Housing stock in prime central London up 8.6% in six years

Taylor Scott International News

Housing stock in the prime central London property sector has increased by 8.6% since 2009 and has outgrown inner London boroughs by 4%, new research shows. It means that stock has increased by 5,200 over the last six years and some 7,000 more homes are in the pipeline, according to figures from Pastor Real Estate. The report says that developers have taken advantage of low land costs following the 2008 market crash and prime central London has been high on the investment agenda since 2008 from both domestic and overseas buyers. In the six years some 144 development schemes have been completed in prime central London, with almost two thirds consisting of 10 units, and most comprising studio and one bedroom apartments. Now in 2015 there are 277 development schemes in the pipeline, which will deliver 7,179 units to the market. This represents twice as many schemes and three times as many units than have been completed since 2009. Responding to growing demands from overseas buyers coming into the market and domestic buyers increasingly choosing inner city family homes over vast country spreads, developers are shifting from small single occupancy units to larger homes suitable for families. For example, there is at least one three bedroom unit within 71% of the developments currently in the pipeline. There is also a marked increase in unit sizes, with an increase of 40% in units in application compared to those currently under construction. Pastor Real Estate has found that that average unit size for schemes under construction in Prime Central London is 543 square feet compared to 763 square feet of units currently at application stage. The report has also identified Marylebone as the rising star of the prime central London market with the area currently undergoing a rapid transformation. The report identifies that of 13 development schemes set to complete in 2015, 11 are in Marylebone. The area will provide almost 50% of schemes in the pipeline, equating to 644 new residences. ‘Not only are new homes getting bigger in Prime Central London, but everything that comes with them is getting grander. As wealth continues to pour into the capital, ultra prime living standards increase,’ said Susan Cohen, head of sales and lettings at Pastor Real Estate. ‘New buyers not only want larger homes providing more space for larger families, they also want all of the luxury amenities such as concierge services, porters, five star hotel quality spas and gyms, IMAX cinema rooms and private dining rooms to entertain guests at will,’ she explained. The report also says that ultra prime and super prime residences are increasing and the market for new build property across prime central London is changing. Size and space are becoming as important as sophisticated luxury. Those acquiring large ultra prime and super prime new build residential properties in prime central London are both domestic and international buyers, seeking… Continue reading →

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