Westminster with property prices going from £2,000,000 to £17,000,000. Other adjacent areas such as Vincent Square are fetching an average of £1,000,000 to £1,300,000.
What makes the prices interesting is the location would seem to be the highest in prices per square foot. However, the average square foot price was £1,300 during the period of January to September 2016 which was 47.3% less than £2,469 in Mayfair and and 35.1% less than the average in Belgravia.
Robert Oatley, Knight Frank’s Victoria and Westminster office head says in the report: “Few areas in prime central London offer such good value compared to neighbourhoods that are a five-minute walk away... “There has been a huge amount of investment over the last three years and the smart money has woken up to the area’s potential.”
Trends such as the impact of the stamp duty on the prime market for homes costing £1.1 million and investors purchasing second homes should help the area.
The research states that lower price value areas of the city are outperforming the market. Annual growth for Victoria as of November 2016 was a little higher at 0.1% with prime central London at -4.8% with some neighbourhoods showing a decline in price value of 10%.
What has made Victoria and Westminster attractive is the increase of new offices, restaurants and shops which has become a factor for cost conscious buyers who want not only location but new high quality residences and amenities. Well known corporate entities including Burberry and Rolls Royce have relocated their headquarters to the district which was formerly known for its bureaucrats and politicians.
Near Victoria Station and around Westminster are new developments featuring gyms, offices and 24-hour concierge services which have become popular for residential buyers.
Also increasing are the numbers of younger residents comprising of students and professional couples. As this trend continues price values should help home prices remain steady.
Other areas include Westminster Cathedral where red brick mansion blocks in Ashley Gardens and Carlisle Place are priced at an average of £1,300 to £1,500 per square foot.
To the south of St.James’ Park is reported to show good value with well kept houses with views of the park going for £2,900 per square foot with northern park prices at £4,000 to £5,000.
The Smith Square conservation area with its Georgian houses, are priced between £1,600 to £1,800 per square foot.
The Knight Frank report states, ‘Indeed, as the current phase of regeneration comes to a conclusion, the connectivity and centrality of Victoria and the wider Westminster area are becoming increasingly recognised as drivers of demand for residential property.’