If you are looking for houses in Marylebone in London, then you are not alone. Marylebone has become one of the most popular locations in London. In 2022 prices per square foot for Marylebone real estate had increased 12.7%, according to Lonres, which was the best performance in London.
So, what makes Marylebone real estate so popular?
Well, Marylebone has quite a mixed history. The original church of St Mary was built in 1400, but most of the area was just fields then. Building really only began in the 1700’s when the Duke of Newcastle drew up plans to create Cavendish Square and many of the streets were named after members of the families of the estate’s owners – Cavendish, Harley, Portland, de Walden, etc.
Harley Street is synonymous with the highest quality healthcare because it was specifically developed as a centre for medicine in the mid-1800’s. Typically, the ground floors of the Marylebone houses in Harley Street would have been the medical practice and the physician’s family would have lived on the upper floors.
As the area grew in size and stature, other medical practitioners ranging from opticians, dentists and therapists moved into the area and now pretty much any medical need from fertility clinics to plastic surgery can be found in the area.
However, Marylebone was heavily bombed during World War II and it took a lot of time to recover. Indeed, Marylebone High Street is unrecognisable compared to the early 1990’s when many of the shops were closed and those that did exist were mainly charity stores. However, the Howard de Walden Estate put together a plan to uplift the Marylebone real estate, which has created the vibrant community that exists today and which makes Marylebone houses popular.
Is Marylebone a good place to live?
The area is buzzing with excellent restaurants, boutiques, museums and clubs, the most famous of which is the Chiltern Fire House. The vast expanse of Regent’s Park to the north of Marylebone also offers a wonderful area in which to relax or play sport. Indeed, there are a couple of private gardens within the park which are only available to residents of certain properties in the area (if you would like to know more about these sought after properties simply email [email protected] or call 02034578855 (+442034578855 from outside the UK)).
What do you need to know when acquiring houses in Marylebone in London?
It is important to distinguish which are the best parts of Marylebone because while the area as a whole outperformed the rest of London in 2022, there are very distinct parts.
If you didn’t know, Marylebone is bordered to the south by Oxford Street, Great Portland Street to the east and Edgware Road to the west (up to the canal). The northern boundary goes round the southern part of the Outer Circle of Regent’s Park from Great Portland Street to basically the mosque on the western side.
As a simple guide, while the area to the north and west of Marylebone station is Marylebone, it is far less desirable than the area south of the Marylebone Road. Of course, there are other things to take into consideration like the style of property, location within the “core” part of Marylebone, layout and quality of décor, which will all affect the value of a property, so if you do not have a clear understanding of which are the best streets, then be very careful – you will probably make an expensive mistake as prices can vary dramatically within each street in Marylebone let alone the different areas within it.
I have acquired several apartments and houses in Marylebone in London for my clients and they are often surprised by the range in price per square foot of the properties available. For example, the prices in the new developments are much higher than for most apartments in the area. In my view, the premium is often unwarranted and these properties are usually bought by buyers who simply haven’t done their research because there will often be better options available elsewhere (especially if you are planning to acquire an investment).
The one advantage of new build developments is that on the whole, they tend to be simpler to buy, but that is a very lazy reason. Nevertheless, you do need to be aware of a key feature of many properties in Marylebone – they are either listed or in a conservation area.
Listed Properties in Marylebone
Many buyers rule out listed properties because they feel they are too complicated. And it is true that if you want to make lots of structural changes to listed homes in Marylebone, or anywhere in prime central London, then there is more bureaucracy and there will be some things that you cannot do. However, as with most things the reality is not as bad as conventional wisdom believes.
I have acquired listed apartments and houses in Marylebone in London for my clients. Just to give you a couple of ideas about what is possible, one of the Marylebone houses is an incredible Georgian property which is wider than average and the main rooms have exceptionally high ceilings with the reception room having a vaulted ceiling of over 3.5m. There are very few homes in London let alone Marylebone that can compare.
The house is listed but we were able to get planning to make structural changes to the areas that required it.
Likewise, I have recently acquired for another client an exceptional apartment in Marylebone which is Grade I listed. It has a 60 foot reception and 3.75m ceilings but has been completely renovated and is ideal for modern day living.
Indeed, I have been in Grade I listed properties that have had lifts installed, so you need to take each property on its own merits. This is also true for leasehold properties, so if you would like to know more about acquiring listed properties, leaseholds or properties in conservation areas, please email [email protected] or call 02034578855 (+442034578855 from outside the UK)).
What to avoid when buying properties in Marylebone
To be frank this is advice I give to my clients acquiring property in any area in prime central London but it is worth repeating. There are some very basic rules – avoid busy roads, “quirky” properties, lower ground floor flats, apartments on the third floor and above that don’t have a lift, buying above a shop or restaurant.
Of course, there are exceptions to all these rules, but the property needs to be exceptional and acquired at the right price. And this is the biggest issue. In the UK, estate agents are legally obliged to achieve the highest price possible for their clients, the sellers. The estate agents refer to buyers as “applicants”.
Legally, they are not allowed to lie to you – and in London I believe that most estate agents are pretty honest – however, they have to have their clients’ best interests at heart. As we all know, data can be used to make anything look better than it is and property is no exception. In fact, it is the easiest asset to misprice as no two properties are identical. So, please make sure that you are using accurate comparators when you buy a house or apartment in Marylebone.
Contact Mercury Homesearch
If you are looking to buy property in Marylebone or would like more in depth information on houses in Marylebone in London or need advice on finding the best house or apartment in Marylebone, valuations or negotiation techniques, simply email [email protected] or call 02034578855 (+442034578855 from outside the UK).
