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Knightsbridge Property ‘Bargains’

29.07.21

The race for space has left some central London bargains in its wake, reports Abode2, with apartments in some Golden Postcode areas seeing average PSF prices more than 10% below their five-year average. But this is unlikely to remain the case for long as lockdown restrictions ease and international buyers prepare to return. Flats in Knightsbridge, Belgravia and South Kensington are potentially the “best bargain” opportunities right now.

Demand for central London apartments has fallen due to successive lockdowns and that has been compounded in markets like Knightsbridge by significantly lower levels of international buyers. The average prime-per-square foot for a flat in Knightsbridge was £1,546 in the six months to June this year (excluding new-builds); that’s 11% below the five-year average, and represents the biggest reduction in central London. Other areas with chunky price drops over the same period include Belgravia (-8.3%), South Kensington (-7.6%), and the City and Aldgate (-10%).

London apartment price growth has been dawdling for the last year-or-so when compared to houses, as more wealthy buyers search more space.  Houses in Kensington and in Chelsea, for example, have seen average £PSF values increase by 14% and 12% respectively, driven by demand for big-ticket super-prime homes.

Savills estimates that the average Prime Central London apartment price has fallen by 0.5% in the last 12 months, while houses overall in PCL have ticked up by 1.7%. The difference between flats and houses is even more stark in leafier London enclaves:

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