Rising London property prices spell good news for Belgravia based developer, Oakvest
Developers in London are continuing to reap the rewards of on-going increases in the Capital’s property prices with latest data from Land Registry recording a 7.1% rise for 2012. Indeed predictions that house prices would ease off after a booming Olympic and Diamond Jubilee filled 2012 have faded with homes values in London far outstripping the 1% nominal growth seen in the rest of England & Wales. Little surprise perhaps that this week, reported in the Wall Street Journal, Christies International Real Estate released new figures showing London in pole position of international luxury property markets. The report found that top-tier properties achieved record prices globally in 2012 with international buyers driving the sales.
· Average house prices in London rose 7.1 % in 2012 (Land Registry)
· Out-stripping everywhere else in England & Wales where nominal growth averaged 1%
· London homes set to rise further, costing on average £500,000 by 2020 (CEBR)
· London topped a new list of world-wide luxury property markets this week.
Looking ahead to 2013, prime property developers Oakvest, located in Belgravia, should also be optimistic with the average London home set to reach the half a million pound mark (£500,000) by the end of the decade according to think tank, the Centre for Economics and Business Research.
Mark Holyoake, Founder of Oakvest, comments:
“The outlook for London remains positive even in spite of the recent Moody’s UK downgrade and concerns over a proposed Mansion Tax in the next budget. The Capital is simply one of, if not the most sought after real estate market in the world and prime locations such as Belgravia, where our latest development Grosvenor Gardens House is based, will always attract buyers be they from the UK or overseas.”
With over 700 properties changing hands in SW1 in the last year and the average price tag being £1,556,781, this is far from the cheap end of the London property market. A one bed flat in Belgravia is likely to set you back £750,000 versus £360,000 for the same pad in much loved Fulham, a mere 4 miles away. Further up the ladder, a four bed house in SW1 will be in the region of £5,500,000 compared to £1,500,000 in trendy Clapham.
Holyoake gives his view on this pricing discrepancy,
“For our buyers, having serious money means having a serious address. Postcodes equal prestige and having the right letters and digits on your address is often a consideration when choosing an investment property. They have a direct impact on the value of the home and indeed, as many international buyers have found, the prospective rental yields.”
And affording such a salubrious postcode is Grosvenor Gardens House, SW1. Currently comprising 70,000 sq ft of serviced office and commercial space, the 18th century Grade II listed property will be transformed in the Spring 2014 into 40+ freehold luxury apartments ranging from one to four bedrooms.
In addition to the high specification apartments, the prestigious development will offer a wellness centre and spa, concierge, business meeting areas, a cinema room and underground parking. The scheme will also provide for an expansive retail & restaurant space and includes a £1 million restoration of the public gardens in front of the property as well a complete overhaul of Eaton Lane behind.
For more information on Oakvest’s planned restoration of this iconic building in London Victoria, call today on 0207 811 3855 or visit www.oakvest.co.uk.