Why Invest In London?

Harrods Estates, Taylor Wimpey Central London and Citi teamed up to host ‘Why Invest in London’ on Tuesday, 9 July. The event, which took place at the Harrods store, discussed the current market conditions in the central London property market and highlighted an increasing demand for new build properties. Complementing the event was a showcase of some of Taylor Wimpey Central London’s latest projects, which are currently on display at the Harrods store throughout July. These include Onyx in King’s Cross, Battersea Exchange as well as Palace View, which is situated opposite Lambeth Palace.

Simon Barry, Director of New Developments at Harrods Estates commented: “There has been a slow decline in prices and transaction levels in Prime Central London since the market peaked in 2014. Changes to SDLT and tax have made buying, selling and owning property more expensive, whilst Brexit has raised doubts over London’s supremacy as financial and business centre. The reversal in market conditions after a sustained period of strong price growth, alongside a weakened sterling, has now created opportunities for savvy buyers and investors. We are now seeing signs of the market bottoming out as prices stabilize and new enquiries from UK and overseas buyers increase.

“Whilst there is still a demand for period homes, the regeneration of new locations across London and in Prime Central offers new investment potential. The sale of new homes is growing as the latest wave of exciting new developments reaches completion. An example of this is the Onyx development by Taylor Wimpey Central London.”

Alex Greaves, Sales and Marketing Director, Taylor Wimpey Central London, said: “Despite ongoing political uncertainty, London has retained its status as a world-class destination, across finance, business, culture, the arts and education. These continue to drive interest in London property from across the world and partnering with Harrods allows us to further showcase our portfolio of Zone 1 and 2 developments on the global stage. We’ve seen buyer confidence increasing throughout this year, and a surge of interest means we now have just a few apartments remaining at a number of schemes, including Onyx, Palace View and Ebury Place.”

Barry further added: “UK buyers find that there is currently less competition for best-in-class properties, which means there are attractively priced properties to be had for those who can move quickly. Overseas buyers are naturally influenced by weak sterling, allowing them to secure a luxury home in one of the world’s leading capitals at a comparatively low price.”

On the topic of sterling, Joe Bond, FX specialist, Citigold concluded: “The weakened British Pound (GBP), particularly against the US Dollar (USD), has provided an opportunity for overseas investors to purchase property priced in GBP at a much lower cost. With GBP/USD down over 15% since 2016, overseas investors have seen an increase in purchasing power, as they generate more pounds for their dollars when exchanging.”

Onyx, overlooking Regent’s Canal in London’s King’s Cross, features a total of 117 one, two and three-bedroom apartments. The infrastructural investment underway in the area has transformed King’s Cross into a new hub for property buyers and businesses alike. Residents of Onyx can call some of the world’s most influential brands their neighbours, including Google, Louis Vuitton, YouTube and Facebook. With its central location and unrivalled transport connections, Onyx only has four apartments left for sale. Prices range from £1,255,000 - £1,450,000.

Battersea Exchange is a new community of modern homes that sit alongside discreet offices, shops, cafés and new public spaces, including a bustling new pedestrian high street between Battersea Park and Queenstown Road stations. Residents benefit from exclusive facilities including a residents’ gym and 24-hour concierge. Prices range from £600,000 - £1,249,000 for the selection of one, two and three-bedroom apartments.

Offering a more boutique feel is Palace View. With just 55 apartments and penthouses overlooking the medieval Lambeth Palace on the River Thames, the development is located in London’s travel Zone 1 and has been a popular choice for buyers. There are only a handful of residences left with prices ranging from £1,275,000 to £2,150,000.

Interested buyers are invited to visit the Harrods Luxury Property Showcase, which is located on the second floor at the Harrods store. To find out more visit www.taylorwimpeycentrallondon.co.uk or www.harrodsestates.com