Overseas investors eye Central London mews property
Property price cuts and the fall in the value of the pound are slowly bringing the prime London property market back to life, according to statistics revealed by data firm LonRes.
Over the last six months the softening of prices has triggered more enquiries and boosted sales of prime London properties including mews homes. Despite the uncertainties surrounding Brexit and last year’s stamp duty rises, the number of homes under offer has now reached its highest point since before the EU referendum and this January the number of offers made in prime areas such as Chelsea and Belgravia rose to a high that fell just 4.5 per cent below figures recorded in January 2016.
Since the Brexit vote on June 23rd, Sterling has fallen by 18 per cent against the dollar and 12 per cent against the Euro. This change in value, coupled with more competitive pricing, has made the prime London property market particularly attractive to overseas buyers, creating the equivalent of a 30-40 per cent discount on prices. Last year fifty five per cent of investors who bought properties in Mayfair were from Africa, India, the Middle East and Russia. There has also been a surge of interest from China, including the Chinese mainland and Hong Kong, while enquiries from American buyers have risen by 10 per cent in the last six months.
Most overseas buyers appear to accept that London will keep its place as a major global city in spite of the challenges that lie ahead. In its recent ‘Cities of Influence’ report, the global commercial real estate specialist Colliers International placed London at the top of a list of twenty major global cities ranked in terms of professional talent, location and cost. Overseas buyers understand that this particular period in London’s evolution provides a unique opportunity “to buy the best property in the best locations with less competition and at more sensible prices”, to quote our General Manager, James Robinson.
Mews properties have always had the edge when it comes to value. Despite their location in some of the capital’s most exclusive neighbourhoods, they cost substantially less than the grander properties in adjoining streets. Whether you are a savvy international investor or a UK homebuyer, buying a mews property at this time, just as the market is beginning to revive, is a wise investment.
Call us today at Lurot Brand to view some outstanding mews houses in areas such as Mayfair, Belgravia, Notting Hill and Kensington and if you’re looking to sell and need guidance marketing your period mews, we’re happy to help.