Apartments to houses: trading up in the capital
25th June 2021
25th June 2021
A good read recently was an article in the Evening Standard’s Homes & Property supplement, where the journalist had gathered together evidence to support the idea that the super rich were back buying in the capital city.
And they had a point. While Brexit may have prompted a ‘wait and see’ attitude among many home movers, we are now 5 years past the EU referendum result and our economy has not capitulated. Also providing encouragement is the British National (Overseas) visa, which is tempting Hong Kong residents to our shores, while the Biden election win has got many Americans jittery over property taxes, sending them scuttling across the pond.
While trophy shopping for mega mansions will always grab the news headlines – celebrities splashing their cash and overseas Royalty shopping for a London base – the everyday home moving market is more modest….but is also showing a newsworthy shift.
The race for more space – both inside and out – is behind many of today’s sales and purchases, with apartments being replaced with larger houses. London properties for sale with four or five bedrooms are the current sweet spot as they offer enough space for a large family, room for an au pair or house guests, a home office and usually a garden.
The perfect example is this five bedroom, five bathroom, five reception room property on Cavendish Avenue near St. John’s Wood High Street. As well as off-street parking – a bonus in itself – there is a garage, a stand-alone studio in the grounds and a 43 ft mature garden.
Also ticking all of the property upgrade boxes is this five-bedroom house on the private Elm Tree Close on the west side of St. John’s Wood. Outside space includes a roof terrace and a patio, with off street parking and a garage adding to the appeal.
Finally, the buyer of this four-bedroom property on Hill Road – within walking distance of St. John’s Wood Tube Station – will not only gain the entertaining space and garden areas that many movers crave, the current owners have also created a home gym in the basement.
Paul Bennett, a Director at Behr & Butchoff, says the buying power of existing London residents should not be underestimated: “While the easing of international travel restrictions will, no doubt, bring more property buyers to the capital, current activity is being driven by people who already live here.”
Paul comments that as theatres, restaurants, galleries and bars return to normal opening arrangements – and offices increasingly expect workers back behind their desks - residents are reminded why London is such a great place to live. “Rather than head to the suburbs, perhaps disrupting schooling and creating longer commutes, people are trading up to bigger houses with more bedrooms and reception rooms, gaining surprisingly lush gardens and often off-street parking in the process,” adds Paul.
If you have a house to sell in the St. John’s Wood area, there will be a buyer waiting. And if you are looking for a larger property to buy or rent in London, ask the Behr & Butchoff team for the latest availability.