Luxury London property to exceed £10,000 per square foot

Home Hunts have recently opened their new office in the heart of Mayfair. Our UK team are focussing on the luxury property market in Central london and we have a superb portfolio of luxury london property available in Mayfair, Belgravia, Kensington, Knightsbridge, Chelsea and many other locations throughout the city. We are also expanding out portfolio to cover property for sale in the Home Counties.

We have chosen now as the time to launch our office because prices in central london are continuing to increase and we have a constant demand from our clients for luxury property in London.

Recent research from Knight Frank has shown that London’s super prime residential developments are expected to achieve values of £10,000 per square foot by 2016. The super prime market in London covers areas such as Mayfair, Belgravia and Knightsbridge and is typified by the One Hye Park development which has proved attractive to the likes of Russian oligarchs and Middle Eastern royalty.

Values in these popular and upmarket central london locations have risen from £1,000/sq ft in 2000 to £3,000/sq ft in 2006, up to  £7,500/sq ft achieved at One Hyde Park in late 2011. The Knight Frank report, which focuses on One Hyde Park’s impact on the luxury London property market, says that there is unlikely to be a similar development for some time due to the lack of suitable sites.

Knight Frank said that the reason for One Hyde Park’s success was the combination of the fantastic location and the fact it was being targeted at new wealth which emerged from the recession relatively unscathed. Liam Bailey, head of residential research, said: “In key markets like London the availability of top-end developments that attract wealthy international purchasers is still limited. The opportunity for developers to capitalise on this market is therefore a real option.

“The problem is that the sites suitable for these developments are limited, and so too are the skills and knowledge required to deliver the right product. Get this combination right and the rewards can be significant.

“Bearing in mind the £1,000/sq ft jump to close to £8,000/sq ft in the 10 years to 2011, as well as the recent success of One Hyde Park and other super-prime apartment sales, I suspect this record will be broken even sooner – and that the very best developments will be sold with prices of £10,000/sq ft, sometime before 2016.”

If you are interesting in buying a property in central london, contact Home Hunts today for details of how we can help on 0208 144 5501

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