The demand for luxury property in London exceeded all expectations

The demand for residential property in Central London for both buying and renting continues to increase. It would seem that the residential property market in Central London is already at its peak and growing it is nowhere. However, new reports again record an increase in demand and, consequently, the increase in prices. The report, covering areas such as Chelsea, Kensington, Fulham, Notting Hilo, Knightsbridge and Belgravia showed in all these areas, the increase in transactions in 2013, which reached their highest level since 2006.

The largest growth of transactions were in Kensington and Notting hill – there was recorded an increase to 21.8% in 2013 compared to 2012. In Chelsea, South Kensington and Fulham, the growth of transactions has reached 14.5% in 2013 compared to 2012.

The study confirms that the unprecedented demand is driving growth in prices for luxury properties in Central London, the average price increased by 13% yoy. Increased the number of sold super-expensive objects. So, in 2013, it sold 63 properties over £10 million pounds, 5% more than in 2012.

About 44% of buyers of elite real estate in London were foreigners in 2013. The most diverse range of foreign buyers in Chelsea, South Kensington and Fulham. Knightsbridge most popular among buyers from the Middle East. But areas such as Kensington and Notting hill that were previously traditionally English, now also became the center of attraction of foreign rich.

The rental market of elite real estate is also experiencing growth. 13752 facility was commissioned in 2013, which is 11.6% more than in 2012. And record 2009 is exceeded by 8.2%.

The biggest increase was recorded in Belgravia and Knightsbridge, where the growth of the rental market reached 32% compared to 2012.

The demand for luxury properties observed by families, professional couples and single workers, mostly working in the financial sectors. However, currently there is a trend of interest in the real estate market the employees of the sector of high technology and IT sector.

In 2014, the expected growth of the market of real estate not less than 6%. The uncertainty before the elections of 2015 could lead to a stagnant real estate market. And in 2016 – 2017, all analysts are unanimous in their opinion that the market will again see rapid growth. Over the last 30 years the residential property market in London was the best investment in the world. But, in addition, it is also a wonderful place to live and this is still a big factor of attraction.

® Helen Antre 05.03.2014 g.

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