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A Tale of Two Cities

27.01.20

Latest data from Berkshire Hathaway HomeServices Kay & Co and New York offices has revealed which neighbourhoods attract specific buyer types in London and across the pond in New York City. High net worth individuals have long been attracted to key cities across the globe to invest in luxury property and now, new data shows the tale of these two cities, taking into account property prices, lifestyle offerings, demographics and attractions.

With roughly 34,000 Brits live in New York City, with 54% of them residing in Manhattan*, often these British expats wonder which neighbourhood in the Big Apple resembles their London area the most, when investing in luxury property. Equally, 63,920** citizens of the USA live in London.

The similarities of both, London and New York, are endless. The transportation links in both cities are unrivalled, with the TFL and subway services getting travellers across the city in what feels like moments. Attractions such as the Tate Modern and MoMA or Big Ben and the Empire State are accessible to everyone. Not to mention the endless shopping opportunities, with department stores such as Liberty mirroring the success and reputation of Bloomingdales in NYC, as well as green spaces in both being impressive, including the grand Central Park and equally as spectacular Hyde Park.

Martin Bikhit, Managing Director at Berkshire Hathaway HomeServices Kay & Co comments: "US tenants make up about 41% of our business. This is up from about 35% two years ago. On the buying side 24% of our buyers over £10m are now US based. Previously they were in single figures. I put this down to the fact that US buyers now have value here compared to before and, the ones that I have spoken with, agree a bounce is on the cards post Brexit. For us this highlights the importance of understanding what people will get for their money across the pond."

Ellie Johnson, President of Berkshire Hathaway HomeServices New York Properties also commented:  "In cities such as, New York and London, the size and complexity of the housing market can make the search for a new home or investment property difficult to navigate. Leveraging our deep understanding, research and collaboration from our network, for these markets, we are able to arm our clients with the information needed to make the right decision on either side of the pond."

The table below shows the average property price for corresponding areas of both London and New York. This shows the comparison of similar areas, and the parallel lifestyle you would get, moving to those areas. For example, living in Notting Hill is the London equivalent to living in the West Village/Soho.

* https://transferwise.com/us/blog/a-study-of-brits-living-in-new-york-city

** https://en.wikipedia.org/wiki/Demography_of_London

***with help from Perchwell research

Average Property Price in New York vs. London

New York Average price London Average price
West Village / Soho $2,495,000 Notting Hill £1,014,113
Soho $4,995,000 South Kensington £1,620,756
Upper East Side $1,900,000 Knightsbridge £1,588,127
Upper East Side $1,900,000 Kensington £1,950,746
Upper East Side $1,900,000 Belgravia £1,405,450
Upper East Side $1,900,000 Mayfair £3,667,590
Greenwich Village / West Village $1,561,250 Islington £630,403.00
West Village $1,561,250 Chelsea £1,489,592
Upper West Side $1,952,667 Marylebone £1,083,511
Tribeca $4,450,000 Covent Garden £1,433,004
Chelsea / Meat packing district $2,261,250 Soho £1,088,193
Gramercy Park $1,795,000 St John's Wood £1,154,956
Midtown $1,294,628 Hyde Park / Bayswater £949,999
Hudson Yards $7,222,500 King's Cross £673,708
Financial District $1,445,833 Canary Wharf £528,432
East Village $1,847,500 Camden £830,538
Park Slope, Brooklyn $1,450,000 Hampstead £1,485,505

 

Notting Hill vs. West Village

When comparing the leafy roads of Notting Hill and the curvy cobblestoned streets of the West Village, it’s easy to see the residential charm in both areas. Both not too far from the bustling city centre life and visually traditional, the West Village has a long-standing reputation for embracing the avant-garde. Whilst Notting Hill, home to the Notting Hill Carnival, also holds an open-mind with regards to urban trends and counterculture.

The average price in the West Village comes in at $2,495,000, a rough equivalent to £1,982,127 – slightly more than what you would pay on average for a property in Notting Hill, for the same lifestyle and traditional yet urban home setting.

South Kensington vs. Soho

The streets of Soho have a dramatic, frozen-in-time feel to them with entire block fronts lined with cast-iron buildings, and historic loft buildings offering expansive amounts of space. The area is known for its narrow and cobblestoned streets and for its shopping options, including national retailers, chic boutiques and trendy restaurants. South Kensington also has a traditional feel to the area with iconic attractions such as the V&A and Natural History Museum.

The average price in Soho comes in at $4,995,000, a higher average price that what was paid for in the last 12 months in South Kensington (£1,620,756).

Knightsbridge vs. Upper East Side

The Knightsbridge and Upper East side areas are known as affluent areas of their cities, both renowned for their luxury shopping amenities. The famous shopping destination of Fifth Avenue stretches through the one-and-a-half square mile of the Upper East Side, home to the likes of Tiffany & Co. and department stores such as Saks Fifth Ave. Knightsbridge is home to department stores such as Harvey Nichols and Harrods, and is also known for its stretch of designer shops, such as Prada.

Fifth Avenue is not only a go-to shopping destination but is also home to the famous Museum Mile, which include The Metropolitan Museum of Art as well as the Design Museum. The V&A in London is also considered to be a part of the Knightsbridge area – bringing even more sophistication to the district for lovers of fashion history and art.

Property in both areas have been home to many a famous resident, and the buildings have remained relatively unaltered. With the average price in the Upper East Side around $1,900,000 and the Knightsbridge property average coming in at roughly £1,588,127 there’s not too much in it when it comes to ultimate luxury, city living.

Marylebone vs. Upper West Side

The Upper West Side is boarded by two of New York’s best parks, (Riverside Park being one of them) and is known as one of the more academic areas of the city. With Ivy league Columbia University standing in this district for more than 250 years, and the American Museum of Natural History educating citizens, this area offers an eclectic lifestyle. More sophisticated options for entertainment here include New York City Ballet and the Metropolitan Opera.

Marylebone, home to Baker Street, famously known as the location of resident detective Sherlock Holmes, is considered another affluent area of London. Much like the Upper West Side, this area offers an abundance of green space with the glorious Regent’s Park on its boarder. Both a respectable distance from the hustle and bustle of the centre of the cities, yet quieter and elegant districts. Purchasing a property in Marylebone costs roughly £1,083,511 and in the Upper West Side $1,952,667.

St. John’s Wood vs. Gramercy Park

Both St. John’s Wood and Gramercy Park are greener, more expensive areas of London and NYC. St. Johns Wood is known as a conservation area of London due to the traditional heritage and lifestyle it offers. Home to Lord’s Cricket Ground as well as Marylebone Cricket Ground which was the original headquarters of cricket – a truly traditional game.

These areas both have an exclusive reputation, with St. John’s Wood’s property developing over the years, making it one of the more affluent areas. Gramercy Park’s exclusivity comes with the it being one of two private parks in the city. There are fewer than 400 key holders available to access this green haven making it an extremely sought-after area. Purchasing property in St. John’s Wood on average equates to £1,154,956 compared to $1,795,000 in the Gramercy Park area.

For further information please contact Berkshire Hathaway HomeServices Kay & Co on +44 (0)20 7467 2020 or visit www.kayandco.com

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