Buying a prime property in London, UK
In the prime London property market in England (properties valued at £2m and above) there are typically 7,500 individual properties being openly offered for sale by over 1,250 estate (selling) agents.
Unlike many international destinations, there is no multi-listing system in place nor one reliable database holding every available London property for sale. Therefore property buyers need to contact most, if not all, real estate agents in order to access all openly available properties.
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While Kensington, Chelsea and Belgravia still remain the most highly regarded areas in the London property market, south-west London has experienced an increase in popularity over the last few years.
The most expensive and highly regarded areas of London are still in the south-west: Belgravia, Kensington and Chelsea top the list, in that order. This is because of their good stock of well-maintained and attractive period houses, smart shops and easy access to the City.
In central London, Mayfair and St James’s are still sought after, although less so than they were in the past. Pimlico’s elegant terraces have been largely restored, and are central yet reasonably priced; neighbouring Westminster has improved vastly during the past 10 years, but contains more mansion blocks than houses.
In west London, Notting Hill and Holland Park now rank as some of the smartest areas in London, and project a less conventional image than south-west London. Neighbouring Bayswater is improving, and Marylebone is becoming popular again. Hampstead, St John’s Wood and Regent’s Park are the most highly regarded areas in north London, although less popular with City buyers. Islington has experienced a surge of interest, and has some good period houses. In the east, a shift of businesses to the Docklands has resulted in the conversion of many riverside warehouses, and improving prices in areas such as Shad Thames, Wapping and the Isle of Dogs.
Outside the centre, south-west London is still favoured above other areas. Battersea, Clapham, Wandsworth, Richmond and Wimbledon have all experienced price rises and an increase in popularity during the past five years. In south-east London, Dulwich is highly regarded, but blighted by poor transport links. A number of areas just outside central London are reasonably priced, reasonably well-located and appealing to live in. These include Maida Vale and West Hampstead to the north-west; Highgate to the north; Hammersmith, Chiswick and West Kensington to the west; Fulham to the south-west; and Kennington to the south.
The estate agents are only working on one side of the transaction i.e. that of the seller and they are generally interested in getting the highest price possible for the properties that they have specific instructions to sell.
A further problem for the property buyer is that the most sought after London properties are not on the internet, nor on the open market. These properties are usually discretely and confidentially offered for sale and most will sell privately to the best prepared & connected property buyers.
(Sands Home Search have access to over £1 Billion of confidentially available prime property throughout the UK which are not accessible via any public internet sites)
There is such variety of prime property within the London market that it is often a near impossible task for the unrepresented buyer to determine a market value. The fact that it is very common for a prime London property to realise a sale price in excess of the asking price, further complicates the issue.
Furthermore, the estate agent is contracted to achieve the right price for the seller and they are under no obligation to advise whether a property is suitable or whether it represents a fair price from the buyer’s perspective, meaning the potential for making expensive mistakes is large.
In reality the unrepresented buyer has very little chance of accessing all the most desirable property in that the most desirable is always the most sought after – it sells quickly and often well before ever reaching the open market.
To access and secure the best property requires time, dedication, inside knowledge and an extensive network of contacts – this is how Sands Home Search can help.
If you would like to receive impartial advice on acquiring a prime London property, please contact one of our Buying Department Directors :
FOR LONDON AND REST OF THE UK PROPERTY SEARCH and RELOCATION ASSISTANCE
Telephone : From the UK: 01425 462 549
From overseas: +44 1425 462 549
Email : inbox@sandshomesearch.com
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FOR CAPE TOWN PROPERTY SEARCH and RELOCATION ASSISTANCE
Telephone : From South Africa: 021 813 6850
From outside of South Africa: +27 21 813 6850
Email : southafrica@sandshomesearch.com
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