Luxury properties London are in demand by students

Despite record growth in capital values over the past three years, high-end super expensive property in Central London cost from £6 million to £15 million has been almost no increase in price. The real estate market in this sector is complex and diverse, it is dominated by objects of real estate located on 5 – 6 floors.

Overseas buyers in this sector of Prime London property is often not satisfied with the lack of security and lack of additional available space. Therefore, this market is more entitled to local buyers. Accordingly, the market should expect a lower level of transactions in this market.

For example, since the beginning of January 2013 in Chelsea, Belgravia, Knightsbridge, South Kensington and Kensington were sold 282 242 houses and apartments in a price range of £2 million. up to £15 million And the number of objects in the same area, during the same period sold at a price cheaper than £2 million, was $ 691. It is obvious that sales more expensive than £2 million. very little. However, real estate costs more than £5 million. continues to enjoy a certain demand.

For example, recently sold for a record price, the former Studio of Charles Rennie Mackintosh, the famous designer and architect, standing in the forefront of the Art Nouveau. His house, in the street Gleb Palace, Chelsea, with three gorgeous studios, and rooms located on two floors, was sold for a record for homes in this condition price of £3200 per square foot.

Record prices were paid for the house near Trevor Square and Anniston gardens the sum of £2643 per square foot and £2590 per square foot, respectively.

An unprecedented level of activity is observed now in the rental market of elite real estate of London. The last six months and currently broken all records by quantity of the concluded contracts for rental property. High demand particularly from wealthy foreign students. Thanks to their activity, the inventory level in the real estate market declined by 25% in most areas of Central London. The students were interested in mostly one-bedroom apartments. Moreover, competition in the market has reached such a pitch that students were forced to participate in the auction, at a great price. The market houses were also quite active for one month was leased 26 buildings.

The real estate market is increasingly proposals. Super luxury properties are coming to market in October, including seven prestigious new apartments in the heart of Knightsbridge, as well as the newly built three apartment and four town house in Connaught place.

It is noteworthy that the average lease term of such apartment is now more than 3 years. The government encourages long-term contracts as landlord and tenant, which is a positive step in the direction of more stringent regulation of the industry, raising standards and quality of service in the market of elite real estate of London.

® Helen Antre 03.10.2013