London flats are back in fashion

Thu 05 May 2022

Paul Bennett, Director

Settled working patterns, the reopening of London’s cultural and leisure assets, and a lack of spacious homes in outlying areas are some of the reasons why home movers are, once again, making a beeline for city apartments. In fact, analysis of Rightmove’s latest data for the BBC revealed the number of searches for flats overtook those for terraced houses at the start of 2022.

 

Outside space & square footage matters

In London, domestic and international buyers are back in full force but they are more discerning in their search. The Behr & Butchoff team has noted an increasing number of purchasers prioritising flats with outside space, higher than average square footage or three or more bedrooms.

 

As St. John’s Wood estate agents, we are proud to represent some of the city’s most spacious mansion house flats and refurbished apartments. Take, for example, Sheringham on St. John’s Park. This three bedroom, two bathroom apartment offers living space in the region of 1,400 sq ft, with a private balcony and access to communal grounds.

 

Behr & Butchoff is also delighted to be selling this two bedroom, two bathroom apartment in the heart of St. John’s Wood close to the High Street. Its ground floor position within the desirable Galleries development affords this apartment its own private garden. The low-maintenance outside space can be accessed via bifold doors from the reception area, or through one of two sets of French doors leading off bedroom one and bedroom two.

 

As well as buyers, tenants are keeping the Behr & Butchoff lettings team on its toes. The imbalance between supply and demand has led to head-turning rent rises. In the most coveted areas of London, rents are rising at an annual rate of 22.5%, according to property data specialist, LonRes. Prime Central London is seeing the strongest growth, as rents are now 6.7% higher than their pre-pandemic peak. Rents in Prime Fringe London have also risen, and are now 1.6% more expensive than in 2019/2020.

 

Tenants looking for space both inside and out should consider this two bedroom, two bathroom penthouse at Boydell Court, new to Behr & Butchoff’s books. With over 2,000 sq ft of living space, a roof terrace, parking and a pet friendly tenancy agreement, it ticks every box for renters with re-evaluated priorities.

 

Ground rent news: financial savings for new flat owners

While the Government’s Leasehold Reform (Ground Rent) Act doesn’t have the most catchy ring to it, the new law is good news for buyers of brand new properties. The act allows ground rent to be scrapped for most new leases in England and Wales from 30^th June 2022. From this date, those buying new build flats on a long lease will never be charged more than a ‘peppercorn’ amount in ground rent – a phrase that actually means zero charges.

 

Existing leaseholders who already pay ground rent have not been forgotten. A second bill is in its consultation phase and although no implantation date is set in stone, it is hoped this will force ground rents that increase annually - or double every 10 years - return to their very original rate or even reduce to zero. The second bill should also make it easier and cheaper to formally extend a short lease, with the possibility of extending leases by up to 990 years at zero ground rent.

 

Estate agents Behr & Butchoff would be delighted to help you find the perfect apartment in and around St. John’s Wood. If you’re a flat owner, we can also provide a free valuation if you’d like to make the most of current buyer demand.

Settled working patterns, the reopening of London’s cultural and leisure assets, and a lack of spacious homes in outlying areas are some of the reasons why home movers are, once again, making a beeline for city apartments. In fact, analysis of Rightmove’s latest data for the BBC revealed the number of searches for flats overtook those for terraced houses at the start of 2022.

 

Outside space & square footage matters

In London, domestic and international buyers are back in full force but they are more discerning in their search. The Behr & Butchoff team has noted an increasing number of purchasers prioritising flats with outside space, higher than average square footage or three or more bedrooms.

 

As St. John’s Wood estate agents, we are proud to represent some of the city’s most spacious mansion house flats and refurbished apartments. Take, for example, Sheringham on St. John’s Park. This three bedroom, two bathroom apartment offers living space in the region of 1,400 sq ft, with a private balcony and access to communal grounds.

 

Behr & Butchoff is also delighted to be selling this two bedroom, two bathroom apartment in the heart of St. John’s Wood close to the High Street. Its ground floor position within the desirable Galleries development affords this apartment its own private garden. The low-maintenance outside space can be accessed via bifold doors from the reception area, or through one of two sets of French doors leading off bedroom one and bedroom two.

 

As well as buyers, tenants are keeping the Behr & Butchoff lettings team on its toes. The imbalance between supply and demand has led to head-turning rent rises. In the most coveted areas of London, rents are rising at an annual rate of 22.5%, according to property data specialist, LonRes. Prime Central London is seeing the strongest growth, as rents are now 6.7% higher than their pre-pandemic peak. Rents in Prime Fringe London have also risen, and are now 1.6% more expensive than in 2019/2020.

 

Tenants looking for space both inside and out should consider this two bedroom, two bathroom penthouse at Boydell Court, new to Behr & Butchoff’s books. With over 2,000 sq ft of living space, a roof terrace, parking and a pet friendly tenancy agreement, it ticks every box for renters with re-evaluated priorities.

 

Ground rent news: financial savings for new flat owners

While the Government’s Leasehold Reform (Ground Rent) Act doesn’t have the most catchy ring to it, the new law is good news for buyers of brand new properties. The act allows ground rent to be scrapped for most new leases in England and Wales from 30^th June 2022. From this date, those buying new build flats on a long lease will never be charged more than a ‘peppercorn’ amount in ground rent – a phrase that actually means zero charges.

 

Existing leaseholders who already pay ground rent have not been forgotten. A second bill is in its consultation phase and although no implantation date is set in stone, it is hoped this will force ground rents that increase annually - or double every 10 years - return to their very original rate or even reduce to zero. The second bill should also make it easier and cheaper to formally extend a short lease, with the possibility of extending leases by up to 990 years at zero ground rent.

 

Estate agents Behr & Butchoff would be delighted to help you find the perfect apartment in and around St. John’s Wood. If you’re a flat owner, we can also provide a free valuation if you’d like to make the most of current buyer demand.