Lifting restrictions make London Sales bounce back

Q1 has indeed been a much busier than expected market for sales. The key drivers being the opportunity for domestic buyers to come into the market with a fewer number of overseas buyers. The lack of travel and restrictions of quarantines has meant that people from overseas have held back on visiting for investment. This however is leading to a pent-up demand of overseas buyers waiting to pounce once these restrictions lift, we will have further updates on this on 17th May.

The Stamp Duty deadlines are approaching, and buyers, agents and lawyers have probably not been busier in terms of people wanting to beat the deadline. Come the end of June the first deadline will be here, with the phasing then continuing over the next three months.

Hong Kong buyers are continuing to be prevalent in the UK market, and we expect this to continue and grow as the travel restrictions lift.

This quarter alone we have sold a high number of properties including a bulk sale for £15m, the Iconic Lost House by Sir David Adjaye, £6.5m, a house in Hampstead for £16m, and Eaton Place £4.25m. The current level of properties under offer is at its highest yet, and these sales are primarily a result of lifestyle changes, investment and “life after lockdown.” The key requirements that people continue to request are space (indoor and outdoor), light and views. Lockdown restrictions are lifting, and we can now meet clients for outdoor lunches, visit pubs and begin high street shopping again. In the business world, JP Morgan have announced that employees should be back in their offices by July, which only emphasizes the importance of the continuation of City living!

Guy Bradshaw
Director, Head of London Residential

 

 

 

 

 

 

Curzon Street, Mayfair, London, W1J | £8,500,000 | 3 Bedrooms | 4 Bathrooms

London’s Mayfair Revitilization

Mayfair sits beautifully between Hyde Park and Green Park, and covers the shops of Oxford Street, New Bond Street & Piccadilly. Mayfair pretty much has it all, including the most expensive and desirable spot on the Monopoly game board. In real life this reputation endures, with Georgian mansions surrounding private squares, high-end art dealerships, and exclusive members clubs; its no wonder this area is achieving in excess of £5000 per square foot.

Mayfair is experiencing an increase in residential developments and hotels in London and is expected to welcome more growth over the next decade. Finchatton’s 20 Grosvenor Square will be the first standalone Four Seasons residence, comprised of 37 private residences and is due for completion in early 2019, making Grosvenor Square quite the beauty parade. Across the square you have Lodha’s (India’s largest property developer) No.1 Grosvenor Square. The development is made up of 44 apartments with 10,000 sq ft dedicated to leisure and pleasure, including a pool, spa, club room and cinema, plus a further 4,000 sq ft for a Michelin starred hotel.

Centre to Grosvenor Square, Qatari Diar are proud owners of the old US Embassy which will be transformed into an ultra-luxury hotel, The Rosewood. The property will offer 137 spacious guest rooms and suites, as well as a variety of dining and entertainment spaces, including five gourmet restaurants. The property will also feature a spa, which will provide guests with a luxurious retreat from the bustling streets of London, as well as six flagship retail spaces. The grand ballroom has space for up to 1,000 guests  and British architect Sir David Chipperfield has been selected to oversee the design process, which will see the mid-20th century listed building through an elegant interior upgrades while still maintaining the preservation of the building’s original, Grade II listed façade.

With Mount Street (namesake of the famous Mount Street Deli), New Bond Street and Burlington Arcade on your doorstep, the old and new residents can enjoy the secure prestige of the W1 postcode, along with some of the best restaurants in London Mayfair is the most desirable area to buy property.

By Shereen Akhtar-Malik, Senior Associate, Head of Mayfair & Marylebone