Hot on the heels of the latest Rightmove House Price Index, Dexters, the independent Estate Agent with 70 offices across the capital is reporting that more than 80% of their enquiries have come from overseas cash buyers with no need for mortgage finance.
The latest house price index from Rightmove has clearly shown the UK property market is still red-hot. Possibly the only minor downside in their latest data was London’s 2% monthly fall in asking prices. However, this will only help to encourage buyers coming to the city, and this is being shown with the Prime Central London residential property market experiencing its busiest period for more than five years.
Dexter’s conducted a survey to get to the crux of what the buyers wanted, and as expected, homes offering outside space whether in the form of a terrace or garden was one of the main criteria’s. Their survey found that across the best residential addresses, apartments with large balconies or outside terraces priced from £850,000 up to £3 million and low-rise houses or mews properties with gardens priced from £2.5 million to £6 million are seeing particularly high buyer demand at present.
What areas of prime central London are the buyers targetting?
The survey found that the most popular addresses included Mount Street and Grosvenor Square in Mayfair; the ‘Old Chelsea’ addresses of Cheyne Row, Upper Cheyne Row and Glebe Place; Marylebone Village in Marylebone; Old Queen Street and Queen Anne’s Gate in Westminster; Warwick Square, Ecclestone Square and Moreton Place in Pimlico; and Onslow Gardens and Cranley Gardens in South Kensington.
Where are the buyers coming from?
At present DEXTERS is finding that the largest numbers of overseas buyers originate from Hong Kong, Singapore, the United Arab Emirates, India, America and Italy, with the vast majority (over 80%) being cash buyers with no need for mortgage finance. Currently, the most popular type of property with overseas buyers in Prime Central London is a spacious two-bedroom apartment with an outside terrace located in an apartment building providing a hotel-like concierge or porter.
With regards to UK buyers, they found they tended to work in finance, law or hedge funds, with their company offices based in either Mayfair, the City of London or Canary Wharf. Therefore, homes that provide easy access via the Central, District/Circle and Jubilee underground lines into the West End, City or Canary Wharf have an enhanced appeal.
Including both overseas and domestic buyers, DEXTERS’ apartment purchasers are typically young couples in their early 30s to early 40s without children, or buyers in their mid-to-late 20s with funding from the ‘Bank of Mum and Dad’. Buyers purchasing houses tend to be in their late 30s to mid-50s and have a family, with 1-2 children.
Richard Page, Marketing Director at DEXTERS says: “Currently the Prime Central London residential property market is the busiest it has been for over five years. DEXTERS network of 12 Prime Central London offices are finding that due to the pent-up demand that surfaced after the lockdown and people choosing to holiday in the UK this year rather than overseas, there is a particularly strong market this summer.
Our offices are seeing that buyers are currently willing to pay a premium for homes that benefit from their own private entrance or offer a large terrace or garden. All the activity we are currently seeing gives us every confidence about the outlook for the Prime Central London property market.”
For further information on DEXTERS visit: www.dexters.co.uk.