London mews property prices to rise 10% over five years
It may not be time for champagne corks to pop just yet, but at Lurot Brand we are feeling cautiously optimistic. This renewed optimism follows a report which revealed that from next year, prime London property prices are projected to grow by more than 10% over five years.
While a relatively minor drop of 1.2% is forecast for this year, the report suggests that 2018 will be the start of a steady upward trend in prime London property values. Figures sourced from Experian also show that rental values are set to rally after a small dip during 2017. They should then go on to rise by 9.1% over the next five years.
The rental market is currently suffering from the effect of would-be sellers becoming “accidental landlords” with houses proving harder to sell in the recent downturn, landlords have, for the moment, decided to let their properties instead. This has led to a situation where tenants have found themselves spoiled for choice by the number of properties available to rent.
However, this situation will inevitably change as property prices begin to pick up. Although the market is likely to remain quiet this year, there are indications that values have already begun to stabilise. Capital values fell by just 0.4% in the fourth quarter of 2016, as buyers and sellers (who had previously held back due to Brexit uncertainties) returned to the market.
According to our General Manager James Robinson, now is the time to buy, particularly if you are considering a London mews property. He says “mews houses have always made excellent investments because they are located in sought-after areas but don’t come with the massive price tag associated with some of the neighbouring properties. Now the market is beginning to revive we are advising clients not to hesitate for too long if they are serious about buying.”
He concludes that a mews is “the ideal London property investment”, particularly for house hunters looking for a more traditional home in a peaceful location. Overseas buyers are particularly drawn to the heritage aspect of mews properties, as they are often located in conservation areas, close to historic streets and iconic London parks. If you’re looking for ‘old meets new’ where you’re charmed by the uniqueness of the exterior but can’t resist the lure of smart, chic and contemporary interiors, then a mews house is for you.
If you would like to view highly desirable mews houses for sale, call us at Lurot Brand today or call in to one of our offices in Hyde Park, Notting Hill or South Kensington. We’re happy to schedule visits at a time convenient for you.