Neil Sloam, of Winkworth’s St John’s Wood and Maida Vale offices, reveals in the latest episode of its Property Exchange podcast that limited supply of the most coveted properties keep prices high. He told the podcast: “In St John’s Wood, houses get a phenomenal premium, with a best in class house as much as £100m and very desirable houses around £30m. We have buyers sitting and waiting and when they become available, the houses go under offer immediately. Avenue Road and Hamilton Terrace are among the most sought-after addresses. Little Venice, with its canalside white stucco villas, is also highly coveted.”
It may have some of the highest values in prime London but, as Neil Sloam points out, there are properties available at all levels and buyers flock to the area, attracted by the open spaces of Regent’s Park, Primrose Hill and the attractions of St John’s Wood High Street, with its boutiques, cafes and restaurants. He said: “The entry point for St John’s Wood and Maida Vale is a studio flat for around £350,000. There is something for everyone - with mansion blocks of flats with one bedroom apartments from around £450,000. We have seen an increase in people buying boltholes for the days they are in London. There are fewer landlords around due to the tax changes so there is very little to rent.”
According to Rod Heffernan of Winkworth’s West End office which covers the prime London villages of Marylebone, Fitzrovia, Covent Garden, Soho, Holborn and Bloomsbury, 90 per cent of buyers are cash purchasers. “There is huge demand for the right properties in these areas. The villages all have their own distinct characters, from Marylebone, the Chelsea of the north, to the buzz of Covent Garden with its theatres, the nightlife of Soho and the more serious business district atmosphere of Holborn, with its mansion flats and apartments above commercial spaces. Fitzrovia now has Great Titchfield Village around Great Titchfield Street, with the popular Riding House Café where actors and directors have pied a terres. Rents are high due to the volume of international students attending UCL, the LSE and other leading London universities.”
Winkworth has more than 100 offices nationwide, including 60 offices across the capital.