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Stella Demand For London Apartments With Outside Space

Stella Demand For London Apartments With Outside Space

26.06.24

There has been a rise in demand for luxury London homes offering outside living space in the capital’s most sought after leafy addresses, led by St John’s Wood where there has been a 23% increase in sales instructions and a 72% increase in viewings for homes, many of which offer outside space, during the first part of 2024, says research submitted independently by Knight Frank and DDRE Global as part of the marketing for the Lord’s View One development.

But despite this demand, unlike Dubai the London property market misses a trick. The agents highlight that despite the demand and premium placed on outside space by buyers, in the UK outside space is often considered on a general overview basis rather than adding a specific value to a property’s asking price, unlike Dubai, where outside space is typically valued at 50% of the equivalent value of the internal space for a property.

Knight Frank and DDRE Global say that the demand for outside space in St John’s Wood is partially because the address is extremely popular with international buyers, many of whom are used to owning large homes with spacious rooms and large outside balconies and terraces. Of the homes in St John’s Wood priced between £4.5 million to £10 million 60% are sold to international buyers, whilst for homes valued at over £10 million this rises to 80% being sold to international buyers.

Significant overseas buyer groups are purchasers from America and India, many of the former attracted to St John’s Wood by the American School whilst some of the latter are cricket fans and want to live close to Lord’s Cricket Ground.

Neir Gigi, Partner and Head of St John's Wood Sales at Knight Frank says: “St John’s Wood appeals to both domestic and international buyers offering a ‘cosmopolitan village and relaxed lifestyle’, being well connected for accessing the rest of London. The popular high street offers an array of restaurants and boutiques, with easy connectivity across London and to nearby Regent’s Park.”

Over the last decade values in St John’s Wood have risen steadily. One in four houses sold in NW8 now sell for more than £2,000 per square feet, whereas between 2015 and 2019 the figure was just 1 in 15 houses.

Knight Frank say that the 23% increase in sales instructions and 72% increase in viewings for St John’s Wood properties is based on Q1 2024 data, in comparison to the five-year average. Whereas the area is known for offering large family houses with extensive gardens, Knight Frank highlight there is increasing demand for luxury apartments with private outdoor space as both domestic and international buyers seek pieds-à-terre in the leafy enclave.

Stella Demand For London Apartments With Outside Space

Photo: Lord’s View One Penthouses offering outside terraces and roofgardens in London’s St John’s Wood Photo Credit: LandCap/Tony Murray

DDRE Global observe that outside space in London is largely undervalued by estate agents compared to other countries, and that post-covid the absence of substantial outside space is often a deal breaker for UHNWs when buying a new London home.

In the UK, DDRE Global highlight that outside space is often considered on a general overview basis rather than adding a specific value to a property’s asking price. DDRE Global looks to Dubai, where outside space is often valued at 50% of the equivalent internal space for a property.

Benji Weinberger, Advisor at DDRE Global says: “Outside space in London is massively important and yet severely undervalued by estate agents when putting an asking price to a property. Other countries like Dubai have a clearer way of valuing outside space whereas our British approach tends to be a more generic approach. Irrespective of price, some UHNW buyers simply won’t buy a property that doesn’t have substantial outside space, it has become a deal breaker.”

Located on the top of the refurbished 11 storey Lord’s View One apartment building on St John’s Wood Road, the duplex penthouses developed using airspace are bringing a superb calibre of design and quality more often associated with Mayfair to leafy St John’s Wood, as demand for luxury newbuild apartments with outside space soars.

Neir Gigi, Partner and Head of St John's Wood Sales at Knight Frank says: “Lords View One offers the best roof top gardens in St John’s Wood. With fantastic views over Lord’s Cricket Ground as well as the panoramic views of London’s skyline, it truly is unrivalled. LandCap have delivered a quality of architecture and luxury design that is superb and would not look out of place in Mayfair – except there a buyer would be paying between £5,000 up to £10,000 per sq.ft. for something of this quality and instead can get considerably more space for their investment here in St John’s Wood.”

For further information on homes in St John’s Wood and the penthouses at Lord’s View One contact joint sole selling agents Knight Frank on Tel: +44 (0)207 483 8334 or visit knightfrank.com.

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