London's 2011 Property Hot Spots Revealed
Londons Top Property Hot Spots 2011
Londons Top Property Hot Spots 2011If you are thinking of buying a property in 2011, then it pays to listen to the estate agents who keep a careful watch on the London market. The agents wealth of experience will enable them to detect property microclimates where hot spot conditions may occur. The London market is very different from the rest of the UK property market, says Simon Hobbs, Managing Director of Forward Limited, the company behind www.fabricproperty.com - London's leading online property serach engine for luxury homes.
To find out where the professionals think will be a good bet in 2011, we spoke to some of London's leading estate agents. Here's what they said.....
Marylebone
From a forgotten backwater into a thriving village, Marylebone looks set to enjoy a new year as one of the capitals most exciting destinations. During the past decade, the area has been transformed into one of Londons most exclusive neighbourhoods with its quiet streets of majestic Georgian squares and terraces, pretty mews houses and grand mansion apartments. Demand for properties, especially skilfully crafted new builds remains high because in this built-up area, there is little opportunity for redevelopment.
What the agent says
Graham Harris, Managing Director of Harris Latner, and member of www.fabricproperty.com says: The local landlords the Howard de Walden Estate have done an incredible job transforming the high street but they, together with the other major landlords in Marylebone the Portman Estate, are currently only renting out properties meaning that there is a real shortage of homes to buy and this restricted level of available properties to buy has really pushed up demand. There is a strong presence of Greek and Chinese buyers and a huge French community as well as other overseas and UK buyers. There is a fantastic mix of independents and chains on the high street including Patisserie Valerie plus the butcher Ginger Pig and a fabulous cheese shop called La Fromagerie just off. It is not quite as expensive as other central London postcodes but Marylebone has great access into the West End making it one to watch for 2011.
Andrew Ellinas, Director of Sandfords, member of www.fabricproperty.com says: Sandfords has seen a surge of interest in property in Marylebone Village as a result of the Eurozone crisis, with 60% of properties sold over the last month going to cash-rich Europeans. These buyers, from Greece, France, Italy, Germany and Spain in particular, are keen to move some of their wealth into the stability of prime London property but a quarter end up choosing to make Marylebone Village their primary residence. Demand for properties priced between 1.5 and 4million is intense, resulting in properties selling within an average of just seven days."
West Marylebone
With prices high and supply short in prime Marylebone, the next area to invest in could well be West Marylebone. The ripple effect will mean more buyers are attracted to this part of Marylebone and will therefore further boost property values. Newly launched to the market and expecting to further enhance West Marylebones reputation as a hot spot are two new developments: Shillibeer Place and York Street, Marylebone, W1H.
What the agent says
Shilibeer Place and York Street is being sold through Goldschmidt & Howland, and member of www.fabricproperty.com. Director Lisianne Newman says: There is no doubt that the carefully managed transformation of Marylebone High Street into one of Londons most attractive shopping precincts has contributed to the very high demand for the area. But with the supply short and the prices high, perhaps you should consider tracking a few yards west along York Street through an avenue of Georgian houses with matching period shop fronts and you come to two newly refurbished Georgian houses at 100 and 102 York Street. 100 York Street boasts a sensational roof terrace with chimney pots reminiscent of a scene from Mary Poppins.
The same bespoke developer has completed a high quality development of four houses with the unusual benefit of terraces in the adjoining cul-de-sac known as Shillibeer Place, named after the creator of the original omnibus George Shillibeer. Three of these houses incorporate secure lock-up garaging. As York Street becomes Harcourt Street, the convenience of Edgware Road underground is just minutes away. And with prices lower than in Prime Marylebone and convenient transport connections at Edgware Road, this quiet enclave at the West of Marylebone could be the next area to buy into.
Hampstead Heath and Village
The village atmosphere and strong sense of community gives Hampstead a winning combination. Mix this with the famous Heath and good commuter links, and it is no surprise that Hampstead has remained one of Londons hottest property spots. Some of the areas best period homes are just a stones throw from the Heath. These include properties in Hampstead Grove west of Heath Street, or Keats Grove, Downshire Hill and Gainsborough Gardens. Many agents seem to agree that the number of properties to rent are at their lowest for a long time. Many factors are causing this, including tenants staying where they are, a lot of people renewing and some landlords selling, now that prices have come up a bit. The advice is if you find something you like, expect to have to move quickly and pay the asking rent.
What the agent says
Vivienne Harris, Managing Director of Heathgate, and member of www.fabricproperty.com says: The appeal of Hampstead is that there is a really strong sense of community. People care about what happens on their streets and there is a genuine pride in the locale. The area attracts affluent young professionals and also families, mainly due to the vast density of schools. Hampstead has a big clutch of private schools as well as some good state schools. Add to this mix the compact size for ease of shopping for the car-free or older generation, and it is not hard to see why once people move in, they stay, watch their children and grandchildren grow up locally and then either downsize, stay nearby or hand on their property to the next generation. It is for these reasons that there is a real lack of good quality stock and anything that does come to the market is so highly sought-after that it will sell very quickly, even in tougher economic times.
South Hampstead
A change in planning policy at Camden council a couple of years ago has made it far more difficult to reinstate large buildings that are arranged as flats back into single houses and this has created a lack of stock which has fuelled demand in South Hampstead. With fewer opportunities to purchase substantial family houses, those that do come to the market are snapped up by purchasers wishing to take advantage of a location situated conveniently between the extensive shops, restaurants and transport facilities of Finchley Road and Abbey Road.
A good example of one of the few family homes that are available to buy is 65 Aberdare Gardens, NW6 being sold through Arlington Residential. This rarely available double-fronted semi-detached house is one of the largest houses to come to the market in the area in some time and offers superb family-orientated accommodation, in addition to which the house features a stunning purpose built double volume artists studio.
What the agent says
Marc Schneiderman, Managing Director of Arlington Residential, and member of www.fabricproperty.com says: South Hampstead offers buyers value for money when you consider you are only a few roads away from prime St Johns Wood, which is significantly more expensive. Due to the change in policy by Camden council, we notice any family homes that come to the market attract immediate interest making this part of London very desirable for owner occupiers and investors alike.
Covent Garden
Covent Garden is increasingly being seen as an affordable alternative to the traditional investor hot spots of Mayfair and Belgravia. With the regeneration of the area continuing and increased residential development, this is a fast, dynamic market, underpinned by international investors. In fact, a huge influx of Asian purchasers have been reported as buying property for their children who are studying at the London School of Economics or Kings College.
What the agents says
Keiron McGill, Associate Director of Chesterton Humberts, and member of www.fabricproperty.com says: It would be difficult to compare certain parts of Soho to what they were like ten years ago. The regeneration of the Carnaby Street/Marshall Street quarter has completely uplifted the area along with the continued resurgence of Regent Street. The completion of the painstaking restoration of the Marshall Street baths, which now combine period architecture with a cutting edge twist, is a true demonstration of the attraction of Soho with its intrinsic sense of history combined with its position at the forefront of contemporary lifestyle and design. 2011 promises more of the same regeneration that we witnessed in 2010. More residential units will be built and I think this diversification in building use and general uplift will only serve to bring more, and more varied, buyers of different ages and vocational backgrounds to the Soho property market.
Belgravia
Many surveys pinpoint Belgravia as having the most expensive streets of London. It has been home to very famous residents including Margaret Thatcher, Roman Abramovich and author Mary Shelley who wrote Frankenstein. Considering the average property in Belgravia is worth 6 million, it is interesting that the area has barely seen a property market crash the market for its ultra-premium property has remained healthy and is still very much in demand from wealthy overseas buyers.
What the agent says
Gary Hersham, director of Beauchamp Estates, member of www.fabricproperty.com says: Belgravia is undoubtedly the best address in London. It has premier restaurants, shops close by and it is aesthetically extremely beautiful. It will remain in 2011 the most desirable postcode in the Capital because buyers are moving away from modern, purpose built buildings, although still requiring the same level of comfort, luxury and first-class amenities. This can only be achieved within period buildings in top quality locations. Furthermore, overseas buyers will continue to buy in locations perceived to be the very best both in terms of quality and in terms of desirability.
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