Prime Property |
What are the prime property markets in London?
Well, first I should warn you that like most things to do with London prime property, the “marketing” people have gone into overdrive so that we don’t just have prime property, but also super-prime which then led to the invention of the truly ghastly term “uber-prime”.
Let’s get Uber-Prime out of the way first. This is less of an area than a price range which is really the £50m+ range. The highest density of such properties are in Knightsbridge, Belgravia and Mayfair, but can also be found in other prime areas.
For example, the most expensive street in London from a capital value perspective is Kensington Palace Gardens. This has been nicknamed, “Billionaires’ Row” as the smaller houses sell for £90m. The road has armed security guards and barriers at either end and is also home to several embassies.
Super-prime property is also really a price range above £20m, but as with all these things, there are some who will tell you that it is properties over £10m. It also tends to be focussed on Knightsbridge, Belgravia and Mayfair.
Frankly, I wouldn’t be too concerned about these definitions because you will achieve more by focussing on which area is the best for your needs. For example, I have clients who absolutely insist on living in Mayfair or Belgravia while I have others who have the same budget but wouldn’t dream of living there.
So, if you want a wide house over a maximum of four floors with a large private garden, then Mayfair, Knightsbridge and Belgravia are probably not the best locations for you despite being regarded as the best prime markets.
Conversely, if you want to be close to theatres, art galleries, the best shopping streets, restaurants and private members clubs in London, then Mayfair, Knightsbridge and Belgravia are areas that will be ideal for you. These are just some of the factors that you need to consider.
Kensington & Chelsea
The Royal Borough of Kensington & Chelsea consists of several distinct areas: Chelsea, South Kensington, Kensington, Holland Park, Earl’s Court, Notting Hill, North Kensington and a tiny part of Knightsbridge. These are all prime property areas although parts of Notting Hill & North Kensington are not. Earl’s Court is regarded as the least prime of these prime markets.
Unfortunately, it is not as simple as putting each area into a list of rankings because the prime markets in London are just far more complicated. So, although I have just said that Earl’s Court and the western end of Chelsea are regarded as slightly less desirable, there are roads such as The Boltons, Tregunter Road and Boltons Place which have houses worth over £20m.
Amusingly, my best man’s uncle acquired a house in Tregunter Road in the 1960’s for £18,000 and was told he was mad by friends and family because it was the wrong end of the Fulham Road and no-one would ever want to live there. The house is now worth over £16m.
There is a good lesson here because there are areas within London’s prime markets which still have the potential to be improved and some of these will outperform the market. Indeed, I am advising several clients to buy properties in one area in particular that I think will outperform.
However, you must be careful because it is also very easy to make an expensive mistake if you choose the wrong street or type of property (if you would like to know more simply email dee@mercuryhomesearch.com or call 02034578855 (+442034578855 from outside the UK).
The City of Westminster
This is the other council that has a preponderance of prime markets located within it and large swathes – especially Belgravia and Mayfair – are owned by the Duke of Westminster through the Grosvenor Estate.
Other prime markets within the council are Knightsbridge, Marylebone, Fitzrovia, Bayswater, Lancaster Gate, Paddington, Maida Vale, St John’s Wood, Regent’s Park, Pimlico and Westminster. Again these are all regarded as prime markets but they vary dramatically in quality, so you need to understand what affects values in each area and why some trade at a discount to others.
One important note, especially for international buyers, is please be very careful about mistaking Zone 1 as a prime market. While most of the areas listed above are in Zone 1, there are other areas in Zone 1 that are definitely secondary if not tertiary locations in London.
I mention this because many developers and estate agents proudly state that a property is in Zone 1 because they know that unwitting foreign buyers think this guarantees a prime area or good location. THIS IS NOT ALWAYS THE CASE. So, please do your research.
Conclusion
Of course, there are other areas that are regarded as prime such as Hampstead, Primrose Hill and Richmond. There are also “outer” prime markets too, but as mentioned previously, you will have more chance of acquiring the best property your money can buy if you focus more on what is the right area for you rather than fixating on how “prime” an area is. Although the quality of a location is certainly a vital factor in making this decision.
You will read a lot in the press about the prime London property market and be given all sorts of stats about it. Although this article is brief, it will hopefully have made you realise that there are dozens of prime markets within central London. Consequently, the stats and analysis you will read is too general to be of any use, so is often misleading if not completely wrong.
In addition, values can vary dramatically in each street, for different styles of building and even within each building itself depending on various factors. If you don’t understand what these factors are then you will make a big mistake.
Indeed, there are seven expensive mistakes that London property buyers typically make. If you are lucky these will only cost you tens of thousands of pounds but sometimes you can lose millions. If you would like to avoid making such a blunder, you can discover the strategies and tactics I have been using for over 20 years to acquire some of London’s finest homes and investment properties for my clients.
Contact; Mercury Homesearch
Simply request a complimentary copy of my book, The Insider’s Guide To Acquiring £1m to £100m Property in London, by clicking here, emailing dee@mercuryhomesearch.com or calling 02034578855 (+442034578855 from outside the UK).
Whatever you do, please ensure that you understand how the prime London property market works, because if you don’t then you really shouldn’t be buying a property unless you are not concerned about throwing money away by making a poor or average decision.
