Mar 15, 2011 - PropertyGuru.com.sg
The property market in Central London has been recovering continuously in recent months, with strong price growth and resilient demand for properties.While prices in the broader UK market dropped by more than one percent in the year to January, Central London saw continued double digit increase, compared to the previous year.
“Prime central London property is considered an essential asset by many HNW individuals and their advisors around the world,” said Simon Barry, partner at global estate agents Knight Frank. “International buyers still see London as the No.1 capital in the world in which to live and work.”
With the redevelopment of Kings Cross by respected UK developer Argent, Central London will see more than eight million sq ft (743,200 sq m) of mixed use space, including 2,000 homes and serviced apartments. This will provide more opportunities for both investors and home buyers to acquire brand new studio units, as well as one-, two-, three- and four-bedroom family homes.
“Kings Cross is London’s largest Zone 1 redevelopment project, offering an exceptional opportunity for both domestic and international investors,” said Mr. Barry.
“We currently expect Arthouse at King's Cross to benefit from price growth of 14 percent at completion in Q4 2013. We expect rental growth of 11 percent over the same period,” he said.
“Combined with completion of site-wide infrastructure projects and the arrival of retail, leisure and other amenities, this will increase confidence in the development and support higher values.”
Mr. Barry noted that the 23 new and refurbished office buildings, along with the new University of the Arts, “will bring a wave of people working and studying in the area — potential residents of the new homes that are being built”.
