How the West End has become a residential hotspot
An interesting report from Wetherell looks at London’s West End and argues that what was once an area dominated by offices and shops has now turned into a residential area with sharply rising house prices and increasing numbers of conversions from offices to homes. The result, says the report, is that: “Surging West End prices mean £1 million will now only buy a studio flat in the best addresses.”
The report defines the West End as covering Mayfair – where £1 million will get you a small one bedroom flat – , Marylebone, Fitzrovia, St James, Soho and Tyburnia (no, me neither). In these six districts, residential values have risen by up to 60% since 2007. It says the areas with the most potential for fugure residential development are Soho, Fitzrovia and Tyburnia (roughly the area between Paddington Station and Hyde Park, or in fact Marble Arch).
“Over the last 30 years the West End values have been beaten by Knightsbridge and Belgravia due to the lack of new stock providing less opportunity for super-prime pads and values,” said Peter Wetherell, Managing Director of Wetherell. “The tide is now turning and we are seeing the biggest step change in the West End since the 1920s when mansions were torn down, new offices built and homes converted into commercial premises. The West End is becoming a residential brand address and looks set for another significant price uplift.”
Indeed, Victoria and St John’s Wood on the edges of the West End are included in property consultant CBRE’s latest report as areas of prime London that will see massive growth in the next decade and reach the £2,000 per square foot mark soon.
Outside London, figures from Savills suggest that prime properties are doing particularly well in Cambridge (where Strutt & Parker have recently opened a new office), Oxford, Winchester and Bishop’s Stortford.prime, west end
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