2020 and 2021 undoubtedly saw a large increase in enquiries and moves from urban areas to more rural ones. There were two kinds of people: Those who moved lock stock and barrel and those who bought a place in the country and retained either their home in the city or ever downsized in the city. So far, following the success of the inoculation program, we have not seen a return to the city, with many movers now settled into their new areas and successfully working from their new home office. Locations near transport have been key and as long as there is an excellent road or rail network nearby, there has been little limit to how far from the city they are prepared to go, perhaps restricted by time instead.
For example, at the time of writing we have a couple buying a beautiful mews house within stunning rural converted stables and surrounding lakes and lawns, forming part of a larger manor house, whilst they retain their home in London. They love the idea of being close to their children and grandchildren, only a few miles away, yet they can be at their London home within 45 minutes. Our mailing list has increased exponentially with buyers looking for the perfect family house away from the city and at some point this will slow down, but right now, all the evidence is for this market to continue.
Most of the properties that have been taken up by this migratory force have been the larger family homes. Families with younger children through to late teens. Great schools nearby have been important, although many of the children stayed at their school, as long as they are boarding or commutable. At below £500,000 the market has been pushed along by factors such as the stamp duty holiday but also the pent-up need to move over the last year caused by working from home, births, employment etc. In prices over £1,000,000 it tends to be houses with great gardens and a good home office that have the greatest appeal and as said before, close to transport, yet away from the busy roads.
Buyers remain interested in unmodernised properties that they can renovate to their own specification and design but also, especially properties that are presented fully completed.
Properties in the commuter belt remain hot targets for buyers with a shortage of good stock and buyers waiting to pounce. A great house will sell very well and within a short period of time. Buyers are there waiting. Buyers from the UK and from international hot spots such as Hong Kong are longing to find the perfect house and if it is priced at the market value and presented well though all the mediums available, this really is a great time to sell or let your house. With the new school year fast approaching, buyers have every reason to capture the market today. Not only will they potentially save £15,000 stamp duty, they will enjoy their new gardens throughout this probable staycation summer.
Media Requests for UK Sotheby’s International Realty:
Deborah Battsek: firstname.lastname@example.org
Britain’s Most Expensive Houses follows top agents from UK Sotheby’s International Realty as they offer insight on some of the most spectacular properties on the market. Channel 4 picked up on the need to provide a little escapism whilst also acknowledging a world-wide trend as people sought properties with more space in light of the pandemic and the stamp duty holiday. The documentary will air at 8PM on the 28th of December.
If you’d like a market update on W1 London, or have a home you’d like to buy or sell, please contact us.
I love W1. From Soho to Mayfair to Marylebone. I love the hustle and bustle that part of London offers, so I tend to spend most of my time in those districts, ensuring I am aware of everything that is going on from new restaurants to sold prices.
One of the most affluent districts in London with the best restaurants, bars and luxury boutiques, Mayfair is a haven of 5* luxury living. In recent years this area has seen an influx of luxury developments from high end developers. Finchatton have their crown jewel 20 Grosvenor Square, British Land with their Iconic Clarges overlooking Green Park and Lodha with their upcoming 1 Grosvenor Square. Mayfair, which is now established as a worldwide destination and brand appealing to an increasingly young demographic, is set to undergo the biggest changes to its property market since the 1920s.
So what does this mean for prices in Mayfair? Mayfair has surpassed the £5000 per square foot mark in terms of property prices for some of the premium developments.
A stunning four bedroom serviced penthouse with a private terrace situated on the 3rd and 4th floor boasting views of North Audley Street and Green Street towards Hyde Park located in the heart of Mayfair.
The apartment has been refurbished and furnished to the highest standards featuring a impressive living room with high vaulted ceiling and a gas fireplace, a private terrace, a fully fitted kitchen with fridge, dishwasher and dining area, four bedrooms with bespoke granite and marble en suite bathrooms and a separate guest WC. Conveniently located within easy walking distance of Selfridges and all the amenities and travel links of Bond Street and Marble Arch underground station.
Moving to Marylebone
Just minutes away from Mayfair but miles away in ambience, Marylebone is a surprising pocket of calm located in the very heart of London. Distinguished by leafy streets lined with stately period homes and stylish independent boutiques, it’s a true urban village complete with colourful local characters and a weekly farmers’ market. Marylebone has seen an influx in demand in residential property – and with this pent up demand – developers have come forward to build luxury developments. Concorde is the most recent entry with 54 luxury flats due to complete Q4 2021. £ per square foot has peaked over recent years demanding between £3000 – £4500 per square foot.
A two-bedroom apartment in the anticipated Marylebone Square development.
This is a spacious two-bedroom apartment within the building, located on the eastern side along Cramer Street. The apartment is designed so that natural light floods the apartment and open plan living. The apartment measures approximately 1399 sq.ft. and benefits from an additional study in addition to the two bedrooms.
Marylebone Square is a collection of 54 high-end apartments, carefully chosen boutiques and restaurants, and a versatile community hall.