London house interest supercharged by the ‘race for space’
Fri 10 Sep 2021
Paul Bennett, Director
You’d be forgiven for thinking London was exclusively the land of the smart apartment. Yes, there are some wonderfully luxurious new penthouses on our patch (take a look at Marylebone Square if this style of living suits you), as well as period conversion pads and mansion house flats but the capital is a tale of two cities.
London is also home to houses of distinction, with gardens, garages and space for multiple generations. Among the best are the seven-bedroom John Nash terraces along Hanover Road, Quinlain Terry’s imposing Regent’s Park villas, grand Victorian detached residences along Acacia Road, stucco-fronted Georgian townhouses at the Hamilton Drive development and majestic mansions lining Avenue Road.
And it is these bigger properties that are currently finding favour with wealthy buyers in prime London locations. New research from a property data consultancy shows that more than half of top-end London residences sold in July and August 2021 had three or more bedrooms.
In fact, LonRes found the average home sold during those two months was 20% bigger than the average home sold in the same period between 2016 and 2019. In addition, it found purchasers of prime London property were snapping up more square footage – 253 sq ft more in 2021, when compared to previous years.
The data analysis confirms the urban myth that there has been a ‘race for space’ in the city, with those deciding to stay in the capital looking for more room and flexible living arrangements.
“Nothing reveals the flaws in your residential accommodation than being cooped up together for weeks on end,” says Behr & Butchoff’s Principal, Paul Bennett, when commenting on the effect of lockdown life in London. “Whether it was the lack of a home office, feeling claustrophobic with everyone home at the same time, a lack of privacy or even the absence of a guest bedroom to move in a loved one, the pandemic made us look at our living spaces under a microscope.”
The re-evaluation of lifestyles has no doubt fueled interest in London’s houses and we agree with the LonRes conclusion that it has been domestic buyers looking for long-term homes that have driven the prime London market of late.
Fresh analysis of internet search data from across the capital’s estate agents is, however, pointing to a return of the global property purchaser. Web traffic evaluation over the summer months shows an increasing level of searches for London property were made by overseas internet users – actions that are showing signs of coming to fruition, thanks to an easing of travel restrictions.
Behr & Butchoff is always delighted to sell houses of distinction in and around St. John’s Wood. We have buyers waiting and with international interest only set to grow, now is the time to consider a sale. Why not book a no-obligation valuation as your first step?