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Latest London Property News – February 2017

Market Overview

According to the Financial Times, the London residential property market is now improving – with the number of homes under offer in some of the British capital’s most expensive postcodes being the highest since the Brexit vote.

Without a doubt, a rising interest in buyers from China is partly behind the recovery. As we revealed in 2016, London received a record £4 billion in property investments from China over the course of that year. It will be interesting to see how the figures for this year compares to that, but several sources indicate that it may even increase beyond the 2016 level.

Economic and political factors in China and Hong Kong are also driving demand. There are worries the Chinese property market is overheated, and the possibility that Beijing could impose more stringent curbs on outbound capital flows from China is also speeding efforts to invest overseas. America has been a big target for Chinese property investors in recent years. But after the election of Donald Trump, Chinese investors will be taking a wait-and-see approach with some of that demand possibly diverted to London.
Latest London Property News – February 2017

The Grosvenor Estate: Mayfair and Belgravia

The Grosvenor Estate represents all the business activities of the Grosvenor Family, headed by the Duke of Westminster. The history of the Grosvenor Estate can be traced back to 1677 with the marriage of the heiress Mary Davies to Sir Thomas Grosvenor, 3rd Baronet (1655-1700). Mary had inherited the manor of Ebury, 500 acres of land north of the Thames to the west of the City of London, which remained largely untouched by the Grosvenor’s until the 1720s, when they developed the northern part, now known as Mayfair, around Grosvenor Square. A few generations later, in the 1820s, their focus moved south, now Belgravia, developing Eaton Square, Chester Square and other famous addresses. Grosvenor have recently put together a 20 year vision centred around adding value and continuing the success of the first 300 years of Mayfair and Belgravia. The 20-year vision will cover seven key areas: active neighbourhoods, integrated districts, connected communities, better streets, greener spaces, enterprising places and architectural excellence. According to data provided by LonRes, average flat prices in Mayfair are now 23% higher over the past 5 years, and in Q4 2016, 43% of properties on the market were priced at £5m of higher. Average flat prices in Belgravia are now 10% higher than they were 5 years ago, and 33% of properties on the market in Q4 2016 are priced at £5m or higher. Currently in Grosvenor Square alone, the former Canadian High Commission at No.1 is being converted into 41 apartments by Indian developer Lodha and the former US Embassy, owned by Qatari Diar, is set to become a hotel this year, potentially with a slice of residential real estate on the higher floors. Get in touch and click the links if you are interested in buying or selling in Mayfair or Belgravia to see how Jaffray Estates can help.
The Grosvenor Estate: Mayfair and Belgravia

Capco: Lillie Square, Earls Court

Lillie Square is a new and exclusive London development located in Earls Court where Kensington, Chelsea and Fulham meet. Altogether it is a 77-acre regeneration site completing over fifteen years to include boutique and independent shops, residential and commercial property. The development is a joint-venture between Capco, one of the largest listed property companies in central London and KFI, which represents interests of certain members of the Kwok family (major shareholders of Sun Hung Kai Properties Limited. The developer Capital & Counties (Capco) is poised to put more flats up for sale at Earl’s Court later this year representing a vote of confidence in the London property market, the firm has said. Capco is planning 7500 new homes at Earl’s Court but stamp duty rises and the Brexit referendum forced a 20% writedown on the value of its holdings there to £1.1 billion, tipping the company to a £118.9 million annual loss. Chief executive Ian Hawksworth said buyers had snapped up 59 of the 70 apartments on offer in the second phase of the Earl’s Court Lillie Square scheme at prices “modestly” higher than the first stage. He added that it was “quite likely” that the group could launch another 80 homes later this year. “It’s not a buoyant market but it is functioning and we are seeing price increments and reasonable demand… Buyers are quite discerning and are taking time to make decisions,” he said. Interesting times ahead for this development site, which we can expect to significantly transform this up and coming part of London. Get in touch if you would like more information regarding the development site and current availability.
Capco: Lillie Square, Earls Court
Contact Nicholas Jaffray for more information regarding this article or new property requirements in central London via email at: nicholas@jaffray-estates.co.uk or telephone 020 3091 9311.
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