As the corona debris settles, and the property market continues to stagnate, the UK waits for property prices to stabilise. Pent-up demand is causing the market to become suppressed. Conversely, Enness Global has seen an uptick in a small pocket of postcodes over the last quarter. The super-prime property market has a distinct ecosystem, characterised by the propensity to remain resilient during economic turbulence. The handful of power postcodes include north London and hotspots located centrally.
Properties in these postcodes are fulfilling needs vastly different from other areas in London. If you have purchasing power, now is not a time to ‘keep your powder dry.’
Islay comments on activity within the super-prime property market:
“Yes, transactions have declined, but this is part of the market where there are few and far between anyway. The volume takes a back seat and price remain the leading indicator of market health.”
North London postcodes which have seen average house prices rising in the last quarter include N2, N6 and NW8. Most notably N2 property prices have soared with an uplift of 263%. The average property price here is £14.2 million. Home to Bishop’s Avenue, otherwise known as ‘Billionaires Row’, is a slice of utopia and home to the glitterati. The 66 houses on the winding road that leads to Hampstead is in high demand. The architecture is varied and has a range of influences including Greek, Italian and English. Islay ascribes the success of this location partly down to a few new high-end luxury developments. The high standard of schools, transport links and the leafy green surroundings draw the most affluent and wealthy to live here.
N6 is the third most expensive location in London. During the first quarter of 2020, the area saw an increase of 124% on the average property price. Property here now averages £9 million. Mayfair is an impregnable investment for those who can afford it. Only a stroll away from the city, property here is in a perpetual state of growth. Home to the Ritz, Savile Row tailors, and red-brick regency buildings, this one of the most prestigious locations to live in the world. The average property price here is £9.3 million.
The property market in SW3 Chelsea remains buoyant, and property prices rose by 14.6% in March. Defined by its traditional white townhouses, pastel-coloured mews, and de rigueur bars, this location is highly desirable.
W1G Marylebone properties value also accelerated, and with prices rising in the first quarter of 2020. The average property value here is now £7.5 million. Characterised by its village-like feel and boutique shops, living here an attractive proposition. Furthermore, property in SW1 Pimlico, the centre of political activity, and once home to Winston Churchill is also unwavering, with average property estimated at £6.3 million.
Islay highlights that prosperity and growth are not mutually exclusive. A sobering thought for high net worth individuals looking for a property. Properties that deliver prosperity offer more than material substance. These prime locations provide a more profound sense of the purpose of living, and community where individuals flourish. These properties will not depreciate unless infrastructure surrounding it changes significantly.
Another key driver is the accumulative consumption of private wealth, which is growing in emerging markets. As one of the largest real estate marketing in the world, London is an obvious choice. Those investing in this part of the market are part of a long-term investment cycle.
In pursuit of a real estate investment portfolio, volatility in the broader market does not affect the appetite of the high-end buyer. During the pandemic, overseas investors were able to purchase remotely with the benefit of virtual viewings. During seismic events, it is particularly important for buyers that mortgages efficiently handled. Enness Global mitigate any vibrations that could potentially cause a rift during the buying process, acting as a windshield between lenders and buyers. We attribute our continued stream of business to the relationships we have fostered with lenders. We look forward to the next quarter, where we expect to see continued growth in London’s super-prime property market.
To find out how Enness Global can help you with your mortgage requirements call an expert now or get in touch below.
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Covering everything from search and negotiation to making an offer and the legal processes, the guide will help you fulfil your dream of property ownership in France.