Lavish lofts, majestic mansions and pristine penthouses… Swiss-French architect Le Corbusier was right: the home really is the treasure chest of living. According to Hometrack’s September 2014 UK Cities House Price Index, house prices have grown over the last 12 months from 18.1 percent growth in London to 4.3 percent growth in Glasgow. The current strong demand for the UK’s most desirable properties is inevitably boosting their value.
Country-wise
With cosy interiors, expansive landscaped gardens and panoramic country views, rural properties are a great investment for buyers wanting to escape busy city streets and enjoy the luxury of a second or family home. ‘Country living provides real peace and quiet,’ says Jennifer Jeffries of Fine & Country Cheltenham. According to Stephen Binder of Fine & Country Grantham, buyers are attracted to the open space, fresh air, big skies and lack of pollution in rural areas. ‘They can walk out of their house and into fields, and stop for a chat with country folk… It is such a desirable lifestyle, especially amongst those who commute to cities for work on weekdays.’
From Hampshire to Essex—both named top locations for rural living in surveys by Royal Mail and Halifax over the past two years—the country is dotted with stunning gems. One of these is Brooklands in Stansted, Essex. Priced at £2.5 million, it features 5.5 acres of mature parkland and 6,000 square feet of accommodation space, along with a bright interior that brings period and contemporary styles together. There is a growing desire for space and privacy, as Brooklands and another property, Hollinsfield, show. This £3 million, five-bedroom home benefits from two acres of land and an unbeatable open view of Lake Windermere. Properties like Clayton Priory, a £3.95 million mansion located in West Sussex, also show the growing appeal of historic homes. This Regency Country House dates back to the 1800s, and sitting atop almost 13 acres of land, an orchard, stables and outbuildings, is very attractive to potential buyers.
Or city-chic?
City home-buyers tend to thirst for large lateral flats and penthouses with a view—a quality that a selection of London homes boast thanks to the Thames River and the capital’s characteristic skyline. ‘Knightsbridge, Mayfair, Belgravia, Kensington and Chelsea remain the top locations for the high net worth individuals who want to live in London,’ says Shirley Humphry, Director at Harrods Estates. ‘There has also been a rise of investment in Marylebone, Pimlico, Fulham, Wandsworth and Barnes, where families in particular are looking to get more space for their money.’ Properties in these areas are top choices for affluent buyers, since they come with a prestigious postcode and often give a sense of owning a slice of history—whether a £7.5 million Georgian house on Chesterfield Street, once home to British Prime Minister Anthony Eden and the Duke of Devonshire, a £6.5 million 19th century house in what was once the site of The Cannon (Brewery Square), or a £9 million Belgravia flat designed by fashion designer Karen Millen.
Houses and flats with rare outside space and unique finishes are especially attractive to city dwellers. One such property is Lansdowne Rise, a £12.5 million glass-walled penthouse in Holland Park, featuring panoramic views of London, some of the latest technological equipment (plasma screens, biometric access protection and remote-controlled blinds) and a luxurious rooftop terrace. Homes in high demand are also set in convenient locations that offer a boutique lifestyle on the edge of prime central London. ‘Central London properties are enviably situated within close proximity to a plethora of Michelin starred restaurants, museums, galleries, shops and theatres,’ says George Hall, business development director at Sotheby’s International Realty UK. ‘Supply is so limited in these areas, which are perceived to be a safe investment in terms of capital preservation due to the high demand and lack of supply.’ It’s no surprise that England’s more desirable city pads come with a hefty price tag, and in prime central London prices are likely to fetch between £2,000 and £5,000 per square foot. Prices vary heavily, of course, and the cost of some properties can soar unfathomably. ‘Properties go from £1 million for a studio or one bedroom apartment, up to £100 million for a grand residence in the very best location,’ says Humphry.
Looking to buy?
House price growth is losing momentum, a trend that rings true of more than 90 percent of markets in London (Hometrack, October 2014). This a good sign for the hopeful house hunter, who might want to follow these expert tips:
‘There’s a lot of information out there and it can be a tiresome task, sifting through to find relevant advice and tips, so always go to an reputable agent whom you can trust.’—Shirley Humphry, director at Harrods Estates.
‘Your position is power. More often than not, if several buyers are after the same property, it is the one who is in the strongest position, and who can verify their position, who will be favoured. Get financially qualified—even if you have been qualified in the past, make sure to see your bank or building society to get a mortgage pre-approved.’—Jonathan Handford, managing director of Fine & Country, Lemington Spa.
‘As always, gut instinct often proves to be a good indicator, so prepare yourself for buyer remorse (the panic immediately after buying a property). Never be afraid to make an offer!’—George Hall, business development director at Sotheby’s International Realty UK.
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