The prime London property market is seeing the first signs of a house-building boom, according to the Financial Times, in contrast to the lacklustre property markets in all but a few global sweet spots.
According to the report, after developers scrapped immediate plans after the property market crash, a new wave of luxury developments is now set to benefit from the pick up in the London market.
Over the last two years, new developments in the UK capital’s prime market has been whittled down to just two: namely, One Hyde Park and the Lancasters, the FT reports. The first of these reportedly celebrates its completion next week, and has been successful in breaching £6,000 per sq ft, something which will have positive knock-on effects for the rest of the prime market. The Lancasters, meanwhile, is also reportedly benefiting from short supply, and selling flats for more than £3,000 per sq ft.
Generally, supply for prime sites in the capital is tight, according to the report, and this is pushing up prices. Furthermore, the Candys, the brothers behind the One Hyde Park development, are reportedly shopping for projects in London’s “golden postcodes”.
Not only do these luxury developments sell for exorbitant amounts, but the property marketing activities which help make those sales can often run into the thousands, benefiting the industry and economy further.
