PRLog (Press Release)
- Oct. 12, 2012 -
Leading real estate agents in London are going through a fairly favourable period as they are being able to sell properties at an all time record high prices. A perfect example which has occurred recently is the Hyde Park luxury development, The Lancasters, which offers 77 newly built residential apartments with excellent views of the lush Hyde Park and further. It is interesting to notice that despite the fact that homes in this scheme are being sold for £3,500 per sq ft and above, it still stands at 90% sold status. This trend not only clearly states the increasing demand in the luxury homes segment, but also highlights the acceptance of highly priced residential properties among the wealthier class of buyers. Also, this is a visible indicator of the present property buying trends in the capital which is presently experiencing a challenging top end market. Moreover, the latest sale highlights this year are The Lancasters who also prove that there is no dearth of apartments for super prime, new build and existing residential property particularly in Central London. With this said, Hyde Park property rentals are also on the high but still acceptable to the affluent, keeping up with the area’s elite imagery. Pretty much like the Hyde Park luxury homes being sold at prices favourable to the sellers, Hyde Park property rentals are also favourable for the landlords.
There is also a rise in new built properties in London’s prime areas. Almost 125 new housing development schemes are currently at various stages of planning, site acquisition, construction, etc. Amounting to nearly 70 % increase as compared to last year's statistics, these numbers pumped up due to real estate developers and property owners planning more new builds and schemes keeping in mind the increasing foreign buyers. Lately, more and more foreign investors seem to be interested in prime central London residential properties. Reports show that there are few selective areas where majority of the new developments are concentrated pertaining to their popularity and upmarket lifestyles. Chelsea & Fulham would comprise 25% of the pipeline units followed by developments on the South Bank with 17%, City and Fringe 12%, Midtown 11% and highly chic and fashionable area Kensington at 10%.